Enjoy the convenience of using Wamu checking account, it goes with a lot of freebies such as an FREE ATM Card, FREE identity theft services, FREE atm withdrawals, FEE-FREE overdraft transfer service, FREE Checks, a Gold debit Mastercard and a lot more.

You can even earn interest on your checking out for the Platinum checking…It is so convenient to open simply visit the Wamu website and apply online.

I was talking with a banker recently and he commented that in building finances, it is not just how much you earn, but it is how much you save and invest.  Though it costs less than a dollar on charges per transaction on atm withdrawals and other banking services, if we put it all together it can be something.  And if we save that amount, it can be added to savings. Saving is a good habit, if we can save little, then we can also save much.

So for your checking account needs, try Wamu.

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.

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.   

How much are the Bank Fees when you make a real estate loan in the Philippines? 

These are what the loan charges are like for a P1 Million Housing or Condominium loan. 

The following are estimates only. 

SCHEDULE of LOAN CHARGES 

1. Mortgage Redemption Insurance Premium Php 5,800
2. Fire Insurance Premium (FIP) P 1,100
3. Mortgage Registration Fee P 9,000.00
4. Processing and Notarial Fees P 3,500
5. Doc Stamps on Promisory Note P 5,000 

   Total Charges: P24,000.00 

I got this from the Bank Financing Seminar held at Celebrity Sports Club conducted by DMCI Homes, Inc. with UCPB V.P  Yolanda De Claro.

I will share about the Pre-Qualification requirements in the following post for Real Estate Bank Loans. Stay tuned…