Financing & Mortgages for SVG Property

How much banks lend, the salary and insurance rules, and the documents you need — for local and overseas applicants — to finance property in St. Vincent & the Grenadines.

If you are buying with a bank loan in St. Vincent & the Grenadines, it helps to know the lending rules and have your paperwork ready before you approach the bank. This guide covers how much banks lend, the insurance you must carry, and the document checklists for local and overseas applicants.

How much the bank lends

These are the general rules banks apply:

  • The bank is expected to lend 90% of the value of the property. You finance the remaining 10% yourself, plus all closing costs.
  • The bank will lend up to 45% of your gross salary.
  • Your entire loan portfolio (all loans combined) should not exceed 45% of your gross salary.

Insurance you must carry

  • Life insurance matching the value of the property. If buying as a couple, each party must individually carry insurance matching the property value.
  • House insurance if you are buying.
  • Construction insurance if you are building — and house insurance on completion.

Documents the bank requires (local applicants)

  • A recent job letter from your employer. If self-employed, bring your business registration and financial statements or book-keeping records.
  • Your most recent salary slip.
  • Photo ID — ID card, passport, or driver's licence.
  • A utility bill as proof of address.
  • Supporting documentation for any outstanding debts or loans with other institutions.

Extra documents for applicants living overseas

If you live abroad, the bank requires these on top of the standard checklist:

  • Credit score
  • Last income tax return
  • Six months of bank activity statements

Building a house? Extra documents

For a new construction (rather than buying an existing property), the bank also requires:

  • QS report (quantity surveyor's report)
  • Approved drawing (the approved house plans)
  • Contractor estimate and building contract

Next steps

See the closing costs & fees guide for the mortgage-related charges, and the step-by-step buying guide for how the loan fits into the purchase.