10 Easy Steps (Own a home thru Bank Financing)

1. Check if title and tax declaration of the property intended to be bank financed is available/

2. Choose a bank from the list of accredited banks

3. Obtain an application form as well as a list of requirements from your preferred bank.

4. Fill-up the Application Form

5. Compile the requirements required by your preferred bank. The following are the list of requirements required by most banks.

   1. Information on Personal Data & Income

      1. If employed ( within the Philippines)

         1. Certificate of Employee ( COE) indicating annual salary and position

         2. Latest Income Tax Return (ITR)

         3. Payslips ( last two months)

         4. Proof of Billing Address ( e.g. Meralco, credit card, etc.)

      2. If Overseas Filipino Worker (OFW)

         1. POEA Authenticated Contract ( seaman)

         2. COE Authenticated by Philippine Consulate ( direct-hired)

      3. If Self-Employed

         1. Business Name (DTI) or SEC Registration

         2. Articles of Incorporation and By-laws with SEC Registration Certificates

         3. List of Trade References ( at least 3 names & telephone numbers of major suppliers &/or customers)

         4. Audited Financial Statements for the past two years

         5. Bank Statement for the last six months

         6. Proof of billing address (e.g. Meralco, credit card etc.)

      4. If Practicing Doctor

         1. Clinic address/es and schedule

         2. Bank Statement for the last six months

      5. If income is from Rental or Properties

         1. List of tenants and rental amounts

         2. Complete address/es of properties being rented

         3. Bank statement for the last six months
            
            

   2. Information on the Collateral ( to be secured from the developer)

      a.Two ( 2) clear photography sets of Transfer Certificate of Title ( all pages including blank pages with the book and page/volume number indicated on the front page)

      For Condominium

      i.Photocopy of Condominium Certificate of Title (CCT)

      ii.Certificate of Consent and Updated Payment of Monthly Dues from Condo Corp.

6. Submit the duly accomplished Loan Application Form together with the complete documents to Finance Department. Finance Department shall check completeness of documents and will forward to the bank for approval.
   
   
7. Await notification for approval. Normally, this takes five (5) to seven (7) working days.
   
   
8. Upon receipt of notice from the bank of loan approval, buyer needs to comply the following:

BANK REQUIREMENTS:

• Express your conformity to the Letter of Guarantee (LOG)
• Sign the loan documents (Deed of Assignment, Promissory Note, Real Estate Mortgage, Special Power of Attorney, etc.)
• Submit the post-approval requirements to your preferred bank such as:

a.Post-dated checks
b.Mortgage Redemption Insurance ( MRI)
c.Insurance of the property to be financed
      i.For condominiums. Fire/Earthquake Insurance  endorsement, Policy& Photocopy of the Official Receipt can be obtained from the Office of the Property Manager
      ii.For completed House & Lot & Townhouses, insurance should be obtained from a  reputable/ accredited insurance company.

• Pay bank charges which include Documentary Stamp Tax, Notarial Fees & Mortgage fees.
• Issue PDC payable to the  bank to cover amortization payments

The Bank will forward the LOG to the Developer/Seller for conformity.

• Issue post dated checks (PDC)payable to the Developer to cover downpayment/equity portion

• Settle unpaid equities

• Settle transfer fees to the Developer/Seller

• Sign Contract to Sell/Deed of Sale