A housing loan is a kind of investment presented by a bank or any other financial body to a borrower for real estate commitments such as buying, makeover, construction, and refinancing. Housing loans are approved to persons who show interest to have or those who have their own homes but are short of money or funds to make instant acquisitions or a similar action. For this, the debtors are required to pay their loans back in the form of instalments, thereby making the process of owning a home quite easier and comfortable. Because housing loans are usually huge in amount, a form of payment security is required. For bank loan, the banks will clutch the property rights to the home as a security until the time your payments or instalments towards the banks are over. You can make use of the housing loan calculator to get an idea of the interest you will be getting back for a specific amount.
Each economic institute that is into providing mortgage loans has an altered set of requirements. Besides firm requirements and detailed inquiries, the process of mortgage request can appear unconvincing to some people. To organize your mortgage loan application, we will provide you the correct mortgage loan that will be inline with your budget and standard of living. You need to make sure you follow the below requirements while applying for housing loans :
- A occupant of the Philippines with a legal Philippine billing address
- Residential real estate property for collateral for existing homeowners
- If you are employed, you need to have a tenure of minimum 2 years
- If you are self-employed, you need to be into profitability for minimum 3 years
- You must be 21 years old and must not be 65 years of age at the time of loan maturity
Apart from the minimum requirements each applicant must abide by, you will be required to submit the documents that will work as an evidence of your identity, billing, and financial ability. Few often requested documents from the applicants applying for housing loan Philippines include:
All aspirants must have:
- A yearly salary that meets the requirements of a personal loan
- A post-paid phone line or a post-paid mobile phone as a part of your account
- A Tax Identification Number (TIN) and SSS/GSIS No.
Claimants must deposit the following documents:
- Unified multi-purpose ID (UMID)
- SSS ID
- TIN ID Card
- Passport
- Driver’s License
- Company ID
- Proof of income
Working applicants are required to submit the below:
- Most recent Certificate of Employment
- Income Tax Return or BIR Form 2316, 2306 or 1700
Self-employed claimants are required to submit the below documents:
- Latest BIR Form 1701 or 2317
- Latest audited Financial Statement with BIR stamp
On the basis of the reason for applying for the home loan, applicants are required to provide the following:
- Home revamp/building:
- Floor and construction plan and building measurement
- Bill of materials and approximation of structure and labour costs
- Refinancing:
- Proof of amortization payment for the last 3 months
- Account Statement from the mortgagee bank
Generally, the real estate buyers’ partner with the banks to make housing loan Philippines requests stress-free as the banks provide funding to the people who show willingness to own a home.