HOUSE FINANCING OPTIONS IN THE PHILIPPINES

There are many financing options in the country, may it be from lending corporations or Pag-ibig Fund, or from different banks here. However, most developers and sellers only accept bank financing option. The credibility of banks is something developers and individual sellers trust. Also, other financing options like Pag-ibig take a very long time for the loan to be released which is a turn off to many developers and the like.

Different banks offer different interest rates for their housing loans. Interest rates usually fall around 5-11 percent depending on the number of years of the loan. As an accredited agent of different banks here in the Philippines, we are always updated with the promos and current loan rates they offer. As part of our service, we advise clients in choosing the best financial loan options for them. Below is a list of banks with whom we are accredited that can help you with your housing loan needs:

1. Metrobank
2. Bank of the Philippine Islands
3. EastWest Bank
4. China Bank
5. Banco De Oro
6. Security Bank

CHECKLIST OF REQUIREMENTS

Below are some of the requirements that must be submitted when applying for a home loan.
(Taken from BPI Housing Loan Checklist Requirements)

A. Borrower Information
• Duly accomplished application form
• 2 valid identification cards

B. Income Documents

If locally employed
• Certificate of Employment (COE) indicating salary, position & length of service
• Income Tax Return (ITR) for the last 2 years or W2

If Expat Pinoy (Overseas Filipino Worker)
• Certificate of Employment duly authenticated by the Philippine Consulate
• Crew Contract & Exit Pass from POEA (for seafarers)
• Proof of monthly remittances
• Notarized or authenticated Special Power of Attorney (BPIFSB format)

If Self-Employed
• Articles of Incorporation/By-laws/SEC Registration
• Audited Financial Statements for the last 2 years
• Department of Trade & Industry (DTI) Registration
• ITR with Statement of Assets & Liabilities (SAL) for the past 2 years
• Bank statements for the last 6 months
• List of Trade References (at least 3 names with contact nos. of major suppliers/customers)

If Practicing Doctor
• Clinic address/es and schedules

If from Commission
• Vouchers or bank statements (for the last 6 months reflecting commission income)

If from Rental of Properties
• Rental/Lease contracts (indicating name of tenants & rental amounts with complete addresses of properties being rented)
• Photocopy of Transfer Certificate of Title (TCT) &/or Condominium Certificate of Title (CCT)

C. Collateral Documents
• Clear copy of owner's duplicate 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
• Complete set of building plan
• Bill of materials/specification/cost estimates
• Building permit


Post Approval Requirements
• Original owner's copy of TCT/CCT
• Certified true copy of the latest Realty Tax Declaration on land and improvements under the name of the borrower/mortgagor
• Original copy of latest Real Estate Tax Clearance
• Health Declaration form (supplied) for MRI enrollment with Ayala Life
• Medical examination with Ayala Life, if applicable
• Fire/Lightning/Earthquake insurance coverage through BPI-MS, if applicable