The Philippine Home Mortgage - housing loan rates & list of recognized banks

The Philippine Home Mortgage - housing loan rates & list of recognized banks

Purchasing the house of your dreams is a daunting task especially if you don’t have millions attached next to your name. The good news is, banks have made it more convenient to apply for a housing loan to help you with your lifetime investment.
When applying for a housing loan, banks usually have their basic eligibility and document application requirements. If the requirements are met, you’ll then be asked to fill up an application form but nowadays banks offer online applications as well. Upon submission and review, a loan account officer will immediately contact you for further instructions and loans can be approved in as fast as 5 banking days.
Keep in mind that you need to pick a housing loan that best suits you and a trustworthy bank that can help ease you with a financing solution. By making the right decision, you’ll be able to sleep soundly at night within the confines of your new dream house.



Mortgage Rates Today - Compare Home Loan Rates -Philippines








*The above mentioned documentation are subjected to change bank wise




When and Why to take Housing Loans?

If the desire of buying your dream home has been on your mind since a long time, but you have been postponing it since a long time due to lack of adequate funds, the it is time for you to take a comprehensive housing loan. Choose a housing loan which is available at an affordable rate of interest and gives you a comfortable repayment tenure. This will provide adequate financial funds for you to acquire a house. There are banks which offer flexibility in terms of the repayment amount as well; availing for a housing loan from such a bank is a very wise option.



List of most recognized banks and their basic requirements to guide you with your housing loan application

BDO (Banco de Oro)
The full-service universal bank in the Philippines that provides a complete array of industry-leading products and services including lending, deposit-taking, foreign exchange brokering and trust and investments and credit cards to name a few. 

If you wish to apply for a housing loan, here are their requirements:
Eligibility Requirements
Filipino citizen or foreigner (see Visa requirements)
At least 21 years old but not exceeding 65 years old upon loan maturity
Minimum gross family income of P50,000.00/month.
Stable source of income from employment or business
If employed, at least 2 years with current company
If self-employed, at least 2 consecutive successful and profitable years of operationDocument Requirements – Basic Documents
Signed BDO application form
Clear copy of 1 valid ID matching application details
Marriage Contract, if applicable
For foreigners, photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alien Employment Permit (AEP) or Visa ID
Income DocumentsIf locally employed:
Latest Income Tax Return (ITR) or W2, and
Latest 3 months payslips or Certificate of Employment with salary breakdown
If employed abroad (or Asenso Kabayan borrowers
Latest 3 months proof of remittance, or
Latest 3 months payslip, or
Certificate of Employment or Employment Contract duly authenticatedcated by Philippine Consulate Office, or
For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEAIf self-employed:
Business Registration Papers (Certificate of Registration from DTI or SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)
Latest Audited Financial Statements for the last 2 years with lastest ITR
Bank Statements (latest consecutive 3 months)
Trade References: List of Suppliers and Customers (at least 3 each) or List of Affliated Hospitals/Clinics (for doctors)
Lease Contracts and copy of title (for income derived from rental)Types of Acceptable Visa for Foreigners Quota or Non-Quota Immigrant Visa: Alien spouse of a Filipino citizen (Sec 13A Visa) – Natural-born Filipinos married to an Alien (Sec 13D Visa) – Returning Resident (Section 13E Visa) – Natural-born Filipinos naturalized in foreign country (Sec 13G Visa) Photocopy of Special Retiree’s Resident Visa (SRRV) or Quota/Preference Immigrant Visa Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA) Working Visa issued to Embassy Officials
Collateral Documents
Photocopy of TCT / CCT
Lot Plan with Vicinity Map certified by a Geodetic Engineer
Master Deed of Declaration of Restrictions (for condominiums)


BPI (Bank of the Philippine Islands)
Originally known as El Banco Español Filipino de Isabel II, BPI is a commercial bank with an expanded banking license that offers a wide range of financial services that include corporate banking, consumer banking and lending, investment banking, asset management, securities distribution, insurance services, leasing, and foreign exchange. 

If you wish to apply for a housing loan, here are their requirements:
Housing Loan Application Form
Duly accomplished Application Form
2 valid Identification Cards
If married, both spouses to sign in the application form
If with co-borrower or co-mortgagor, separate application form is neededIncome Documents
If locally employed (working within the Philippines):
Certificate of Employment (COE) indicating salary, position and length of service
Latest Income Tax Return (ITR) for the last 2 yearsIf Expat Pinoy (Overseas Filipino Worker):
Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
Crew Contract and Exit Pass validated by POEA (seaman)
Proof of monthly remittances
Notarized or authenticated Special Power of Attorney (BPI FSB Format)If Self-Employed:
Articles of Incorporation and By-Laws with SEC Registration Certificate
Audited Financial Statements for the last 2 years
DTI Registration
Income Tax Return w/ Statement of Assets and Liabilities (SAL) for the last 2 yrs
List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
Bank Statements for the past 6 monthsIf Practicing Doctor:
Clinic address/es and scheduleIf from Commission:
Vouchers or Bank Statements (last 6 months reflecting commission income)If from Rental of Properties:
Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
Photocopy of Title (TCT/CCT)Collateral Documents
Clear copy of Owner’s Duplicate Copy of TCT/CCT
Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer
Photocopy of Tax declaration / Tax receipts / Tax clearance
Endorsement Letter / computation sheet / Contract to Sell from developer stating the contract price (for accredited developer/project)


PSBANK
PSBank has gone a long way from its humble beginnings as a neighborhood bank and has built a foundation of strength and profitability and a reputation of simple and reliable banking in its 50 years of operations. 

If you wish to apply for a housing loan, here are their requirements:
For all applicants:
Completely filled-out PSBank Home Loan application form
Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
Valid photo-bearing IDs with signature
Copy of Marriage Contract (if married)
Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)For employed applicants:
Latest Certificate of Employment
Income Tax Return or BIR Form 2316, 2306 or 1700For applicants in business or professional practice:
Latest BIR Form 1701 or 2317
Latest audited Financial Statement with BIR stampFor overseas Filipino applicants:
Any of the following:
Non-Immigrant (contractual worker)
Consularized Certificate of Employment
Job contract with POEA Stamp
Proof of remittance for the past 3 monthsImmigrant
Latest Certificate of Employment
Pay slips for past 3 months
Latest Income Tax Return
Proof of remittance for the past 3 months



METROBANK
Metrobank is a leading financial conglomerate with diversified business portfolio including: investment banking, thrift banking, leasing and financing and credit cards. 

If you wish to apply for a housing loan, here are their requirements:
Completed application form
Filipino – locally employedif Foreigner – Passport
Source of RepaymentITR / COE
Stable source of steady and sufficient income
At least 21 years old, not to exceed 65 years old upon loan maturity
Latest Income Tax Return (ITR)
Certificate of employment with details on salary, position, and length of service

CHINABANK
China Banking Corporation (China Bank, stock symbol CHIB) is the first privately-owned local commercial bank in the Philippines financial products and services include deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, cash management services, and other services. 

If you wish to apply for a housing loan, here are their requirements:
Borrower Eligibility
Filipino, of legal age but not more than 65 years old upon loan maturity
With steady, dependable & verifiable source of income
Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
Minimum Gross Monthly Income (GMI):
P50,000/mo. for Metro Manila / Metro Cebu
P35,000/mo. for other provincial areas
Able to pay an Equal Monthly Amortization which is:
< 35% of GMI
< 75% of Net Disposable Income (NDI)
No adverse credit findings like court cases, bouncing checks, unpaid loans, canceled credit cards, etc.

Requirements for Loan Approval Processing
Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)
Marriage Contract (if married)
Bio-data/Resume
Deposit Statements of Accounts (last 6 months)

For Employed Individuals;
Latest Income Tax Return (ITR)/W-2 Form
Certificate of Employment stating length of service and monthly compensation package

For Self-Employed Individuals:
Audited Financial Statements and ITR for the last 3 years (BIR stamped)
Certificate of Registration of Business Name
Business Profile
Complete list of suppliers and clients

Collateral Requirements
Condominium Certificate of Title of unit and parking slot, (if any)
Current Tax Declaration (unit and parking slot, if any)
Current Tax Receipts (unit and parking slot, if any)
Current Tax Declaration (unit and parking slot, if any)
Location Plan
Occupancy Permit
Bank Form
Loan Application
Mortgage Redemption Insurance (MRI) Application

For OFWs:
Certificate of Employment stating length of service and monthly compensation package
POEA Contract
ITR (if any)
Payslips (last 6 months)
Special Power of Attorney (Bank Form)
All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

Insurances and Fees
P3,500 Filing Fee (non-refundable)
Processing Fee
Mortgage Registration Expenses
Documentary Stamp Tax
Mortgage Redemption Insurance (MRI) Premium
Fire and Earthquake Insurance Premium


SECURITY BANK
Security Bank, known then as the Security Bank and Trust Company, was the first private and Filipino-controlled Bank of the post-World War II period. Through the years, the bank experienced steady growth and success through consistent and unflinching commitment to serve clients and stakeholders.

If you wish to apply for a housing loan, here are their initial requirements

Eligibility and Documents
At least 21 years old, but not more than 65 years old upon loan maturity
Earning minimum monthly income of Php 30,000
Has been continuously employed for at least 2 years
For the self-employed, must be operating a legitimate and profitable business for the last 3 years
Download and complete the online application and checklist from their website

STANDARD CHARTERED
Standard Chartered provides a comprehensive range of financial products and services to individuals and corporates. It has deepened relationships with corporates by supporting their international expansion in our footprint markets. They offer online application for faster processing. After completing a checklist and application form, you will be contacted by a loan account officer who will give further instructions. 

Here is the list of required documents that you’ll need to present:
Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
Latest three-month salary slip
Last 6 months Bank Statements(salary account)
Form 16 for last 2 years
Self Employed Businessmen/Self-Employed Professionals:
Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
Certificate & Proof of business existence along with Business Profile
Last 12 months Bank Account Statements (self & business)
Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant



But don’t just stop at one lender. Most people do, but shopping at least three lenders can save you more, according to research conducted by the Consumer Financial Protection Bureau.

           With determination and a caring bank partner, that dream house is within reach.