Housing Loan

Loan facility for qualified clients who want to avail the following:

  • Purchase of lot in developed area.
  • Purchase of a complete residential unit to be occupied by the borrower.
  • Construction of a residential unit on a borrower's property.
  • Home improvement loan for expansion or remodeling of residential unit duly occupied by the borrower.
  • Refinancing of real estate loan with other lending institutions secured by the residential unit occupied by the borrower.
  • Purchase of a lot and construction of a house thereon.

Product Features Loan Amount

PURPOSE LOANABLE VALUE
Purchase of lot Maximum of P2,000,000
Purchase of house and lot / unit. Maximum loan amount is P5,000.000
Construction of a residential unit Maximum of P3,000,000
Home improvement Maximum of P2,000,000
Purchase of lot and construction thereon Maximum of P5,000,000
Refinancing of an existing loan Based on outstanding loan value.
MAXIMUM LOAN VALUATION 70% OF THE APPRAISED VALUE.
Loan term Maximum period of 20 years. Borrower's age limit is 65 years old at the time the loan is fully paid.
Repayment terms Equal monthly amortization thru postdated checks via diminishing amortization scheme.

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Benefits

  • Provides more flexibility as compared to existing housing loans in the market.
  • Competitive interest rates.

Eligibility Requirements

  • Employed or self-employed individuals.
  • At least five (5) years residing in present address.
  • Monthly amortization should not exceed fifty percent (50%) of the borrower’s monthly net income.
  • Age of borrower should not exceed 65 years at the time of loan maturity.

Documentary Requirements for Employed

  • Latest Income Tax Return of Applicant and / or co - borrowers.
  • Certificate of Employment and Salary or
  • Last month's payslip

Documentary Requirements for Self - Employed

  • Financial Statements for the past 3 years.
  • Certificate of business registration with SEC.
  • Articles of Incorporation and By-Laws.

INFORMATION ON COLLATERAL PROPERTY

  • RD Certified photocopy of Transfer Certificate of Title or Condominium Certificate of Title (CCT) and Master Deed of Declaration and Mother TCT.
  • Lot Plan and Location / Vicinity map.
  • Owner's Collateral Appraisal Authorization.

ADDITIONAL REQUIREMENTS ACCORDING TO LOAN PURPOSE

  • If Construction / Renovation / Expansion:
    • Building plans and specifications.
    • Bill of materials and construction cost estimate (up to completion) certified by architect or contractor.
    • Contractor's Agreement/Contract between borrower and contractor/ contract with sub- contractor, if any.
    • Building Permit.
  • Latest ITR.
    • Statement of Account on Mortgage or Borrower.
    • Copies of Official receipts evidencing mortgage payments.