Mortgage Calculator

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Use this calculator to estimate your monthly mortgage payment, including Stamp Duty Fees. Use the slides and see how much your monthly payment will be or how long the loan will take.

Please select your current status:
Caymanians, Permanent Residency & Cayman Status Work Permit Holder Non-Resident
Property Price
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Years
Interest Rate
Monthly Payments

General Requirements to get a Mortgage in the Cayman Islands

There are some common requirements for all the different banks and lender in the Cayman Islands when you apply for a Mortgage. See the most common below:

  1. Completed Personal Mortgage Application including Statement of Affairs/Financial Statement
  2. Verification of employment letter and net income and copy of current Work Permit (if applicable for residents). Foreigners also require two years Tax Returns together with a recent credit bureau report.
  3. Copy signed offer to purchase indicating purchase price, closing date, and whether total costs include stamp duty, legal, application or other fees.
  4. Verification of source of down payment and closing costs (i.e. bank and/or investment statement showing funds available)
  5. A current valuation/appraisal of the property to be purchased by a property valuator. Usually each bank has his own list of accepted valuators.
  6. Life insurance on the life of each borrower for at least the amount of the mortgage, with policy assigned to the bank.
  7. Fire and Hurricane insurance, if not covered under the strata/homeowners association.
  8. A commitment fee of 1% of the amount being borrowed.

Cayman Islands Stamp Duty

Mortgage Stamp Duty

Stamp Duty is payable on any document described as: Bill Of Sale, Charge, Hypothecation, Mortgage, Pledge or any other document by which a mortgage is granted.

The property acts as security for a fixed amount of money loaned, or to be loaned to the owner of the interest. Detailed Information.

The rate of Duty payable is dependent on the amount of money advanced (sum secured) and the type of mortgage granted. For immovable property (real estate)

Rate Criteria
1% of monies advanced where the sum secured is CI $300,000 (US $357,143) or less
1.5% of monies advanced where the sum secured is in excess of CI $300,000 (US $357,143)

Transfer of Land Stamp Duty

The rate of Duty payable is 7.5% across the whole of the Cayman Islands, including Little Cayman and Cayman Brac UNLESS the purchaser is Caymanian AND a first time buyer where concessions in some areas may be available subject to certain qualifying criteria being met (0% or 2% Duty - Considerations).

To qualify as Caymanian, supporting information must be provided.

A company purchasing property does not qualify as Caymanian, regardless of ultimate ownership.

Rate Criteria
7.5% of consideration of Market Value, whichever is higher All areas within the Cayman Islands, including Cayman Brac and Little Cayman
0% of consideration of Market Value, whichever is higher First Time Caymanian Purchasers
For bare land purchasers up to CI$100,000 in value (providing an owner occupied house is to be constructed).
For Houses, Apartments or other dwelling purchases up to CI$300,000 in value, for owner occupation.
Exceptions Apply
2% of consideration of Market Value, whichever is higher First Time Caymanian Purchasers
For bare land purchases above CI$100,000 in value but not exceeding CI$150,000 (providing an owner occupied house is to be constructed).
For Houses, Apartments or other dwelling purchases above CI$300,000 in value but not exceeding CI$400,000 in value, for owner occupation.
Exceptions Apply

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