Archive for November, 2007

What is a blog?

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What’s a blog? I get asked the question when I try to invite people to come visit my website and check out my blog… This was a question I also asked the person who introduced me to blogging more than a year ago. 

arelle-valla.jpgA Blog is a web log, a journal that you put on the web for you to access wherever there is internet.  There are hundreds of thousands of new blogs everyday. People blog for a variety of reasons, some do it for fun, for hobby, for promoting their business or for making money. Blog is like a digital journal, instead of one writing on a notebook or a diary, you write on a computer and publish what you wrote on the web.

  A Blog is a great way to express your thoughts, ideas and happenings. You’ll be surprised to know that things that interest you can mean something to people all across the globe. Like your travels and adventure, your food tasting in a new restaurant, your experience on a new gadget and more, the topic can really be endless. 

A Blog is also a great way to promote the products you sell or endorse, a blog allows you to share what is good about your product in a more engaging way, contrary to very formal way of doing a sales pitch. And this way you can also establish readership and initiate communication with your target market. A Blog has also become a money making habit, hobby, or whatever you would like to call it. Some bloggers who managed to share about things that interest a wide variety of readers attractted some advertisers who pay them money to blog or to put a banner ad on their ads. There are also companies who are getting advertisers to pay bloggers (people who blog) to feature their products or review their products and talk about it on their blogs or blog advertising. 

You might ask, how do I get started with a blog? You can get started by reading other peoples blogs and see how they do it, to give yourself an idea how to do it too. Then you can go to websites that offer free blogging platforms and sign up. These sites include Blogger.com, WordPress.com or Typepad. I am using WordPress. When you get the hang of it, then you can decide to get a paid blog set-up where you can have your own domain name, with your own hosting and design. 

Welcome to the world of blogging. I hope I got your question on what a blog is answered. 

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Real Estate Bank Financing Qualified Borrowers

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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.

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Real Estate Bank Financing Requirements

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PRE-QUALIFICATION REQUIREMENTS for Real Estate Bank Financing Loans 

I would like to share with you what will be required of you to secure a Bank Financing Loan depending on your source of income.  

If Employed within the Philippines -        

Certificate of Employment (COE) with salary and position      

 Latest Income Tax Return  

If Overseas Filipino Worker (OFW)

Crew Contract and Exit Pass form POEA (Seaman)

Contract/Certificate of Employment (COE)

Authenticated by the Philippine Consulate (direct-hired) or Verification with the Employer thru E-mail.

Or 6 Months Proof of Remittance (i.e passbook, bank statement or remittance receipts) 

If Practicing Doctor

Clinic Address Latest

Income Tax ReturnBank Statements for the last 6 months 

If Self-employed within the Philippines

Business Name (DTI)or SEC Registration Certificate

Articles of Incorporation and By Laws

Last 3 years Income Tax Return & Audited Financial Statements

Bank Statements for the past 6 months

 If from Commission

Latest Income Tax Return

Vouchers or Bank Statements for the past 6 months

If from Rental of Properties

Latest Income Tax Return

Lease Contracts of Bank Statements for the last 6 months 

You may see the usual Bank Charges here.

You will of course be subject to a credit check or CI (credit investigation). It’s better if you have a very good credit standing, meaning you pay your loans and credit card bills on time.

*The above are standard documentations in securing a bank financing facility, the bank may require supplementary documentations and considerations for approval may vary from bank to bank.   

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