BORROWER ELIGIBILITY

• Filipino, of legal age but not more than 65 years old upon loan maturity

• With steady, dependable & verifiable source of income

• Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)

• Minimum Gross Monthly Income (GMI):

  • P50,000/mo. for Metro Manila / Metro Cebu

  • P35,000/mo. for other provincial areas

• Able to pay an Equal Monthly Amortization which is:

  • < 35% of GMI

  • < 75% of Net Disposable Income (NDI)

• No adverse credit findings like court cases, bouncing checks, unpaid loans, cancelled credit cards, etc.

REQUIREMENTS FOR LOAN APPROVAL PROCESSING

• Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)

• Marriage Contract (if married)

• Bio-data/Resume

• Deposit Statements of Accounts (last 6 months)

EMPLOYED INDIVIDUALS

• Latest Income Tax Return (ITR)/W-2 Form

• Certificate of Employment stating length of service and monthly compensation package

SELF-EMPLOYED INDIVIDUALS

• Audited Financial Statements and ITR for the last 3 years (BIR stamped)

• Certificate of Registration of Business Name

• Business Profile

• Complete list of suppliers and clients

COLLATERAL REQUIREMENTS

• Transfer Certificate of Title

• Current Tax Declaration

• Current Tax Receipts

• Current Tax Clearance

• Location Plan

BANK FORM

• Loan Application

• Mortgage Redemption Insurance (MRI) Application

FOR OFWs*

• Certificate of Employment stating length of service and monthly compensation package

• POEA Contract

• ITR (if any)

• Payslips (last 6 months)

• Special Power of Attorney (Bank Form)
  * All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

INSURANCES AND FEES REQUIRED

• P3,500 Filing Fee (non-refundable)

• Processing Fee

• Mortgage Registration Expenses

• Documentary Stamp Tax

• Mortgage Redemption Insurance (MRI) Premium

• Fire/Earthquake Insurance Premium

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Employed

• Accomplished Application Form

• Certificate of Employment and Compensation

• Valid Government IDs

• TIN

• Residence Certificate

• Photocopies: TCT, Tax Declaration, Tax Receipt, Tax Clearance

• Location plan/vicinity map of property

• Building Plans/Bill of Materials (for construction)

• Statement of Account (for take-out of existing housing loan)

Self-Employed

• Accomplished Application Form

• Copy of last 2 years ITR

• Latest 2 years Financial Statements

• Business Registration/Permits

• Bank Statements – 6 months

• List of Suppliers and Customers

• Company Profile, Property Documents

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Housing Loan Qualification and Requirements

• Individuals who are gainfully employed and with permanent status or engaged in own business operating profitably for at least 2 years

• Must be below 60 years old upon application and must not exceed 70 years old upon loan maturity

• Must have good credit standing

• For foreigners, must have an Alien Certificate of Registration

• For OFWs, must have experience working abroad for at least 2 years

List of Requirements

• Copy of the TCT

• Copy of the tax declaration

• Lot plan (for lot or house & lot)

• Bill of materials and renovation plan (if with renovation or construction financing requirements)

• Authorization from the owner to appraise the property

FOR EMPLOYED INDIVIDUALS

• Completely filled out housing loan application form

• Photocopy of ID and residence certificate

• Certificate of employment and compensation

• Payslips for the last 2 months

• Photocopy of latest ITR

• Photocopy of marriage contract (if applicable)

FOR SELF-EMPLOYED INDIVIDUALS

• Completely filled out application form

• Certificate of business registration

• Photocopy of marriage contract (if applicable)

• Photocopy of IDs and residence certificate

• Financial statements for the past 2 years (in-house & audited)

• Copy of the ITR for the last two 2 years

• List of top 5 suppliers and customers with contact numbers and contact persons

• Bank statements for the last six months

SOURCE:

https://philrealtyglobal.com/how-to-acquire-house-thru-bank-financing-your-way-to-success/?fbclid=IwAR2YK7o1VqerMzKjXMi2QxXYWuEBZCgtysohCehcyAcCvXoWJXA3ntTkfi0

TO KNOW MORE ABOUT THIS KINDLY CONTACT

Maica Castillo

iamdrivenmaica@gmail.com

09760077327 (viber)