Mortgages and financing
The current mortgage rate for property is between 15-18% per year. This is usually a short term loan of 5 to 15 years and are given mostly to only Colombian nationals. Direct financing is not available for foreigners in Colombia.
Although it may be difficult to get a loan as an expat, some banks will grant you one if you meet the following conditions:
- You are married to a Colombian national
- You have been living in Colombia for more than six months
- You plan to buy for living and not as second home
- You already have a local bank account