Mortgages/Loans in Grenada (2026)
Documents Required for a Grenada Mortgage Application
When applying for a mortgage with most financial institutions in Grenada, applicants are generally required to submit the following:
A valid form of photo identification, such as a passport, driver’s licence, or national ID card
Proof of income, which may include an employment letter, work contract, or recent payslip
Copies of the property’s title documents or Deed of Conveyance provided by the seller
A property valuation completed by an approved valuer
A Sale Agreement confirming the agreed purchase price
Recent bank statements reflecting any outstanding loan obligations
Additional Requirements for New-Construction Financing
If the mortgage is intended for a newly constructed home, the following documents will also be required:
Approved architectural or building plans
A detailed construction cost estimate
Other Supporting Documents That May Be Requested
Based on the property type and the lender’s internal requirements, additional documentation may be requested during the approval process, including:
The most recent property tax receipt
Rental income receipts for leased properties
Two professional references for the builder, if the builder is not already known to the lender
A signed builder’s contract when financing a construction project
Proof of full life insurance coverage
Typical Terms and Conditions for Grenada Mortgages
Non-national buyers may be required to provide a down payment of up to 25% of the purchase price. Nationals, depending on their credit profile, may qualify for a lower down payment starting at approximately 10%.
Buyers who place less than 20% down may be subject to Private Mortgage Insurance (PMI), which increases monthly payments. PMI can often be removed after a few years through refinancing, particularly if the property value has increased.
In addition, lenders generally require that a borrower’s debt-to-income ratio does not exceed 40%. Most financial institutions will not approve a mortgage if total debt obligations exceed 40% of gross monthly income.
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