Housing Loan Requirements

and construction after, and even refinancing of loan. Whatever the purpose of the housing loan application, one must first comply with the requirements before a lender grants him loan.

Foregoing are the documents most likely will be needed by the lender.

List of requirements is divided into parts or document phasing. For every phase of the loan process, there are corresponding documents that would be required from the borrower. Also, additional documents that may be requested from the borrower may vary depending on the purpose of the loan.

Depending on the purpose, these are most of the documents that lenders will request from borrowers.

Pre-processing Requirements - these are documents that need to be submitted attached to the accomplished application form. In general, photocopy of valid identification cards will be needed from the borrower. However, depending on the employment status of the borrower that specific application requirements be submitted.

1) If the borrower is employed locally, meaning in the Philippines, and is receiving regular salary, these are the documents required:
 

a) Certificate of Employment (COE)
b) Latest Income Tax Return (ITR)
 

2) If the borrower is an Expat Pinoy, or Overseas Filipino Worker (OFW), different documents is required and they are:
a) Authenticated Certificate of Employment (COE) from the Philippine Consulate
b) Proofs of remittances
c) Notarized or authenticated Special Power of Attorney
d) For seafarers, Crew Contract & Exit Pass from POEA

3) If the borrower is self-employed, has his/her own business, partnership, or corporation, these are the documents they need to submit.
a) Latest Audited Financial Statements
b) Latest Income Tax Return (ITR) with Latest Statement of Assets & Liabilities (SAL)
c) Latest Bank statements
d) List of Trade References
e) Department of Trade & Industry (DTI) Registration, (for sole proprietorships)
f) For corporations, any of these three: SEC Registration or By-laws or Articles of Incorporation

4) If the borrower earns income from Commission the following is requested from him/her:
a) Proof of commission such as vouchers, or
b) Latest bank statements which shows commission
 

5) If the borrower earns income from rental of properties
a) Photocopy of Transfer Certificate of Title (TCT)
b) Photocopy of Condominium Certificate of Title (CCT) (if applicable)
c) Rental or Lease contracts with specifications

Depending on the purpose, list of requirements also varies.
For Housing Loan intended for construction, additional requirements are the following:
1) Building Permit
2) Bill of materials with cost estimates and specifications
3) Complete set of building plan

For refinancing of loan these are the additional documents:
1) Statement of account from mortgage lender
2) Proof of payment for the last 6 months

The required documents stated above are just the common requirements by most banks and housing loan providers. However, there may be additional requirements that may be requested from the borrower, case-to-case basis or depending on the lender.