Home Loans – Frequently Asked Questions

• At least 25 years old but not more than 65 years old upon loan maturity
• With a reliable income coming from the following sources:
  • Locally employed for at least 2 years
  • Overseas employment with an existing contract and working abroad for at least 2 years
  • Business with at least 2 years of profitable operation

Up to a maximum of 80% of the Total Contract Price of the property subject to bank’s approval

Maximum of 25 years

Fixing interest rate is the interest rate that does not fluctuate for a specific period of time.  Borrower can choose from fixed term rates like 1, 3 & 5 years.  After the end of initial fixing period, it will be reprice annually thereafter.

Locally Employed

• Certificate of employment
• 3 months latest payslip
• 3 months bank’s statement
• Latest Income Tax Return
• Marriage contact if married, CENOMAR if single
• Proof of billing
• 2 valid ID

OFW

• Latest employment contract
• 3 months latest payslip
• 3 months bank’s statement
• Marriage Contract if married, CENOMSAR if single
• 2 valid ID

Self-employed (Business)

• Permits & licenses (mayor’s permit, DTI, BIR)
• 3 years latest audited Financial Statement
• 3 years Income Tax return
• 3 months bank statements
• Customers and suppliers information
• 2 valid ID

Corporation

• Articles of incorporation & By-Laws (for corporation)
• Company profile (background, owners and key officers)
• SEC Certification and General Information Sheet
• 3 months banks statement
• 3 years income tax return
• Customers and suppliers information
• 2 valid ID for the authorized signatories

The credit result may be available within 2 weeks or less after verification and submission of the complete set of requirements for loan application.

Appraisal fee is P3,500.00, however is the property is referred by a developer, the appraisal fee is waived.

3% of monthly amortization or of short payment

2% of the total outstanding balance

• MRI (mortgage redemption insurance – a coverage which pays for the mortgage in case of untimely death before full payment of loan
• Fire/Lightning/Earthquake/Flood Insurance – covers for expenses of untoward incedences on the property

MRI coverage should be equal to loan amount. However, the amount of coverage decreases yearly based on a schedule of pre-determined/pre-computed decreasing balance of the loan.

Fee amount will depend on your loan amount, term, age, and other factors.

MRI and Fire insurance premium should be paid annually until loan is fully paid.

You can choose either of the following repayment schemes:

• Automatic debit of Account
• Post dated checks