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Aruba Mortgage Requirements for Non-Residents
If you are planning to buy property in Aruba as a non-resident, understanding the Aruba mortgage requirements is essential. Banks in Aruba have clear guidelines for mortgage approval, including documentation, financial proof, and compliance checks. This guide will help you prepare everything you need to successfully apply for financing and secure your property in Aruba.
Basic Mortgage Requirements in Aruba
Banks in Aruba generally finance between 50%–60% of the property purchase price. The current mortgage interest rate starts around 6.50%.
To begin the process, applicants must submit several important documents. Below is a detailed list of the mortgage requirements in Aruba for non-residents.
Required Identification Documents
To apply for an Aruba mortgage, you must provide:
- Two valid IDs (passport and driver’s license/national ID). Both must be valid for at least 2 months before expiration.
- A letter from your employer confirming your job title, salary, and employment start date.
- Proof of residential address (utility bill, census registration, or official statement).
These documents are essential to establish identity, address, and employment verification.
Property and Ownership Proofs
Banks require confirmation that the property in Aruba is legally yours or under a purchase agreement:
A Sales/Purchase agreement or proof of property ownership (via notary letter or deed).
An appraisal report from a recognized appraiser in Aruba showing the property’s market value.
If building a property, an approved building permit and contractor’s quotation are required.
These ownership-related mortgage requirements in Aruba ensure the bank can verify property legitimacy.
Financial Documentation for Aruba Mortgage
Applicants must also submit financial records showing the source of income and ability to repay:
- Proof of income (last 2 salary slips, pension statements, or 12-month income certification).
- Bank reference letters from two financial institutions.
- Credit score report to demonstrate financial responsibility.
- Declaration of assets and liabilities (Source of Wealth statement).
If you are self-employed, audited financial statements or tax returns of your company are required.
Additional Mortgage Requirements for Construction in Aruba
When financing construction, additional documents are needed:
- Copy of the approved building permit (blue card).
- Contractor’s quotation with project details.
- Contractor’s registration from the Chamber of Commerce.
- Appraisal report of land and planned construction value.
These construction mortgage requirements in Aruba help banks confirm feasibility and value of the project.
Timeline for Aruba Mortgage Approval
The mortgage approval process in Aruba usually takes:
2 weeks for pre-approval after submitting all documents.
4–5 weeks for compliance and final approval.
2 months total for financing completion.
It is recommended to prepare all documentation in advance to avoid delays.
Why Knowing Aruba Mortgage Requirements Matters
Understanding the mortgage requirements in Aruba saves time, avoids errors, and improves your chances of approval. Whether you are buying a vacation home, an investment property, or constructing a house, being prepared with the right documents will ensure a smoother financing process.
For more details, you can check the official Aruba Bank which provides updated mortgage guidelines and services.
