Home Loans – Frequently Asked Questions

Who are eligible to apply for a Sun Savings Housing Loan?
  • 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
How much can I borrow?

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

What are the loan terms available?

Maximum of 25 years

What is a fixing interest rate?

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.

What are the requirements to apply and avail of a loan?

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


  • 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


  • 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
How long is the processing period of my application?

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

How much is the appraisal fee?

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

What are other related fee that I need to prepare?
Fees Amount
1.     Service Fee Php 4,500.00
2.     Documentary Stamps Php 1.50 of every Php200 of the amount of loan
3.     Notarial Fees Charge per document
4.     REM registration fees Variable
5.     MRI and Fire Insurance Variable
How much is the late payment charge?

3% of monthly amortization or of short payment

How much is the pre-termination charges?

2% of the total outstanding balance

What are the insurances required?
  • 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
How much is my MRI coverage?

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.

How much should I pay for the MRI premium?

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

How long should I pay the MRI premium and Comprehensive fire insurance?

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

How can I pay my monthly amortization?

You can choose either of the following repayment schemes:

  • Automatic debit of Account
  • Post dated checks
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