Continuation List of Requirements for Bank Housing Loan
list of major bank housing loan requirements:
list of major bank housing loan requirements:
Eligibility Requirements
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Filipino citizen or foreigner (see Visa requirements)
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At least 21 years old but not exceeding 65 years old upon loan maturity
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Minimum gross family income of P50,000.00/month.
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Stable source of income from employment or business
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If employed, at least 2 years with current company
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If self-employed, at least 2 consecutive successful and profitable years of operation.
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Document Requirements
Basic Documents
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Signed BDO application form
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Clear copy of 1 valid ID matching application details
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Marriage Contract, if applicable
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For foreigners, photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alient Employment Permit (AEP) or Visa ID
Income Documents
If locally employed
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Latest Income Tax Return (ITR) or W2, and
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Latest 3 months payslips or Certificate of Employment with salary breakdown
If employed abroad (or Asenso Kabayan borrowers)
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Latest 3 months proof of remittance, or
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Latest 3 months payslip, or
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Certificate of Employment or Employment Contract duly autheticated by Philippine Consulate Office, or
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For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEA
If self-employed
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Business Registration Papers (Certificate of Registration from DTI or SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)
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Latest Audited Financial Statements for the last 2 years with lastest ITR
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Bank Statements (latest consecutive 3 months)
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Trade References: List of Suppliers and Customers (at least 3 each) or List of Affliated Hospitals/Clinics (for doctors)
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Lease Contracts and copy of title (for income derived from rental)
Types of Acceptable Visa for Foreigners
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Quota or Non-Quota Immigrant Visa:
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Alien spouse of a Filipino citizen (Sec 13A Visa)
– Natural-born Filipinos married to an Alien (Sec 13D Visa)
– Returning Resident (Section 13E Visa)
– Natural-born Filipinos naturalized in foreign country (Sec 13G Visa)-
Photocopy of Special Retiree’s Resident Visa (SRRV) or Quota/Preference Immigrant Visa
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Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
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Working Visa issued to Embassy Officials
Collateral Documents
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Photocopy of TCT / CCT
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Lot Plan with Vicinity Map certified by a Geodetic Engineer
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Master Deed of Declaration of Restrictions (for condominiums)
Additional Documents:
For Construction Loan
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Building Plan or Floor Plan
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Bill of Materials and Labor Cost
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Building Specifications certified by Architect/Civil Engineer
For Refinancing or Loan Take-out
- Statement of account and official receipts for the last 3 months
Required Documents:
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Home Loan Online Application Form
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List of Required Documents
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Special Power of Attorney (SPA)
For Locally-Employed Borrowers:
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Completely filled out and signed application form
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Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
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Any ONE of the following income documents:
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Latest Certificate of Employment and Compensation
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Latest Income Tax Return
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Latest 3 months Payslips
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Latest 3 months Bank Statements
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Note: to credit commission income, kindly submit latest 6 months payslips
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Mortgage Redemption Insurance (MRI) Application Form
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Relevant collateral documents (Section E)
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For Self-Employed Borrowers:
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Completely filled out and signed application form
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Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
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Income Tax Return (1701 for sole proprietary owner; or 1702 for Corporation)
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Any ONE of the following income documents:
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Audited Financial Statements (Latest 1 year)
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Bank statements (Latest 3 months)
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Lease/Rental Contracts
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Note: For licensed Real Estate brokers and licensed Insurance brokers, kindly submit latest 12 months proof of income to credit commission-based income
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Mortgage Redemption Insurance (MRI) Application Form
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Relevant collateral documents (section E)
For Corporate Borrowers:
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Completely filled out and signed application form
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Company profile: background, owners, key officers
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SEC Registration and General Information Sheet
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Bank Statements (latest 3 months)
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Income Tax Return (1702 for Corporation) with Audited Financial Statements for the past 3 years
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Suppliers contact info (with average monthly transactions)
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Customer’s contact info (with average monthly transactions)
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Authorization letter (for bank, business and trade checkings)
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Mortgage Redemption Insurance (MRI) Application Form
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Relevant collateral documents (Section E)
For OFW Borrowers:
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Completely filled out and signed application form
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Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
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Any ONE of the following income documents:
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Certificate of Employment with compensation (issued within the last 6 months)
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Latest Crew Contract (for seafarer/seaman)
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Latest Employment Contract (for land-based OFWs)
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Allotment Slip
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Latest 3 months payslip; OR bank statement for past 3 months
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Note: For OFWs hired directly abroad, any TWO income documents are required
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Consularized Special Power of Attorney is needed if with attorney in fact
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Mortgage Redemption Insurance (MRI) Application Form
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Relevant collateral documents (Section E)
Collateral Document Requirements
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Copy of collateral title (TCT/CTC)
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Copy of Tax Declaration on land and/or improvement
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Signed Authority to Inspect and Verify (bank form)
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Appraisal Fee paid to SBC: OR Number ______________________________
Acquisition from Accredited Developer
- Contract to Sell; or Reservation Agreement
Home Construction or Renovation:
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Bill of Materials and Estimates of Construction and Labor Cost
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Floor and Building Plan and Building Specifications
BORROWER ELIGIBILITY
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Filipino, of legal age but not more than 65 years old upon loan maturity
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With steady, dependable & verifiable source of income
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Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
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Minimum Gross Monthly Income (GMI):
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P50,000/mo. for Metro Manila / Metro Cebu
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P35,000/mo. for other provincial areas
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Able to pay an Equal Monthly Amortization which is:
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< 35% of GMI
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< 75% of Net Disposable Income (NDI)
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No adverse credit findings like court cases, bouncing checks, unpaid loans, cancelled credit cards, etc.
REQUIREMENTS FOR LOAN APPROVAL PROCESSING
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Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)
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Marriage Contract (if married)
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Bio-data/Resume
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Deposit Statements of Accounts (last 6 months)
EMPLOYED INDIVIDUALS
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Latest Income Tax Return (ITR)/W-2 Form
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Certificate of Employment stating length of service and monthly compensation package
SELF-EMPLOYED INDIVIDUALS
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Audited Financial Statements and ITR for the last 3 years (BIR stamped)
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Certificate of Registration of Business Name
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Business Profile
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Complete list of suppliers and clients
COLLATERAL REQUIREMENTS
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Transfer Certificate of Title
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Current Tax Declaration
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Current Tax Receipts
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Current Tax Clearance
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Location Plan
BANK FORM
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Loan Application
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Mortgage Redemption Insurance (MRI) Application
FOR OFWs*
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Certificate of Employment stating length of service and monthly compensation package
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POEA Contract
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ITR (if any)
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Payslips (last 6 months)
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Special Power of Attorney (Bank Form)
* All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad
INSURANCES AND FEES REQUIRED
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P3,500 Filing Fee (non-refundable)
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Processing Fee
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Mortgage Registration Expenses
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Documentary Stamp Tax
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Mortgage Redemption Insurance (MRI) Premium
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Fire/Earthquake Insurance Premium
SOURCE:
TO KNOW MORE ABOUT THIS KINDLY CONTACT
iamdrivenmaica@gmail.com
09760077327 (viber)
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