Bali Expat Forum - Bali Travel Forum

I'm currently negotiating to buy a Villa property near Ubud. My question is threefold:

1. Where does one acquire a mortgage?

I contacted HSBC here in the States and they said I had to contact the local branch in Indonesia. Is this true?

2. Where/Who do I contact regarding insurance on the property for amongst other things: volcano, earthquake, political instability.

3. Who would you reccommend as a reputable, savvy, and results orientated buyer's agent?

I'm growing very dissatisfied with the one I have retained.

Thanks,

Mackay

Hi Mackay...

You posted this message three times now so its time to answer right?

I suppose you are a bit unfamiliar with how this forum works...

As a foreigner it is impossible to get a mortgage on a property in Indonesia as far as I can tell. If you are married to an Indonesian there maybe some "financing" possiblities.

A insurance for your home you can get with Allianz http://www.allianz.co.id/

I don't know what your problem is with the agent, but maybe you can enlighten us, without mentioning names...

You can send me a Private Message (click on PM below my post) and maybe I can help you out.

Hi,
If you want financing from outside Indonesia, you may need to take your financing against property in the same location as your bank.

Some financing options are available in Indonesia, but typically require that either you:
1) have employment or a profitable business in Bali (together with KITAS)
2) or are able to pay a "deposit" of 40 to 70% of the property value, and then take a loan at a high interest rate - like most Indonesian borrowers.

I recommend you get hold of the magazine HOT Property Bali - it typically has ads for both financing and insurance.

Note: I have NO business relationship whatsoever with the magazine.

Note: there are some buying agents in Bali who have good references.
Otherwise call Bert for help.

"Some financing options are available in Indonesia, but..."

The interest rates will KILL you!

Do you really want a mortgage at 18 to 20 % interest per annum???!!!

Welcome to the forum BaliRaj, and when you learn of outside of Indonesia banks giving mortgages for property here, (and at non credit card rates), please let me know, as I will immediately embark on a buying spree!

Mackay, also a welcome to you to this forum as well. I noted that you are from Seattle...amerika surikat. I sure hope you aren’t really thinking that you are about to “purchase” that villa “near Ubud.”

There seems to be a plethora of new posts referring to old ones. This answer was given to a question from 2005!!!

Not saying there is no relevance but!

But what Jimbo?

BaliRaj made his first post...since he just joined the forum, and with information that is current. Isn't that they way a forum should work?

But I do agree Jimbo that my welcome to Mackay was three years late!

I suppose my but was to do with the fact that I start reading from the beginning before realising how old the post was. I should not be critical however because folks who are trawling through the archives forst rather than asking the same questions are doing the right thing.

I shall slap my own wrist