Gone are the days when you have to wait to win the PCSO lotto draw before you can buy your own property, may that be a condo or your very own house and lot. These days, financial institutions and entities have made it easier to get a home loan.
As per Rappler, some developers of condominiums may have special offers during open houses and your licensed agent may give you some tips on a flexible paying scheme, something that fits your financial profile and they may offer stretched down payment schemes to make your monthly payments more affordable.
Bank loans
Qualifications: You are at least 21 years old but younger than 65 years old. You must be a regular employee of your company for at least 2 years with a monthly gross income of at least P30,000 and if you own a business, it must at least be in operation for 2 years.
Documents needed: Basic documents needed include financial statements and Income Tax Return, Certificate of Employment, pay slips, copy of CCT / TCT (Condominium Certificate of Transfer / Title Certificate of Transfer), valid IDs, lot plan and vicinity map, marriage contract if applicable, proof of remittance for 3 months (for OFWs) and certificate of Business Registration.
Loan amount: Banks may lend up to 80% of the actual property value and a minimum of P400,000. Amount to be loaned is also dependent on the individual’s paying capacity.
Interest rate: For bank loans, interest rates may range from 5.75%, subject to re-pricing after one year, to 12%. But buyers can opt for a fixed interest rate from 1 to 5 years.
Term of Loan: 5 to 20 years.
In-house Financing
Qualifications: If you are an interested buyer who can afford the down payment and present required documents.
Documents needed: Certificate of Employment and Compensation, source of income, bank statement or remittance slip, and post dated checks.
Interest rate: 14% to 18%.
SSS Loan
Qualifications: Applicant must be an SSS member or an OFW not older than 60 years old upon application, those who are 60 years at the time of application will have a maximum loan term of 5 years. The member should have contributed for at least 36 months and 24 continuous contributions in the period prior to application. The borrower must also be up-to-date in the payment of their other SSS loans if any and was not previously granted final SSS benefits.
Documents needed: Latest ITR (Income Tax Return), certification of employment, latest pay slips, SSS form, Property Tax declaration, and Realty Tax receipt, and OCT/CCT/TCT (Original Certificate of Title / Condominium Certificate of Transfer/ Title Certificate of Transfer).
Interest rate: 8% to 11 % per year still depending on the amount borrowed.
Loan amount: P400,000 to P2,000,000.
Loan Term: 5 to 30 years.
Pag-IBIG
Qualifications: Applicant must be a Pag-IBIG member for at least 24 months and have no existing housing loan or any Pag-IBIG foreclosed property loan, the borrower’s monthly amortization must not exceed 35% of their total gross salary and must not be older than 60 years old upon application and 70 years old upon loan maturity.
Documents needed: Birth certificate (if single) or Marriage Contract (if married), latest pay slip, TIN (Tax Identification Number), ITR (Income Tax Return), Residence Tax, proof of billing address, (Original Certificate of Title / Condominium Certificate of Transfer/ Title Certificate of Transfer) job contract with VISA and passport for OFWs, and business permits for business owners.
Interest rate: 8% to 11.5%.
Loan amount: A maximum if 80% of property price.
Loan term: Maximum of 20 years and 15 years for OFWs.
