If you've been dreaming of owning a slice of paradise in Aruba, then you're in luck! Recently, our real estate team had the pleasure of receiving an insightful presentation by CMB (Caribbean Mercantile Bank) regarding their exceptional mortgage services. Led by Diza Arends, Sr. Relationship Officer in Premium Banking, and Diego Romero, Sales and Service Officer at the ABC Branch/Hyatt Place, the presentation covered everything you need to know about securing a mortgage in Aruba.
Here's a breakdown of the key points discussed:
Resident Mortgage Requirements
For those looking to call Aruba home, CMB offers resident mortgage solutions tailored to your needs. To qualify, you'll need to provide the following documents:
- Valid ID
- Valid work permit
- Proof of income (last 3 months’ salary slip, job reference letter, financial statements)
- Aangifte BBO/BAZV
- Banking statements (last 3 months)
- Appraisal report (not older than 1 year)
- Purchase agreement
- Proof of down payment source (if applicable)
Construction Mortgage Requirements
Planning to build your dream home? CMB's construction mortgage options have you covered. In addition to the requirements for resident mortgages, you'll also need:
- Building permit
- Contractor’s quotation (preferably in maximum 6 phases)
- Contractor’s Chamber of Commerce excerpt
- Contractor’s ID
- 2 recent reference letters for the Contractor
Financing Conditions
Whether you're a resident or non-resident, CMB offers flexible financing conditions to suit your needs:
- Minimum down payment requirements
- Loan terms up to 25 years (for residents) and up to 15 years (for non-residents)
- Life and property insurance requirements
FNGV Conditions
CMB's FNGV (National Guarantee Fund) conditions provide additional support for eligible applicants:
- The loan maximum is AWG 450,000, and customers must demonstrate a gross income not exceeding AWG 150,000 per year.
- Income eligibility criteria for Aruban Nationals, Dutch Passport holders, and Non-Dutch Passport holders with permits
Grace Period and Interest-only Payments
CMB understands the importance of financial flexibility, offering grace periods and interest-only payment options to ease your transition into homeownership.
Financing Land Only
Interested in purchasing land? CMB offers financing options with minimal down payment requirements and a maximum repayment term of 15 years.
With CMB's comprehensive mortgage services, your dream of owning property in Aruba is closer than ever. Whether you're a resident or non-resident, their flexible financing options and attentive customer service ensure a smooth and hassle-free experience.
Ready to take the next step towards homeownership in paradise? Contact CMB today to explore their mortgage solutions and turn your dreams into reality!
