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. 1. Information on Personal Data & Income
1.1 If employed (within the Philippines)
i. i. Certificate of Employee (COE) indicating annual salary and position
ii. ii. Latest Income Tax Return (ITR)
iii. iii. Payslips (last two months)
iv. iv. Proof of Billing Address (e.g. Meralco, credit card, etc.)

2. 2. If Overseas Filipino Worker (OFW)
i. i. POEA Authenticated Contract (seaman)
ii. ii. COE Authenticated by Philippine Consulate (direct-hired)

3. 3. If Self-Employed
i. i. Business Name (DTI) or SEC Registration
ii. ii. Articles of Incorporation and By-laws with SEC Registration Certificates
iii. iii. List of Trade References (at least 3 names & telephone numbers of major suppliers &/ or customers)
iv. iv. Audited Financial Statements for the past two years
v. v. Bank Statement for the last six months
vi. vi. Proof of billing address (e.g. Meralco, credit card etc.)

4. 4. If Practicing Doctor
i. i. Clinic address/es and schedule
ii. ii. Bank Statement for the last six months

5. 5. If income is from Rental or Properties
i. i. List of tenants and rental amounts
ii. ii. Complete address/es of properties being rented
iii. iii. Bank statement for the last six months

2. 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 dduly 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. Await notification for approval. Normally, this takes five(5) to seven (7) working days.

7. Upon receipt of notice from the bank of loan approval, buyer needs to comply the following:

• Express your conformity to the Letter of Guarantee (LOG)
• Sign the loan documents (Deed of Assignment, Promissory Note, Real Estate Montage, Special Power of Attorney, etc.)
• Submit the post-approval requirements to your prefferred bank such as:
• Post-dated checks
• Mortgage Redemption Insurance (MRI)
• Insurance of the property to be financed
• For condominiums. Fire/Earthquake Insurance endorsement, Policy & Photocopy of the Official Receipt can be obtained from the Office of the Property Manager
• 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 & Mortage fees.
• Issue PDC payable to the bank to cover amortization payments
• The Bank will forward the LOG to the Developer/Seller for conformity.

DEVELOPER’S REQUIREMENTS:

• l Issue post dated checks (PDC)payable to the Developer to cover downpayment/equity portion
• l Settle unpaid equities
• l Settle transfer fees to the Developer/Seller
• l Sign Contract to Sell/Deed of Sale

9. Developer/ Seller shall forward to the bank duly signed LOG & Deed of Undertaking (DOU) accompanied by the Buyer’s latest Statement of Account.

10. Await the release of loan proceeds, normally within 7 to 15 working days.
( Drawdown)
STOP: Documents should be submitted to the Finance Dept within thirty 30 days from reservation date. Failure to submit on time shall automatically convert the account to In House financing.
Target drawdown  date is within 60 days from reservation date or 30 days after full payment of required DP
Turnover of unit shall be after loan drawdown.

Guidelines:

* Banks shall conduct pre evaluation / pre qualification
( 30 days from reservation)
* Subject to Final Evaluation wherein buyers shall be
required to submit updated bank requirements at least 4
months prior to RFO date.

* Buyer needs to fully pay equity prior to loan drawdown.
* Drawdown upon completion/RFO date
* BPI: buyer has option to draw bank portion during the
construction period/NON RFO stage.

* Tranfer Fess are collected prior to loan release.
* DMCI will process the Title Transfer. Client DOES NOT have the option to process Title Transfer