Mortgage

The FCCA offers an extensive package of products and services in the field of mortgage loans for the construction or purchase of your own house

The following mortgage packages are offered:

  • building mortgages for the construction or buying a house also the purchase of the building lot
  • building mortgages for the renovation or extension of private houses
  • purchase mortgages for the houses already completed
  • purchase mortgage for the houses still under construction or which have to be extended
  • mortgages for the purchase of a rented house pertaining to the government of Aruba
  • mortgages for the purchase of an FCCA house
  • refinancing mortgages for additional credits on existing FCCA mortgage loans
  • Mortgages for taking over existing mortgage loans for private construction

Services

FCCA offers the following services to her clients:

  • Mortgage loans, providing the client the opportunity to build or buy a house or to renovate their own home
  • Home construction plan drawings, if needed by the client (pre-approved by DOW)
  • Budgeting of construction costs with list of material and labor cost included
  • Usage of quality materials at a reduced price during the construction period and also during the years of payment of the mortgage loan
  • Professional guidance when building or renovating your house, which is included in our mortgage package
  • As Insurance Broker FCCA offers an extensive insurance coverage in case of fire and theft, personal accident and life insurance.
  • Making of appraisal reports
  • Several facility to pay back your mortgage: retention of the monthly payment from the salary, standing orders from a current account at the bank or payment at the cashiers at our head office, Eagle branch or San Nicolas branch and also at the various ‘hulpbestuurskantoor’ on the island.

How to apply for a mortgage

How to apply: visit us at our head office at Sabana Blanco, Eagle branch or San Nicolas branch.

Please bring the following documents:

    • Valid Identification card (of both: spouse or partner)
    • Income papers (of both: spouse or partner)
      • Monthly: last 2 pay slip
      • Biweekly: last 6 slips (and commission last slips, if applicable)
    • Registration papers (for residents not born in Aruba)

In case you want to build a house also bring:

      • Building permit
      • Plot plan
      • Land papers (passed through the notary)
      • Building drawings (approved by D.O.W.)
      • Concrete details drawing (approved by D.O.W)

In case you want to buy a house also bring: an appraisal report (not older than six months)

Calculation of the building material

The department “Begrotingen” calculates the total construction costs. This consists of the calculation of all the building materials and the labor cost. Each client is provided with a list of the material and labor amount specified for the different phases of the construction. This enables the client to have a good control of the construction costs during the construction period. According to this list the client will request for vouchers to order the building materials during the construction period. After termination of each phase, the client is entitled to request for a check to pay the labor. All building materials are bought locally.

Reduced price on building materials from local companies

As advantage to our clients, we provide high quality building materials from local companies at best prices. On a regularly basis we request quotations from the local suppliers of the raw materials. After evaluation we choose the best quality at the best price offer, resulting in a dramatic reduction of the construction costs. This gives advantage to the client, who can invest more in the materials of choice, such as tiles, bathroom sanitary ware, windows and doors and kitchen cabinet etc.

Technical guidance during construction period

During the construction period which can be between 6 and 14 months, depending on the size of the house, we provide technical assistance to the client. We shall be there for you from the beginning to the end. FCCA will designate a technical employee to be your contact person. He will guide you extensively during the building process and will do quality control. He will be on site minimum once a week. He will discuss the progress of the construction with client. He will also take care of the vouchers and the checks needed by the client to order the materials and pay the contractor.

Making of Appraisal Report

Our department of “Begrotingen” produces Appraisal reports for different reasons. In cases of purchase of a house, the department produces an appraisal report to compare with the one of the seller.

Appraisal reports are also periodically created for all existing customers for insurance purposes.

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