Arelle Valla

Who are qualified to apply for a bank financing loan? 

QUALIFIED BORROWERS

Filipino CitizensForeign Nationals (for condominium purchase)

Gainfully employed for the last 2 years

Doing business and profitably operating for the past 3 years

At least 21 years old and not exceed 65 years old at loan maturity

Minimum Gross Monthly Income at least P 40,000

If married, spouse to sign all documentsIf separated, annulment papers required

No Derogatory records – CMAP/NFIS checkings  

CAUTION LIST 

Governement Officials and Company’s owned by them

Military / Police Personnel and Company’s owned by them

Religious or Civic Groups & their businesses

Media and Movie PersonalitiesLawyers  

POST APPROVAL REQUIREMENTS

Bank Application Forms

Marriage Certificate/Birth Certificate2 Valid I’D’s like PRC, SSS, TAN/TIN, Drivers Licences, Passport, Company ID

Proof Of Billing like Credit Card Statements, Meralco, PLDT, Maynilad, etc.

Latest Community Tax Certificate or Cedula

Consularized Special Power of Attorney (form supplied by the bank) – authorizing representative to sign in behalf of the borrower.

Account Opening

Letter of GuarantyDeed of Undertaking

Deed of AssignmentPhotocopy of Title (TCT, CCT)

Photocopy of Real Estate Tax Declaration

MRI and Fire Insurance Policies (accredited insurance companies)

Payment of Bank Charges

Payment of Transfer Fees 

Bank Financing Requirements

Bank Financing Charges

*The above information are subject to change without prior notice and may vary depending on the banking institution. It is meant to give a general idea only.

*Bank doesn’t send documents abroad, all documents must be signed in the Philippines, in such case, a Special Power of attorney is executed. Pretermination Penalty is 4% of the outstanding Balance.