HOUSING LOAN
Loan Terms and Conditions
Purpose of Loan
- Purchase of house and lot, townhouse, condominium unit and any single family dwelling;
- Purchase of lot and construction of new house;
- Purchase of lot only;
- Purchase of lot on which the house of the borrower/ mortgagor presently stands;
- Major repair, improvement or expansion of an existing house or dwelling unit;
- Buy out/ refinancing of existing housing loan which is not past due or has never been past due from other banks or financial institutions;
- Financing of contracts-to-sell executed by developers in favor of its buyers covering purchase of residential units in a developed subdivision. or condominium unit; and
- Purchase of residential farm lot.
Loan Processing Requirements
- For Employed Applicants:
- Application Forms duly filled-out and signed by the applicant/s (including spouse, if any)
- 2 x 2 ID Picture
- Original certificate of employment (not earlier than 30 days from the issuance.
- 2 Valid IDs
- Tax Identification Number (TIN)
- Proof of billing (credit card, telephone, electricity or water)
- For Professionals and Self-employed applicants:
- Application Forms duly filled-out and signed by the applicant/s (including spouse, if any)
- DTI/ SEC and BIR Registrations
- Business/ Mayor’s permit
- Latest three (3) months bank statements
- 2 x 2 ID Picture
- 2 Valid IDs
- Tax Identification Number (TIN)
- Proof of billing (credit card, telephone, electricity or water)
- For the property to be financed
- Certified true copy of the TCT/CCT (photocopy if owner’s original copy is presented)
- Certified true copy of tax declaration
- Lot plan with vicinity map
- Current year’s real estate tax receipt and tax clearance
- Affidavit of no improvements (if lot only)
- Copy of contract to sell/ statement from the seller or
- Four new house construction or major renovation:
- *Renovation cost of Php 500,000 .00 and above shall be considered as major.
- Construction agreement/ contract with reputable and licensed contractor indicating terms and confitions of payment
- Building permit with approved building construction plans
- project cost estimate/ bill of materials
- CARI and performance/ surety bond for contractor (post approval)
- For house renovation:
- Contact prepared by a seasoned foreman or contractor;
- Project cost estimate/ bill of materials
- Building repair permits if deemed necessary
Eligibility Criteria
- A Filipino citizen
- 21 Years Old upon application and not to exceed 65 years old upon maturity.
- Stable source of income
- If employed, at least 2 years
- If self-employed, at least 22 profitable years of operation (if with business) or 2 years in practice (if practice of profession)
- Farming
- No existing housing loans in any bank/ financial institution, unless purpose is for takeout of the same.
- Resident in the community for at least one (1) year.
- Within the present serving area
- Not engaged in illegal activities
- Must have a good credit record with banks and other lending institutions.
- Must not been turned down by another branch