List of Bank Housing Loan Requirements

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list of bank housing loan requirements

Dreaming of buying the perfect house? Well, maybe it’s high time you turn that dream into reality. With a substantial bank account and the right housing loan, you may soon find yourself enjoying the comfort of your new abode.

Purchasing the house of your dreams is a daunting task especially if you don’t have millions attached next to your name. The good news is, banks have made it more convenient to apply for a housing loan to help you with your lifetime investment.

Most yuppies are smarter now in purchasing their own home before getting hitched.
Before getting married, most couples make sure that they start saving up for a home. Source: bankforeclosuressale.com

When applying for a housing loan, banks usually have their basic eligibility and document application requirements. If the requirements are met, you’ll then be asked to fill up an application form but nowadays banks offer online applications as well.  Upon submission and review, a loan account officer will immediately contact you for further instructions and loans can be approved in as fast as 5 banking days.

Hoppler listed 7 of the most recognized banks and their basic requirements to guide you with your housing loan application

  • BDO (Banco de Oro)

The full-service universal bank in the Philippines that provides a complete array of industry-leading products and services including lending, deposit-taking, foreign exchange brokering and trust and investments and credit cards to name a few.

 If you wish to apply for a housing loan, here are their requirements:

Eligibility Requirements

  1. Filipino citizen or foreigner (see Visa requirements)
  2. At least 21 years old but not exceeding 65 years old upon loan maturity
  3. Minimum gross family income of P50,000.00/month.
  4. Stable source of income from employment or business
  5. If employed, at least 2 years with current company
  6. If self-employed, at least 2 consecutive successful and profitable years of operation

Document Requirements – Basic Documents

  1. Signed BDO application form
  2. Clear copy of 1 valid ID matching application details
  3. Marriage Contract, if applicable
  4. For foreigners, photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alien Employment Permit (AEP) or Visa ID
  5. Income Documents

If locally employed:

  1. Latest Income Tax Return (ITR) or W2, and
  2. Latest 3 months payslips or Certificate of Employment with salary breakdown
  3. If employed abroad (or Asenso Kabayan borrowers
  1. Latest 3 months proof of remittance, or
  2. Latest 3 months payslip, or
  3. Certificate of Employment or Employment Contract duly authenticatedcated by Philippine Consulate Office, or
  4. For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEA

If self-employed:

  1. Business Registration Papers (Certificate of Registration from DTI or SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)
  2. Latest Audited Financial Statements for the last 2 years with lastest ITR
  3. Bank Statements (latest consecutive 3 months)
  4. Trade References: List of Suppliers and Customers (at least 3 each) or List of Affliated Hospitals/Clinics (for doctors)
  5. Lease Contracts and copy of title (for income derived from rental)

Types of Acceptable Visa for Foreigners Quota or Non-Quota Immigrant Visa: Alien spouse of a Filipino citizen (Sec 13A Visa) –  Natural-born Filipinos married to an Alien (Sec 13D Visa) –  Returning Resident (Section 13E Visa) –  Natural-born Filipinos naturalized in foreign country (Sec 13G Visa) Photocopy of Special Retiree’s Resident Visa (SRRV) or Quota/Preference Immigrant Visa Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA) Working Visa issued to Embassy Officials

Collateral Documents

  1. Photocopy of TCT / CCT
  2. Lot Plan with Vicinity Map certified by a Geodetic Engineer
  3. Master Deed of Declaration of Restrictions (for condominiums)

 

  • BPI (Bank of the Philippine Islands)

Originally known as El Banco Español Filipino de Isabel II, BPI is a commercial bank with an expanded banking license that offers a wide range of financial services that include corporate banking, consumer banking and lending, investment banking, asset management, securities distribution, insurance services, leasing, and foreign exchange.

If you wish to apply for a housing loan, here are their requirements:

Housing Loan Application Form

  1. Duly accomplished Application Form
  2. 2 valid Identification Cards
  3. If married, both spouses to sign in the application form
  4. If with co-borrower or co-mortgagor, separate application form is needed

Income Documents

If locally employed (working within the Philippines):

  1. Certificate of Employment (COE) indicating salary, position and length of service
  2. Latest Income Tax Return (ITR) for the last 2 years

If Expat Pinoy (Overseas Filipino Worker):

  1. Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
  2. Crew Contract and Exit Pass validated by POEA (seaman)
  3. Proof of monthly remittances
  4. Notarized or authenticated Special Power of Attorney (BPI FSB Format)

If Self-Employed:

  1. Articles of Incorporation and By-Laws with SEC Registration Certificate
  2. Audited Financial Statements for the last 2 years
  3. DTI Registration
  4. Income Tax Return w/ Statement of Assets and Liabilities (SAL) for the last 2 yrs
  5. List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
  6. Bank Statements for the past 6 months

If Practicing Doctor:

  1. Clinic address/es and schedule

If from Commission:

  1. Vouchers or Bank Statements (last 6 months reflecting commission income)

If from Rental of Properties:

  1. Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
  2. Photocopy of Title (TCT/CCT)

Collateral Documents

  1. Clear copy of Owner’s Duplicate Copy of TCT/CCT
  2. Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer
  3. Photocopy of Tax declaration / Tax receipts / Tax clearance
  4. Endorsement Letter / computation sheet / Contract to Sell from developer stating the contract price (for accredited developer/project)

 

  • PSBANK

PSBank has gone a long way from its humble beginnings as a neighborhood bank and has built a foundation of strength and profitability and a reputation of simple and reliable banking in its 50 years of operations.

 

If you wish to apply for a housing loan, here are their requirements:

For all applicants:

  1. Completely filled-out PSBank Home Loan application form
  2. Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
  3. Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
  4. Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
  5. Valid photo-bearing IDs with signature
  6. Copy of Marriage Contract (if married)
  7. Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
  8. Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

For employed applicants:

  1.  Latest Certificate of Employment
  2. Income Tax Return or BIR Form 2316, 2306 or 1700

For applicants in business or professional practice:

  1. Latest BIR Form 1701 or 2317
  2. Latest audited Financial Statement with BIR stamp

For overseas Filipino applicants:

Any of the following:

Non-Immigrant (contractual worker)

  1. Consularized Certificate of Employment
  2. Job contract with POEA Stamp
  3. Proof of remittance for the past 3 months

Immigrant

  1. Latest Certificate of Employment
  2. Pay slips for past 3 months
  3. Latest Income Tax Return
  4. Proof of remittance for the past 3 months

 

  • METROBANK

Metrobank is a leading financial conglomerate with diversified business portfolio including: investment banking, thrift banking, leasing and financing and credit cards.

 

If you wish to apply for a housing loan, here are their requirements:

  1. Completed application form
  2. Filipino – locally employed

if Foreigner – Passport

  1. Source of Repayment

ITR / COE

  1. Stable source of steady and sufficient income
  2. At least 21 years old, not to exceed 65 years old upon loan maturity
  3. Latest Income Tax Return (ITR)
  4. Certificate of employment with details on salary, position, and length of service

 

  • CHINABANK

China Banking Corporation (China Bank, stock symbol CHIB) is the first privately-owned local commercial bank in the Philippines financial products and services include deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, cash management services, and other services.

 

If you wish to apply for a housing loan, here are their requirements:

Borrower Eligibility

  1. Filipino, of legal age but not more than 65 years old upon loan maturity
  2. With steady, dependable & verifiable source of income
  3. Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
  4. Minimum Gross Monthly Income (GMI):
  5. P50,000/mo. for Metro Manila / Metro Cebu
  6. P35,000/mo. for other provincial areas
  7. Able to pay an Equal Monthly Amortization which is:
  8. < 35% of GMI
  9. < 75% of Net Disposable Income (NDI)
  10. No adverse credit findings like court cases, bouncing checks, unpaid loans, canceled credit cards, etc.

Requirements for Loan Approval Processing

  1. Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)
  2. Marriage Contract (if married)
  3. Bio-data/Resume
  4. Deposit Statements of Accounts (last 6 months)

For Employed Individuals;

  1. Latest Income Tax Return (ITR)/W-2 Form
  2. Certificate of Employment stating length of service and monthly compensation package

For Self-Employed Individuals:

  1. Audited Financial Statements and ITR for the last 3 years (BIR stamped)
  2. Certificate of Registration of Business Name
  3. Business Profile
  4. Complete list of suppliers and clients

Collateral Requirements

  1. Condominium Certificate of Title of unit and parking slot, (if any)
  2. Current Tax Declaration (unit and parking slot, if any)
  3. Current Tax Receipts (unit and parking slot, if any)
  4. Current Tax Declaration (unit and parking slot, if any)
  5. Location Plan
  6. Occupancy Permit
  7. Bank Form
  8. Loan Application
  9. Mortgage Redemption Insurance (MRI) Application

For OFWs:

  1. Certificate of Employment stating length of service and monthly compensation package
  2. POEA Contract
  3. ITR (if any)
  4. Payslips (last 6 months)
  5. Special Power of Attorney (Bank Form)
  6. All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

Insurances and Fees

  1. P3,500 Filing Fee (non-refundable)
  2. Processing Fee
  3. Mortgage Registration Expenses
  4. Documentary Stamp Tax
  5. Mortgage Redemption Insurance (MRI) Premium
  6. Fire and Earthquake Insurance Premium

 

  • SECURITY BANK

Image result for security bank logoSecurity Bank, known then as the Security Bank and Trust Company, was the first private and Filipino-controlled Bank of the post-World War II period. Through the years, the bank experienced steady growth and success through consistent and unflinching commitment to serve clients and stakeholders.

 

If you wish to apply for a housing loan, here are their initial requirements

Eligibility and Documents

  1. At least 21 years old, but not more than 65 years old upon loan maturity
  2. Earning minimum monthly income of Php 30,000
  3. Has been continuously employed for at least 2 years
  4. For the self-employed, must be operating a legitimate and profitable business for the last 3 years
  5. Download and complete the online application and checklist from their website

 

  • STANDARD CHARTERED

Standard Chartered provides a comprehensive range of financial products and services to individuals and corporates. It has deepened relationships with corporates by supporting their international expansion in our footprint markets.   They offer online application for faster processing. After completing a checklist and application form, you will be contacted by a loan account officer who will give further instructions.

 

Here is the list of required documents that you’ll need to present:

  1. Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
  2. Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
  3. Latest three-month salary slip
  4. Last 6 months Bank Statements(salary account)
  5. Form 16 for last 2 years
  6. Self Employed Businessmen/Self-Employed Professionals:
  7. Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
  8. Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
  9. Certificate & Proof of business existence along with Business Profile
  10. Last 12 months Bank Account Statements (self & business)
  11. Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant
Have a loan application approved by following the guidelines.
With determination and a caring bank partner, that dream house is within reach. Source: thejensongroup.com

 

Keep in mind that you need to pick a housing loan that best suits you and a trustworthy bank that can help ease you with a financing solution. By making the right decision, you’ll be able to sleep soundly at night within the confines of your new dream house.

Fast Track Form 728 x 9

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