Sep 202014
 
Basic Housing Loan Requirements

Basic Housing Loan Requirements

Bank Housing Loan Requirements

Bank housing loan requirements and Pag ibig Housing Loan Requirements Philippines are important documents that a new housing loan applicants must know before engaging into investing in real estate rentals.

There are standard requirements asked from the applicant upon Loan Application and prior to Loan Approval.

Here are some basic documents required upon Loan Application:

  • Housing Loan Application (HLA) notarized with ID photo original copy
  • Approved Membership Status Verification Slip (MSVS) original copy
  • Certified true copy of Transfer Certificate Title (TCT) of the property by the Registry of Deeds (latest title)
  • Photocopy of updated Tax Declaration
  • Location plan and Vicinity map

PAG IBIG HOUSING LOAN REQUIREMENTS PHILIPPINES

If Employed or Self-employed:

  • Community Tax Certificate
  • Proof of Billing (original)
  • T.I.N. (Tax ID Number)
  • Latest pay slip of borrower and spouse (original)
  • 2 pcs HDMF Premium Contribution Certificate (original)
  • Marriage Contract or Birth Certificate (Photocopy)
  • W2 BIR form (photocopy)
  • 2 pcs Notarized Certificate of Employment with Compensation (original)
  • Post dated checks for down payment
  • 24 month Pag-ibig contribution for members. For non-members, pay 24 months contribution upon reservation

If OCW:

All of the above plus the following:

  • 3 pcs Notarized Special Power of Attorney (SPA)
  • Income Tax Return and W2 confirmation receipt for the last 2 years immediately preceeding date of loan application
  • Notarized Employment Contract and Employer’s Certificate of Income duly certified by employer.
    Note: All original

BANK HOUSING LOAN REQUIREMENTS

If in the Philippines:

  • Income Tax Return (latest)
  • Certificate of employment with compensation
  • Business Permit (if self-employed)
  • Community Tax Certificate
  • T.I.N. (Tax identification Number)
  • Bank Statement (for the last 6 months)
  • Marriage Certificate (if married) (Photocopoy)
  • Proof of Billing
  • Post Dated Checks

If Borrower is permanently abroad:

  • Federal Income Tax Return (latest)
  • Bank Statement (for the last 6 months)
  • Special Power of Atty. (SPA) (consul authenticated)
  • Certificate of Employment with compensation (consul authenticated)
  • Proof of remittance
  • Business Permit (if self employed)
  • Marriage Certificate (if married)
  • Post Dated Checks
    Note: All original except marriage certificate

IN-HOUSE FINANCING REQUIREMENTS

Different Developers have different set of requirements so it is advisable to check with your Developer their own list of requirements.

In-house financing requirements is said to be of less hassle than Pag-ibig and Bank Financing. Usually the equity is lesser and moving in your acquired property is faster. Below are common requirements for in-house financing :

  • Credit Investigation Fee and Mortgage Redemption Insurance
  • Complete Post Dated Checks and other documents
  • Fire Insurance

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Bank Housing Loan Requirements