Bank Financing

Bank Financing Рyou borrow money from a accredited bank to pay off your balance from the developer. Normally, the Basic Requirements are:

Information on Personal Data and Income Documents

For employed individuals (locally)

  • Duly filled out application form with ID picture
  • Certificate of Employment and Compensation
  • Latest payslip / Income tax return for the last 2 years
  • Photocopy of Marriage Contract (if applicable)
  • Photocopy of Two (2) Valid ID and Community Tax Certificate

For self-employed individuals

  • Duly filled out application form with ID picture
  • Certificate of Business Registration (e.g. SEC Registration, DTI, BIR etc.)
  • Photocopy of Marriage Contract (if applicable)
  • Photocopy of Two (2) Valid ID and Community Tax Certificate
  • Financial Statements for the last 2 years (In-house and audited)
  • Income Tax Return for the last 2 years
  • Bank statements

For employed individuals (Overseas Filipino Workers)

  • Duly filled out application form with ID picture
  • Certificate of Employment duly authenticated by the Philippine Consulate
  • Photocopy of Marriage Contract (if applicable)
  • Photocopy of Two (2) Valid ID
  • Proof of Monthly Remittances
  • Notarized or Authenticated Special Power of Attorney of Representative (Bank Format)

Other documents needed depending on the bank’s requirements

 

Investment Tips:

  • Advantages¬†– longer term than in-house financing (can go up to 15 to 20 years in some banks) ; lower interest rate than in-house financing (usually from 9% to 12%)
  • Disadvantages¬†– very strict when it comes to approval and late payments (can foreclose your property easily)

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