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

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