HOUSING LOAN & PROPERTY EQUITY LOAN THROUGH BANK
HOUSING LOAN
- Shelter acquisition – purchase of house & lot, townhouse, residential condominium & vacant lot
- House construction
- House improvement/renovation
PROPERTY EQUITY LOAN
- Multi-purpose
QUALIFIED Applicant : Filipino, of legal age but not more than 65 years old upon
maturity of loan
Foreign nationals married to Filipinos, an Affidavit of
Support & Waiver of Rights over the collateral property
should be executed by the foreigner.
LOAN AMOUNT : Minimum P 400,000.00
Maximum 70% of appraised value of house and lot
60% of appraised value of vacant lot
60% of appraised value of residential
Condominium. UP to 80% of appraised value
of house & lot not to exceed P5M (provided
applicant is employed and purpose if for
owner occupancy)
LOAN TERM : Maximum *20 years for house & lot
*10 years for vacant lot
*10 years for residential condominium
*note: for acquisition, construction, home improvement purposes
10 years for business loan
10 years for refinancing
5 years for multi-purpose loans
INTEREST RATE : Initial rate based on prevailing housing loan rate, rate
fixing yearly thereafter based on T-bill (364days) + 3.5%
spread
For business loans/multi-purpose loans & acquisition/
construction/ home improvement other than collateral,
initial rate based on prevailing housing loan rate + 1%,
rate fixing yearly thereafter based on T-bill (364 days) +
4% spread
COLLATERAL : Registered first real estate mortgage
GROSS MONTHLY
INCOME : Minimum P 40,000.00
REPAYMENT MODE : Equal monthly amortization of principal & interest
PAYMENT OPTION : Automatic Debit Arrangement with the Bank.
MANNER OF LOAN
RELEASE : Lump sum
Staggered Release (for Construction purposes)
PROCESSING PERIOD : Five (5) days Credit Decision for loan amount below P5M
PRE-PROCESSING REQUIREMENTS
- HOUSING LOAN APPLICATION FORM
- Duly Accomplished Application Form
- 2 valid identification cards
- INCOME DOCUMENTS
IF LOCALLY EMPLOYED
· Certificate of Employment (COE) indicating salary, position and length of service
· Income Tax Return (ITR) for the last 2 years
IF EXPAT PINOY (Overseas Filipino Worker)
· Certificate of Employment duly authenticated by the Philippine Consulate
·
· Proof of monthly remittances
· Notarized or authenticated Special Power of Attorney (Bank Format)
IF SELF-EMPLOYED
· Articles of Incorporation/By-laws/SEC Registration
· Audited Financial Statement for the last 2 years
· DTI Registration
· Income Tax Return w/ Statement of Assets & Liabilities (SAL) for the past 2 years
· Bank Statement for the past 6 months
· List of Trade References ( at least names with telephone numbers of major suppliers/customers
IF PRACTICING DOCTOR
· Clinic Address/es and schedules
IF FROM COMMISSION
· Vouchers or Bank Statement (for the last 6 months reflecting commission income)
IF FROM RENTAL OF PROPERTIES
· Rental/Lease Contracts (indicating name of tenants and rental amounts with complete addresses of properties being rented)
· Photocopy of Title (TCT/CCT)
- COLLATERAL DOCUMENTS
· Clear copy of Owner’s Duplicate Copy of TCT/CCT
· Lot/Vicinity Map certified by Geodetic Engineer
· Photocopy of Tax Declaration/Tax Receipts/Tax Clearance
· Endorsement Letter/computation sheet/Contract to Sell from Developer stating the contract price (for accredited developer/project)
FOR CONSTRUCTION LOAN
· Building Plan (complete set)
· Bill of Materials/Specification/Cost Estimates
· Building Permit
REFINANCING LOAN
· Statement of Account from Mortgage Lender
· Proof of Payment for the last 6 months
- FEES
· Non-Refundable Appraisal Fee of P _____________
POST APPROVAL REQUUIREMENTS
· Original Owner’s Copy of the TCT/CCT
· Certified True Copy of the latest Realty Tax Declaration on Land under the name of the borrower / mortgagor
· Original Copy of the Latest Real Estate Tax Clearance
· Photocopy of the latest Community Tax Certificate; including CTC of signatories if corporate borrower
· Health Declaration Form (form supplied) for MRI enrollment with Ayala Life
· Medical Examination with Ayala Life, if applicable
· Fire/Lightning/Earthquake Insurance coverage through the BANK, if applicable
· Opening of Deposit Account with the BANK
· For Corporate Borrowers, Board Resolution/Secretary’s Certificate (form supplied), if applicable
· Four copies of Special Power of Attorney, if applicable
FEES
· Mortgage Registration Fees
· Mortgage Redemption Insurance Premium
· Fire/Lightning/Earthquake Insurance Premium
If Interested To Avail:
mailto: spacelandrealty@yahoo.com
And we will send you the Application Form to fill-up.
bravenet.com