NON-RESIDENTS:

In order to apply for a mortgage a 50% downpayment is required. The remaining 50% can be financed over 8, 10 years.

The interest rate is approximately 13% yearly (varies slightly from bank to bank).

Requirements:

- Valid identification in the form of a valid Passport
- 2 bank references

For more information on residence permits, see Relocating to Aruba

 
RESIDENTS:

In order to apply for a mortgage a 30% downpayment is required. The remaining 70% can be financed over 15 years.

The interest rate is approximately 13% yearly (varies slightly from bank to bank).

GENERAL MORTGAGE APPLICATION REQUIREMENTS

The value of the pledge is a maximum of 80% of the lowest value of the:
a. auction value, b. rebuild value, c. purchase value or d. construction value.
In general the auction value is used. The following table can serve as a guideline for application:

TYPES OF MORTGAGES:

Mortgage for Individuals

The amount to be financed is based on the appraisal of the consultant, a cost survey and the value of the land. Cost surveys are accepted if done by a well-known architectural bureau, other than the contracted construction company.

The downpayment to be paid to the contractor must be done with own means, after which the mortgage will be given in 5 phases as follows:

1.   20% after completion of  foundation.
2.   20% after completion of  the first floor
3.   20% after completion of roof
4.   20% after completion of all floors
5.   20% after completion of all doors, windows etc.

 

Mortgage for New Construction

This type of mortgage is granted for turn-key projects.