Jul 312013
 

Housing Loan Thru Bank Financing Philippines

Housing Loan Thru Bank Financing PhilippinesWhether a Lot Purchase, Purchase of house and lot, townhouse, condominium, House construction and improvement, client must decide which bank to apply during reservation. A client is only allowed to change financing within 30 days from reservation date.

  • Usual loanable amount are from P500,000.00 up to 60-80% of appraised value of property depending on the loan purpose, whichever is lower.
  • Interest rates may differ per bank but usually follow the prevailing interest rate at the time of loan release, fixed for 1 year to 5 years at the borrower’s option, subject to review thereafter.
  • Repayment of loan is thru agreed equal monthly amortization covering principal and interest via Post Dated Cheque or Auto Debit Arrangement to start 30-60 days after loan is released.

You may visit the following bank sites for more detailed information:

Unionbank
Metrobank
BPI
BDO
UCPB
LBP
PSB
MAYBANK

ELIGIBILITY OF CLIENT

  • Client must be 21 to 65 years old (not more than 65 years old upon loan maturity)
  • For OFW Clients, 21 to 60 years old (not more than 60 years old upon loan maturity)
  • If Client is an immigrant or a dual citizenship holder, he/she is required to have a co-borrower (regardless of income), who is an immediate family member residing in the Philippines.
  • For OFW Clients, he/she must not work in war-torn countries.
  • Client must not have any on-going civil/criminal case (annulment, child custody, etc ), bad credit card record that resulted in a legal case or previous bank loan that were not paid.

The developer will process your bank loan upon submission of the required documents within 60 days (2 months).

A. Information on the collateral

  • Copy of the Transfer Certificate of Title(TCT) or Condominium Certificate of Title (CCT)
  • Lot plan and vicinity map
  • Tax Declaration
  • Owner’s authorization to appraise the property (with contact person and contact number)

B.Information on Personal Data and Income

  • For employed individuals
  1. Duly filled out application form with ID picture
  2. Certificate of Employment and Compensation
  3. Latest payslip
  4.  Photocopy of Marriage Contract (if applicable)
  5. Photocopy of ID and Community Tax Certificate
  6. Income tax return for the last 2 years
  • For self-employed individuals
  1. Duly filled out application form with ID picture
  2. Certificate of Business Registration
  3. Photocopy of Marriage Contract (if applicable)
  4. Photocopy of ID and Community Tax Certificate
  5. Financial Statements for the last 2 years (In-house and audited)
  6. Income Tax Return for the last 2 years
  7. List of top 5 customers and suppliers with contact persons and telephone numbers
  8.  Bank statements for the last 6 months

C. Additional requirements for construction/renovation

  • Approved building plan
  • Bill of materials and specifications

Housing Loan Thru Bank Financing Philippines