Best Banks for Mortgages in The Bahamas [2024]

Timothy Smith

If you’re considering relocating down to The Bahamas, you’ve likely wondered which are the best banks for mortgages in The Bahamas. Buying and managing property abroad isn’t as clear-cut as buying in your home country, even if you’re a new Bahamian resident. Foreign financial institutions may have different:

  • Loan conditions
  • Registration requirements
  • Residential and commercial buying processes
  • Customer service standards

Bahamian banks might also have different requirements for businesses versus individuals. 

Here at Better Home & Gardens Real Estate MCR Bahamas, we make it our business to know how to best support international clients buying foreign property in The Bahamas, whether it’s a luxury waterfront estate or a sophisticated Nassau condominium. 

Our expert team at Better Homes and Gardens Real Estate is equipped with comprehensive knowledge of The Bahamas’ most elite neighborhoods, providing access to properties that are off the market and homes yet to be listed. Our seasoned professionals are at your side every step of the way, ensuring that purchasing your new home is as seamless as possible.

That’s why we put together a list of the best banks for mortgages in The Bahamas. The team at MCR Bahamas is also here to walk you through the process of getting a mortgage in The Bahamas. 

We know finding a home can be difficult, but that’s why we’re here to help you through every step of the way. 



How to Get a Mortgage in The Bahamas 

In The Bahamas, foreigners and non-residents don’t face restrictions in purchasing property. It’s also a popular route toward permanent residency and eventually, Bahamian citizenship. Currently, Bahamian mortgage interest rates average at just over 5% as of Q4 2021. 

The best part? There’s no better time to buy in The Bahamas, as the market is booming. Let’s look at how you can score a mortgage. 

1. Scotia Bank

Scotia Bank

What Are the Best Banks for Mortgages in the Bahamas?

Now that you have a general idea about the best banks for mortgages in The Bahamas, let’s dive into the differences between each one.

Scotiabank Bahamas has an online mortgage center with professional instructions to begin the mortgage process. While they don’t list mortgage rates for foreign buyers, they do provide an extensive mortgage checklist for your review, indicating necessary documentation if you’re self-employed, own a business, earn a commission, or receive a salary. 

After the prequalification process, the bank will inform you of your loan approval amount, including rates and terms. Scotiabank is well-versed in providing mortgages for subdivisions, construction, investment, commercial, and residential properties. 

Mortgage Services:

  • Home Builder Loans: For construction, including renovations and rebuilding.
  • Pre-qualification: Organize all the necessary documents and determine your budget through pre-qualification.

Mortgage Terms: Shared after prequalification, varies for each borrower

Mortgage Rates: As low as 6.67% (APR/EAIR)

Other Banking Services: 

  • Checking and Savings accounts
  • Insurance
  • Auto loans
  • Credit cards and credit lines

Locations: 8 Locations in Nassau

  • Nassau Main
  • Palmdale
  • Wulff Road & Jerome
  • Bay Street East
  • Thompson Blvd.
  • Cable Beach
  • East Street and Soldier Road
  • Carmichael Road

Contact Information: 

  • Email:
  • Phone: 
    • 242-356-1697-9  
    • 242-356-1697/8/9

2. Commonwealth Bank

The Bahamas Commonwealth Bank claims competitive mortgage rates in The Bahamas for eligible applicants (people over the age of 18 with at least two years of employment history that meet credit requirements). The mortgage home page mentions some documentation to bring to your first meeting, including: 

  • Mortgage certificate
  • Recent service and maintenance charge statements 
  • Evidence of customs duty status 
  • Real property tax bill with evidence of payment
  • Home appraisal 
  • Employment letter
  • Homeowner insurance 
  • National insurance card
  • Construction and contractors’ contract if undergoing construction, including estimates for completion
  • Contractors’ policy during the construction period.
  • Purchase agreement 
  • Passport identification

Mortgage Services:

  • Mortgage Loans: Single-family conventional homes, townhouses, apartments including duplexes and triplexes, condominiums
  • Home Equity Loans: Create a payment plan that acts as a second mortgage 
  • Real Estate and Commercial Lending: For commercial and corporate properties

Mortgage Terms: 

  • Loan amounts of up to 95% of the purchase price
  • Maximum 35-year amortization period

Mortgage Rates:

  • Competitive, but not shared online.

Other Banking Services: 

  • Checking and Savings accounts
  • Personal loans
  • Auto loans
  • Education loans
  • Credit and debit cards
  • Debt consolidation

Locations: 12 locations throughout The Bahamas 

  • New Providence/Nassau: 
      • Oakes Field Branch
      • Golden Gates Branch
      • Prince Charles Branch
      • Commonwealth Bank Plaza Branch
      • East Bay Street Branch
      • Cable Beach Branch
      • Town Centre Mall Branch
      • Wulff Road Branch
  • Grand Bahama:
      • Freeport Branch
      • Lucaya Branch
      • Marsh Harbour Branch
  • Eleuthera:
    • Spanish Wells Branch

Contact Information: 

  • Phone: 
    • 242-502-6200: New Providence
    • 242-352-8307: Grand Bahama
    • 242-367-2370: Abaco
    • 242-333-4800: Spanish Wells, Eleuthera

3. Central Bank of The Bahamas

Central Bank of The Bahamas

While people might look to the Central Bank of the Bahamas for mortgages, it does not offer mortgage services. However, it does provide other services.  

Other Banking Services: 

  • Exchange Control: Governmentally limited restrictions on private transactions with foreign currency
  • Financial Statistics: Information on Bahamian properties, rates, and more
  • Deposit Insurance: Financial safety in case a bank closes
  • Currency Exchange and Digital Currency: Exchange foreign currency for BSD, or use online banking
  • Bank Supervision: Lowers risks of fraud and other suspicious behavior

Location: Mount Fitz Willams, Government House, Nassau 

Contact Information: 

4. FirstCaribbean International Bank

FirstCaribbean International Bank is owned by the Canadian bank CIBC. With 12 branches in The Bahamas, it’s a popular mortgage lender amongst foreign buyers. FirstCaribbean offers mortgage loan amounts of up to 95% of the home purchase price, and a maximum of 35 years to repay the loan. 

A great aspect of FirstCaribbean mortgages is the lack of difference in mortgage terms for building a home in construction versus already-built properties. Some banks offer shorter loan terms and less financing, whereas FirstCaribbean keeps the financing and amortization period maximums the same. 

The bank offers a handy mortgage application checklist including required documentation like identification, proof of income, liability and asset documentation, construction information, and much more. The first step is checking the bank’s mortgage loan calculator, and then completing an online application

Mortgage Services:

  • Mortgage Loans
  • Refinance Your Mortgage
  • Mortgage Calculator

Mortgage Terms 

  • Up to 95% of the purchase price for mortgage loans
  • 35-year mortgage period maximum

Mortgage Rates: Competitive but not listed

Other Banking Services:

  • Realtors Hub: Provides a list of realtor experts in The Bahamas
  • Personal Overdraft Facility: Creates manageable solutions if you run out of sufficient funds. 

Locations: CIBC Caribbean Financial Centre, New Providence Island

Contact Information:

  • Phone: +1 (242)-502-6834
  • Email:

5. Bank of The Bahamas Limited

The Bank of Bahamas Limited has 12 branch locations across the islands, including locations in Bimini, Grand Bahama, and Nassau. The bank’s mortgage page documents a few requirements for application and approval, including passport identification, proof of address and employment, bank statements, construction plans and cost estimates, appraisals, and sales agreements. Borrowers enjoy mortgages for both residential, commercial, and investment properties. 

This bank has dedicated mortgage specialists to consult you throughout the entire purchasing process, indicating comprehensive customer service standards. 

The bank claims competitive interest rates and flexible loan terms but doesn’t mention specific numbers. 

Mortgage Services:

  • Mortgage loans
  • Home equity loans
  • Refinancing

Mortgage Terms: Not listed

Mortgage Rates: Message or speak with a Mortgage Officer at the Mortgage Centre for specific rates.

Other Banking Services:

  • B$ Investment Certificate: Preserve your capital while earning money at a heightened interest rate
  • Debt Consolidation: Consolidate your bills into a monthly payment plan
  • Refinancing: Refinance your mortgage to take advantage of the lower interest rates


  • Grand Bahama: Freeport Branch
  • 2 Locations in Andros
    • Kemp’s Bay Branch
    • Mangrove Cay Branch
  • Bimi: Bimi Branch
  • Cat Island: Cat Island Branch
  • Eleuthera: Eleuthera Branch
  • Inagua: Inagua Branch 
  • San Salvador: San Salvador Branch 

Contact Information:

  • Phone: (242)-461-3510
  • Email:

6. RBC-Caribbean


The popular Canadian bank giant RBC has a Caribbean department with plenty of services and branches in The Bahamas. Out of all the banks on our list, RBC is the most transparent when it comes to mortgage terms and conditions.

The bank outlines different down payment requirements depending on the type of property, as well as credit and collateral requirements for construction versus residential property mortgages. 

If you’re looking for a residential mortgage loan, you’ll need collateral of homeowners insurance, first mortgage registration, agreement of sale, and an appraisal. Construction projects require the same collateral, but also include contractor’s estimates and approved building plans. 

Mortgage Services:

  • Mortgage indemnity insurance (80%)
  • Construction/renovation loans
  • Home equity loans
  • Investment property mortgages
  • Residential mortgage loans

Mortgage Terms 

  • 90% financing for residential; 66.7% for investment properties
  • 30-year amortization period for residential; 20 years for investment

Mortgage Rates:

  • Fixed and Variable Closed:
    • 2-Year Fixed: 6.39% / 6.45% (APR)
    • 5-year Fixed: 5.14% / 5.17% (APR)
    • 5-Year Variable: RBC Prime Rate – 0.31% (6.89%) / 6.92% (APR)
  • High Ratio Mortgages:
    • 5-Year High Ratio: 4.84% / 4.87% (APR)
    • 5-Year Variable High Ratio: RBC Prime Rate – 0.61% (6.59%) / 6.62% (APR)

Other Banking Services:

  • Life Stage Solutions: Banking advice for every step of life
  • Overdraft Protection: Limit of up to $5,000 USD


  • Lyford Cay: Old Fort Bay
  • 4 Locations on Harbour IslandHarbour Island
  • Marsh Harbour Branch
  • Freeport
  • Exuma 

Contact Information: 1-800-769-2511

7. Fidelity Bank (Bahamas) Limited

Fidelity Bank

Fidelity Bank of the Bahamas offers personal financial planning, products, and services to its many account holders. While the bank does not offer mortgages for home buyers, they offer Real Estate and Consumer Loans for those looking to buy a home on the island. 

Other Banking Services:

  • Free Financial Coaching: For debt management and retirement planning 
  • Loans: Including real estate, personal, and debt consolidation
  • Merchant Services: Including card terminals


  • Abaco: Abaco Shopping Centre
  • Locations in Nassau
    • Cable Beach
    • Frederick Street
    • Independence Business Part
    • Madeira Plaza
    • Wulff Road
  • Locations in Nassau
    • Cable Beach
    • Frederick Street
    • Independence Business Part
    • Madeira Plaza
    • Wulff Road
  • Freeport: Poinciana Street

Contact Information:

  • Phone: (242)-356-7764
  • Email:


Steps for Getting a Mortgage in The Bahamas 

In The Bahamas, foreigners and non-residents don’t face restrictions in purchasing property. It’s also a popular route toward permanent residency and eventually, Bahamian citizenship. Currently, Bahamian mortgage interest rates average at just over 5% as of Q4 2021. 

The best part? There’s no better time to buy in The Bahamas, as the real estate market and rental prices are booming. Let’s look at how you can score a mortgage. 

Research Lenders and Terms in The Bahamas

Although your mortgage options are more restricted in The Bahamas than they would be in the US or Canada, owning a home in one of The Bahamas’ luxury communities is worth the small hassle. 

If you want to continue business with your local bank, ask if they offer mortgages on foreign property. If they don’t, look through the above options and find the bank that best fits your needs. 

Compare payment plans, rates, borrowing options, other offerings, and anything else you might want to consider when choosing the perfect bank for you. While finding a bank for a mortgage is important, if you choose to live in The Bahamas, you’ll likely want to open your own bank account.

Prepare Documents

Before you can qualify for a mortgage, you’ll need to provide the proper documents for your Bahamian Bank. Organizing and compiling these documents will help you get a mortgage flow easily and avoid any miscommunication or hold-ups on your end. 

If you’re overwhelmed and don’t know where to start, MCR Bahamas has you covered. Send us all your documentation and we’ll compare that with the average price of real estate in The Bahamas to find the best terms for your purchase. 

If you’re uncertain about what documents you need, here are some mortgage loan conditions from Scotiabank Bahamas that we’ll use as an example: 

  • Identification
  • Proof of address
  • Work permit or permanent residency card (if applicable)
  • Proof of assets and liabilities
  • Proof of down payment funds
  • A real estate sale agreement
  • Appraisal
  • Mortgage deed
  • Rent and maintenance receipts

Depending on your work status (salary, self-employed, commissioned), you may also be asked for some or a combination of these documents:

  • Letter of employment
  • Bank statements
  • Income tax returns
  • Payslips
  • Business license or registration
  • Financial statements
  • Certification of incorporation
  • Audited financial statements

Apply for the Mortgage

Upon submitting all the required documents, your bank should alert you to how much of a mortgage you qualify for. Using that information, you can work with Better Homes and Gardens MCR Bahamas to find your dream home. Put an offer on that home, then apply for a mortgage. 

The lender at your bank can walk you through all the necessary steps to apply for a loan, including paperwork and specific loan options. Because properties in The Bahamas are such sought-after real estate investments, this process will move fast, so move as quickly as possible. 

Await Approval

After you apply for a mortgage, your lender and bank will take a final look at your credit, financial background, employment status, and other documents you submitted earlier to determine if you’re eligible for a loan. This process will take a bit of time, but once you’re approved, you can close on your dream home!

Review and Accept Your Offer

Your bank or private lender will send a Closing Disclosure at least three days before you close on your house. This document includes loan terms, projected monthly payments, and final costs. Make sure to review this offer and understand all that the loan entails before signing.

Engage a Lawyer

If any part of this process confuses you, or you would like to get a professional set of eyes on your loan offer, house documents, or anything else along the way, call a lawyer. We always recommend seeking professional legal counsel to ease the process and gain clarity.

Close the Deal

Once everything is approved and the papers are signed, it’s time to close on your home. Submit all the closing costs and close the deal. Make sure to keep all the necessary documents near and keep track of your payment plans, as dictated by your bank. 

Start Making Payments

Your first mortgage payment is typically due one month after your closing date. Monthly mortgage installments are often paid in arrears, meaning you’ll make payments for the previous month, rather than the current month. 


More About Mortgages In The Bahamas

We understand that the idea of getting a mortgage in a foreign country is often a more involved and nuanced process than getting a mortgage in the US or Canada. That’s why the team at Better Homes and Gardens MCR Bahamas has searched through the most frequently asked questions about Bahamian mortgages and found the answers. 

What types of mortgages are available in The Bahamas?

Most Bahamian banks offer residential and commercial loans. While some banks do not provide mortgage services, they do provide private and commercial loans, if you meet the requirements. 

What is the typical interest rate for a mortgage in The Bahamas?

The average mortgage rate for a Bahamian home is just under 5%, but the rates vary, depending on your bank. 

Can non-residents obtain a mortgage for property in The Bahamas?

Yes, you do not have to be a Bahamian citizen or a U.S. citizen with dual citizenship to get a mortgage and own property in The Bahamas. Many U.S. citizens own property in the Bahamas, as it is a tax-neutral country and one of the safest places to live in the world. 


Work with the Best Bank for Mortgages in The Bahamas

The best banks for mortgages in The Bahamas all offer various mortgage services and conditions to help you find the right loan. From construction and home equity loans to conventional mortgages for residential properties, The Bahamas has a wide variety of options for international buyers, residents, and locals. 

While applying for a mortgage in The Bahamas comes with some unique complications you might not face in the US or other countries, living so close to some of the most beautiful and pristine beaches in the world and in some of the safest neighborhoods is more than worth the application process, in our opinion. 

How far are you in your Bahamian real estate journey? If you need help navigating the market and finding the best property options, MCR Bahamas is here to support you. 

Contact us today to find your luxury home in the Bahamas today!

Best Banks for Mortgages in The Bahamas [2024]

2 thoughts on “Best Banks for Mortgages in The Bahamas [2024]

  1. Is there a bank in the bahamas that honors US VA Morgages. Ie Chase and citi do business there Both of us are retired usaf I am also the pension trustee for the Miramar Police Dept pension Fund…

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