gavin310

Sorry for not providing an update on this. In case it could help anyone I wanted to follow up. Basically, the bank had no idea what they were talking about. It turns out the chanote was fine, but they needed official copies of the actual chanote. I have no idea where they came up with the "chanote is not normal" stuff. They said they sent someone from the bank to the land office and they couldn't find the chanote, and they weren't going to give us the loan because of this. After months and months of trying to make this happen and all the effort we put into it, we were pretty heartbroken. We had basically given up hope, but a week or so later we had to go to the immigration office and since the land office was nearby we decided to stop by to see if we could get more information before we totally called it quits. The people there were super helpful. They got the boss of the land office to work with us. He said the people from the bank are idiots and they never even went there. He got someone to go look for the chanote and after a while they came back with this ancient looking chanote. It was well over 100 years old if I remember correctly and everything was fine with it. We made official copies, sent them to the bank, and got approved. The next time we were at the land office we were signing papers and handing over cash. Now we have a beautiful home on the land and all is well. So, you shouldn't always take the bank's word on things. I'm sure they're right the majority of the time, but in our case it was just a whole lot of misinformation and incompetence.

My wife and I are applying for a loan to buy land and build a house. After months of getting everything in order, we're nearly approved. Today the bank sent their people out to survey the land to finalize everything. What they said is even though this land is chanote, it's not a normal chanote and is not as safe as "normal" chanote land. Apparently the land used to be Nor Sor 3 Gor, but a new law allowed the land to be changed to chanote, which the owner did. They said it's not as safe as normal chanote because if a new politician comes into office, they could change this law and revoke the chanotes. I've always been under the impression that all chanote land is as safe as you can get, so this is obviously surprising to me. I made them confirm many times that this land is in fact chanote (Nor Sor 4 Jor), and they confirmed it is indeed chanote land and you own full rights to the land, but it's not 100% sure that won't change later. The lady at the bank helping us with this process said their people are researching the chanote further and will let us know, but that it's basically 50/50 if they'll give the loan for this land or not at this point. Does anyone know what they're talking about and could explain it better to me? And has anyone gotten a loan for this type of land before? At this point I'm not even sure if we want to pursue this land if what they're saying is true.