Requirements for Bank Housing Loan

Continuation.....

Acquiring a property either it be a condominium or house and lot through Bank Financing, you must understand that it is a long and complex process. In order to qualify and work out your loan, first you need to assess your gross monthly income. The bank requires at least 30% of your whole monthly income or it should be at least 3 times of your monthly amortization depending on the specified years of the loan. For example, your gross monthly income is 100,000 pesos/month. The 30% of the gross is 30,000 pesos. So, 30,000 pesos is your disposable/dispensable monthly income. If you are planning to pay the monthly amortization for 15 years, let's say the monthly amortization is 20,000, then you are qualified for the loan. Other way is by multiplying the monthly amortization three(3) times then the equivalent must be your gross monthly income.

Next step is to complete the requirements.

WHAT ARE THE REQUIREMENTS?

STANDARD APPLICATION DOCUMENTS:
1. Latest ID Photo of borrower and spouse
2. Photocopy of acceptable ID with photo and signature(passport with entries, driver's license, employee ID)
3. Photocopy of Marriage Contract, if married
Photocopy of Birth Certificate, if single
4. Photocopy of Bank Statements and Passbooks for the last 6 months(if applicable)
5. Original Copy of Certificate of Employment, indicating length of service, position and annual salary.
6. Income Tax Return(ITR)

****To be submitted only if applicant is an Overseas Filipino Worker(OFW):
1. Special Power of Attorney(Bank Form) consularized by the Philippine Consular Office.
2. Consularized or Verified Employment Contract and/or Certificate of Employment and Compensation(COEC) with payslips attached(as deemed necessary)
3. Proof of Remittances/allotment with any local bank.
4. Photocopy of Passport
****To be submitted only if applicant is in business or practice of profession:
1. Certificate of Business Registration with SEC or DTI
2. Articles of Incorporation and By-Laws(if applicable)
3. Audited Financial Statements for the last 2 years
4. Two(2) years in-house Financial Statement and Interim Statement(when available)
5. Business Background/Company Profile
6. Trade Suppliers/Customers(at least 3 for each with contact persons and telephone numbers)

These requirements are very essential in order to approve you bank housing loan. Failure to submit at least one of the requirements above will be subject for non-endorsement of your loan.