Mortgage for residences
The Following requirements, usually, applies for an Aruba loan/mortgage for a home for Aruba residences only.
- The following Aruban residences qualify:
- Dutch residence born in Aruba
- Dutch residence, not born in Aruba, but living for two years in Aruba
- Non-Dutch residence but with 5 year residence in Aruba
- Minimum client age is 21;
- A work contract with the same company for a period of 2 years with a minimum salary of Awg 2,500.00;
- Pay-slips of the last two months. If you work with tips or point system, pay-slips of the last 6 months;
- Recommendation/introduction letters from the applicant’s employer addressed to the Aruban bank;
- Photocopy of the applicant’s and spouse’s passport and driver’s license;
- An appraisal report from a recognized appraiser on Aruba (report cannot be older than 6 months since date of report publication; fee varies from $170 to $300 depending on house size);
- A local fire insurance policy for the reconstruction value of the residential home;
- A local life insurance policy equal to the amount of the mortgage with the Aruban bank as first beneficiary. Life insurance must be confirmed by the insurance company before first disbursement can be made or signing of the mortgage deed;
- A mortgage deed established and registered on Aruba ceded to the Aruban bank.
