Home sweet home!
Isn’t it sweet to have your own home out of your hard earned savings?
Here in the Philippines, buying a home is a symbol of maturity and financial stability. Most Filipinos dream of giving their family a comfortable home. OFWs even prioritize this aside from their children’s education and basic needs.
However, most people do not realize that finding the right home loan is as important as finding the house itself. Of course, most of us will need a home loan unless you are filthy rich who wants to buy a “bahay kubo”.
When looking for a home loan, a handful of options will be shoved on your face, this is because banks know how important homes are for us. Housing loans made it more affordable and banks have various home loan features to offer.
China Bank HomePlus
China Bank offers a housing loan for every Filipino, including the OFWs. When looking for a home loan, it is best to consider first the eligibility and requirements.
Be mindful that each bank has a different set of eligibility and requirements. If you do not fit the eligibility then, take the time to shop around.
China Bank HomePlus Eligibility
- China Bank offers its home loan to Filipinos of legal age bit not more 65 years old upon the maturity of the loan.
- The borrower, of course, must have a regular source of income.
- Specifically, you must be employed for at least three (3) years in a supervisory or managerial position with a reputable company.
- You must be earning at least P50,000 a month if you live in Metro Manila or Metro Cebu. If you live in other provincial areas, you must earn at least P35,000 a month.
- Your monthly installments should your loan application be approved must be less than 35% of your Gross Monthly income.
- Being a bank, China Bank takes the credit history into serious consideration. There must be no adverse credit findings. This means that you should have handled your previous loans well by diligently paying the monthly installments.
China Bank HomePlus Requirements
If you think you fit the eligibility requirements, then you must check the requirement to know what to submit. Take note that the longer it takes to complete the requirements, the longer it is to complete the loan application.
- You will need at least two (2) Valid ID Papers or Card. Make sure your IDs are not expired and all the information are consistent.
- Marriage Contract if you are married. This is especially needed if you are making a joint application with your spouse.
- Community Tax Certificate (cedula) costs vary on the municipality. Make sure that your cedula is current and has a thumbprint and signature.
- Bio-data or Resume is different from the loan application form itself.
- Deposit Statements of Accounts for the last six (6) months
- Latest Income Tax Returns (ITR)
- Additional Documents for Self-Employed or those who run their own businesses:
- Audited Financial Statements for the last two (2) years.
- Certificate of Registration of Business Name which is certified by DTI.
- Business Profile
- The complete list of your suppliers and clients with the contact person and their number.
China Bank Housing Loan for OFW
While this housing loan is also offered for OFW’s there are additional required documents which you have to provide.
- Certificate of Employment which states the length of service and your monthly compensation package
- POEA Contract with proper authentication
- Income Tax Return if you have one
- Your payslip for the last six (6) months
- Special Power of Attorney
Please take note that all of your documents has to be properly authenticated by the Philippine Embassy if they are issued abroad.
China Bank Housing Loan Required Insurances and Fees
Take note that aside from the interest charge and the processing fee, there are also other charges that you have to pay.
- P3,500 Filing Fee which is non-refundable even if your application gets declined
- Mortgage Registration Expenses
- Documentary Stamp Tax which is paid according to the amount of the approved loan
- Mortgage Redemption Insurance (MRI) Premium to be paid monthly
- Fire or Earthquake Insurance Premium included in monthly installments
China Bank Housing Loan Payment Terms
This is your loan tenure or the number of years it will take to settle the loan. You can stretch your loan up to 25 years for a house and lot, up to 15 years if you purchase vacant lots and maximum of 10 years for condominium units
Facts to Take Note:
- Employed applicants must be in a supervisory or managerial position. This is not applicable if you are in a lower position.
- Strictly verifies credit standing. If you have bad credit, then your chance of approval will greatly decline.
- The filing fee is non-refundable and it is different from the processing fee.