Jennifer wrote:On the topic of banks... i guess someone with only a tourist card, but with a bank account here cannot apply for a loan i.e. to buy a property?? Any ideas?
As I understand it there are some fundamental differences between the mortgages most of us know in the EEUU and those of Peru. Many states in the USA use a system of trustees deeds making foreclosure less costly for the banks. We also can qualify for a loan beyond our physical life span, and we tend not to think of the 30 years as being something we will pay off. Interest rates are low, but if you want a life insurance policy to pay off the loan in case of your death it will be very costly.
As explained to me by my Peruvian friends, a mortgage here includes the concept of life insurance that is optional in the USA. When the person dies the loan is paid off. So if you are 50 years old and want a 30 year mortgage you probably will never qualify. You might be subjected to a barrage of medical tests to prove you are healthy enough for a 15 year loan. This also explains why interest rates are much higher under this system. I can only imagine what effort the banks go through here to foreclose. So they take fewer risks than in the USA. A foreigner that can leave the country at will, or may not have any permanent means of making a living because they are "tourists", would be a huge risk.
It sounds like how things were years ago in the USA. A person got a job, saved for a down payment, qualified for a loan at as early an age as possible and then worked to pay off the loan. But all that changed and now look at the mess the real estate industry is in the USA.