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A 4-Step Guide to Getting a Home Loan

Potential home buyers often face the reality that their dream home is out of reach.  how much you can afford and how much your income can pay for monthly amortization and other costs.

To apply for a home loan, you have to pass these requirements. Take note that they are general and some points will vary from bank to bank.

  • Filipino citizen or foreigner (need Visa requirements)
  • At least 21 years old and not over 65 years old
  • Must have stable source of income from business or employment
  • If employed, must be 2 years with current company
  • If self-employed, must have 2 consecutive profitable or successful years of operation
  • Minimum gross income stated by bank or real estate company

If you see yourself as eligible to apply for a housing loan, you can do the following steps.

STEP 1: Determine if the developer is accredited or not.

Banks cater to a list of accredited developers and do not require them to present or submit the land title, nor will they ask the borrower an appraisal fee. However, if the property isn’t accredited, you’ll have to go through these two extra steps.

                STEP 1.1: Ask the Developer for the Land Title

                If the developer is not accredited by the bank, they have to submit a Land Title to show that they own the land or the land owner has leased the land to them to establish a property.

                STEP 1.2: The Bank will do an Appraisal

                The bank you want to apply a housing loan in will appraise the price of the property or unit. This will indicate how much you can apply for when you get the loan. For example, if the unit you’re buying is P3.5M, your probable loan could be P2.8M, around 80% of the total price.

You can skip these steps if the developer of the property is accredited by the bank. You can talk to your bank for a list of accredited developers.

STEP 2: Get prequalified.

Prequalification simply means that you need to supply the bank your financial records—including your debt or current loans. The bank will then give you an idea of just how much you can acquire for the loan.

Many banks offer mortgage calculators on their websites, so you can tinker with them before talking to a bank representative.

If you’re happy with the amount you could get for the housing loan, you can proceed to step 2.

STEP 3: Fill up an application form supplied by the bank.

To be pre-approved for a home loan, you need to submit several forms and documents. An application form from the bank is the first among them. This form will ask you of your personal banking details, much like any loan application form.

STEP 4: Submit Your Most Recent Bank Statements

Along with the application form, attach copies of your ITR 2316 form, recent pay slips, photocopies of your IDs, and, if you’re married, your marriage contract. This allows your spouse to be a co-borrower.

After submitting your requirements, you need to wait for the bank to approve your loan. Depending on the bank, it might take up to 15 days.

Getting a housing loan puts you at an advantage since you’ll be able to realistically gauge how much you can spend for your down payment and monthly amortization. This will signal the seller that you are serious about buying a property. Just follow these steps and practice the art of patience, and you’ll get your loan and your home in no time.

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