list of major bank housing loan requirements:

list of major bank housing loan requirements:

Eligibility Requirements

• Filipino citizen or foreigner (see Visa requirements)

• At least 21 years old but not exceeding 65 years old upon loan maturity

• Minimum gross family income of P50,000.00/month.

• Stable source of income from employment or business

  • If employed, at least 2 years with current company

  • If self-employed, at least 2 consecutive successful and profitable years of operation.

Document Requirements

Basic Documents

• Signed BDO application form

• Clear copy of 1 valid ID matching application details

• Marriage Contract, if applicable

• 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

• Latest Income Tax Return (ITR) or W2, and

• Latest 3 months payslips or Certificate of Employment with salary breakdown

If employed abroad (or Asenso Kabayan borrowers)

• Latest 3 months proof of remittance, or

• Latest 3 months payslip, or

• Certificate of Employment or Employment Contract duly autheticated by Philippine Consulate Office, or

• For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEA

If self-employed

• Business Registration Papers (Certificate of Registration from DTI or SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)

• Latest Audited Financial Statements for the last 2 years with lastest ITR

• Bank Statements (latest consecutive 3 months)

• Trade References: List of Suppliers and Customers (at least 3 each) or List of Affliated Hospitals/Clinics (for doctors)

• Lease Contracts and copy of title (for income derived from rental)

Types of Acceptable Visa for Foreigners

• Quota or Non-Quota Immigrant Visa:

• 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

• Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)

• Working Visa issued to Embassy Officials

Collateral Documents

• Photocopy of TCT / CCT

• Lot Plan with Vicinity Map certified by a Geodetic Engineer

• Master Deed of Declaration of Restrictions (for condominiums)

Additional Documents:

For Construction Loan

• Building Plan or Floor Plan

• Bill of Materials and Labor Cost

• 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:

• Home Loan Online Application Form

• List of Required Documents

• Special Power of Attorney (SPA)

For Locally-Employed Borrowers:

• Completely filled out and signed application form

• Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan

• Any ONE of the following income documents:

• Latest Certificate of Employment and Compensation

• Latest Income Tax Return

• Latest 3 months Payslips

• Latest 3 months Bank Statements

1. Note: to credit commission income, kindly submit latest 6 months payslips

   • Mortgage Redemption Insurance (MRI) Application Form

   • Relevant collateral documents (Section E)

For Self-Employed Borrowers:

• Completely filled out and signed application form

• Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan

• Income Tax Return (1701 for sole proprietary owner; or 1702 for Corporation)

• Any ONE of the following income documents:

  • Audited Financial Statements (Latest 1 year)

  • Bank statements (Latest 3 months)

  • Lease/Rental Contracts

• Note: For licensed Real Estate brokers and licensed Insurance brokers, kindly submit latest 12 months proof of income to credit commission-based income

• Mortgage Redemption Insurance (MRI) Application Form

• Relevant collateral documents (section E)

For Corporate Borrowers:

• Completely filled out and signed application form

• Company profile: background, owners, key officers

• SEC Registration and General Information Sheet

• Bank Statements (latest 3 months)

• Income Tax Return (1702 for Corporation) with Audited Financial Statements for the past 3 years

• Suppliers contact info (with average monthly transactions)

• Customer’s contact info (with average monthly transactions)

• Authorization letter (for bank, business and trade checkings)

• Mortgage Redemption Insurance (MRI) Application Form

• Relevant collateral documents (Section E)

For OFW Borrowers:

• Completely filled out and signed application form

• Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan

• Any ONE of the following income documents:

  • Certificate of Employment with compensation (issued within the last 6 months)

  • Latest Crew Contract (for seafarer/seaman)

  • Latest Employment Contract (for land-based OFWs)

  • Allotment Slip

  • Latest 3 months payslip; OR bank statement for past 3 months

• Note: For OFWs hired directly abroad, any TWO income documents are required

• Consularized Special Power of Attorney is needed if with attorney in fact

• Mortgage Redemption Insurance (MRI) Application Form

• Relevant collateral documents (Section E)

Collateral Document Requirements

• Copy of collateral title (TCT/CTC)

• Copy of Tax Declaration on land and/or improvement

• Signed Authority to Inspect and Verify (bank form)

• Appraisal Fee paid to SBC: OR Number ______________________________

Acquisition from Accredited Developer

• Contract to Sell; or Reservation Agreement

Home Construction or Renovation:

• Bill of Materials and Estimates of Construction and Labor Cost

• Floor and Building Plan and Building Specifications

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

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)