Products and services

Credit and insurance products and services play a big role in our everyday life. Whether it is to finance your home or for the purchase of a car as well as insurance that can cover your property or financially secure the future of your family. The following section informs you of the major considerations when taking out a credit or insurance product.


What is a mortgage

A mortgage is a loan from a bank or Insurance company to help you finance the purchase of a property. When you take out a mortgage, you sign a contract to repay the money you have borrowed, plus an agreed-upon interest rate over several years.

Types of mortgages

The two most common types of mortgages are annuity mortgages and linear mortgages. With an annuity mortgage, the consumer pays a fixed monthly amount back to the bank where first the interest on the loan is repaid and gradually more of the principal. With a linear mortgage, you pay back a higher amount at the beginning of the loan including both the principal and interest. Over time, the consumer will pay less interest as the remaining unpaid principal gets smaller over time. 

Which institutions provide mortgages

There are several institutions that provide mortgages to consumers. The most common include commercial banks and insurance companies. The Dutch Caribbean has the following major financial institutions that provide mortgage loans: Maduro & Curiels Bank (MCB), Banco di Caribe (BdC), Orco Bank, Vida Nova Bank, First Caribbean International Bank (CIBC), Post Spaar Bank (PSB), Centrale Hypotheek Bank (CHB), Guardian Group Fatum and Ennia. 

Which parties and what documents are involved to get a mortgage loan?

When getting a mortgage loan, various documents have to be reviewed, facilitated and signed by various parties. As a result, it often takes some time before your mortgage application is approved and signed. Here you will find the main parties involved in your mortgage application:

Real Estate Agent: When looking for a home, chances are that a real estate agent is helping you to find your ideal home and facilitate you with a Property purchase agreement. Although a real estate agent is very helpful, they are not required to get a mortgage loan. 

Appraisee: When purchasing a home, it is required to know the value of the home through an independent report of an appraisee (not older than 1 year). Banks will use this information to see what the market and execution value of the property is as well as other characteristics (garden, map, location, etc). A typical taxation report costs 0.2% of the market value of the property with a minimum of Naf. 500,-.

Insurance company: When getting a mortgage, you need to obtain property insurance (in case of fire or water damage) and life insurance (to cover the loan in case of death). These insurances are required by the bank but can be obtained after the notary passes the deed to your property. 

Lender: A bank or insurance company is often needed to finance all or a portion of the home you would like to purchase. The bank or insurance company will have to evaluate if they are willing and able to finance your home and will ask you to send copies of the following documents; When employed; Current account statements (last 3 months), payslips (last 3 months), employer statement, Taxation report, Certified copy of your passport or ID. In case you are a business owner, the Bank or insurance company will ask for your financial statements (past 3 years) as well. 

Notary: The Notary will check if all the information is correct and pass the mortgage deed and delivery deed of the property. After this step, you are the new owner of the property. 

CONNECT has made all these steps easily accessible through the online portal, speeding up the process as well as ensuring that you as a consumer can get the best deal available in the market, completely online!

Car loans

How does a car loan work?

A car loan works much the same way as other types of loans. You take out a car loan through a financial institution, like a bank when you're getting your car. That institution agrees to loan you money to buy the car, and you agree to pay back the amount you borrowed through monthly payments, plus interest.

What type of loan is a car loan?

A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan. If you default on your repayments, the bank can seize the car. The loan is paid off in fixed installments throughout the loan.

Should I get a car loan or a personal loan to buy a car?

A personal loan can be used for many different purposes, whereas a car loan can only be used for purchasing a car. 

A personal loan can be secured against something that holds value, or more often unsecured. As a result, the interest rate of a personal loan might be higher due to the additional risk involved for the lender. 

A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan. 

Where can I get a car loan?

All major banks in the Dutch Caribbean provide car loans to consumers. 

What documents do I need to provide to get a car loan?

The bank will require the following documents from the consumer to evaluate and provide a car loan; a quote from the car dealership, or information on the car you are intending to purchase, current account statements (past 3 months), pay slips (past 3 months), verified ID or passport, employment letter.

Building & content insurance

When do you need building insurance?

Building insurance is an important insurance to have to protect your home from damage (fire or water etc). This insurance is often required by the bank when applying for a mortgage loan, to secure the value of the property in case of an accident. 

Content insurance is not required by a financial institution but often advisable in case of an accident or theft to protect your belongings. 

Life insurance

What is life insurance?

Life insurance is a contract between you and a life insurance company. You agree to pay for the life insurance policy monthly and the insurer agrees to pay a predetermined sum of money to your beneficiaries in case you pass away.

When do you need life insurance?

If you are the prime income driver for your family, it is advisable to take out a life insurance policy to secure your family's economic future in case you pass away. 

When taking out a mortgage loan, the bank or insurance company requires life insurance to be in place to secure the repayment of the property in case of death. 

What type of life insurance are there? 

There are two main life insurance policies in the Dutch Caribbean, including Term-life insurance and savings insurance. 

Term life insurance only pays out if the insured person passes away within the term of the insurance. As such any remaining debt may be covered by the life insurance as well as potential remaining monies to be paid out to beneficiaries. 

With savings insurance, you pay a monthly premium for several years and you will be paid out an amount on an agreed-upon date. With this type of life insurance, you can, for example, pay off your mortgage or take a trip around the world. 

Car insurance

What type of car insurance are there?

WA car insurance (civil liability) covers the damage for which the car owner is legally liable. However, damage to your own car is not reimbursed with third-party insurance. Every car owner is obligated to insure his or her car (minimum) WA. Because the insurance is linked to the car, there is also cover if you let someone else drive your car (unless this person is not legally authorized to drive a car).

Car insurance with WA + limited CASCO offers, in addition to the compulsory third-party cover, insurance against damage to your own car from several events mentioned in the conditions of the contract. This includes damage from theft, fire, hail/storm, and window breakage. 

All Risk car insurance (WA + CASCO) has even more extensive coverage than the limited CASCO insurance. With All Risk car insurance, damage to your own car is covered in most situations.


Whether you are looking to buy a new home or insure your car, CONNECT enables you to apply online and quickly obtain the best deal from leading financial institutions on the market. Get your deal through CONNECT!

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