Can you really build a home with China Bank Savings?

China Bank Savings is a subsidiary company of China Banking Corp. Group, more popularly known as China Bank. CBS started with only 50 employees. 

After the merger with Planters Development Bank and Unity Bank, it now has more than 140 branches in the country and four loan products including Easi-Livin’ Home Mortgage Loan for Pinoys who want to either buy a house or have their owned houses renovated.

Chinabank Savings Home Loan Eligibility

With the China Bank Savings’ home loans, many Pinoys can now get a house of their own. For Filipinos, having their own homes has been one of their biggest dreams for themselves and their families.

Filipinos ages 21 to 65 with a Family Gross Monthly Income of at least Php 30,000 can avail of the loan provided that they have the needed requirements. Aside from Filipinos, Foreigners, and former Filipinos can also avail of the loan depending on the situation.

A former Filipino citizen and now a citizen of another country, such as Japan or Norway, can still apply for a home loan. However, there is a limit, as home loans can only be used to acquire a condominium unit. He or she must be married to a Filipino citizen and has continuously been living in the Philippines at the maturity of the loan.

As for the OFWs, a loan administrator must be appointed with legal and proper documentation. This loan administrator will be the one to deal with the bank on behalf of the OFW. The loan administrator must be a Filipino living in the Philippines during the loan application and must be a relative of the OFW.

Example Scenario

Let’s say, you needed to present a Co-maker and/or Co-borrower to process your loan. Your Co-maker will be your spouse if married. In case you are single, you can ask a relative up to 2nd degree of consanguinity or affinity to be your Co-maker.

If by chance you and your spouse get separated, you need to provide a “Quit Claim.” This is if your separation is not legal. This is very important since the CBS home loans require the spouse’s participation. Even if, for example, you acquired an empty lot when you were single. Being married, your spouse must still cosign the loan as a Co-borrower.

Chinabank Savings Home Loan Required Documents

If you want to get approved fast with your loan application, you must prepare the following.

1. Duly filled the housing loan application form, which you can download online
2. Photocopy of accepted government IDs
3. Copy of the latest ITR
4. Proof of regular salaries by submitting an original copy of the Certificate of Employment and a photocopy of pay slips for the last month.
5. If self-employed, you must present your DTI registration or SEC (photocopy) and a copy of the Audited Financial Statements of the previous year.

Chinabank Savings Home Loan Interest Rate and Tenure

China Bank Savings offer home loans of up to 25 years. This is one of the longest-offered house loans, as the other banks offer only up to 20 years. If you want lower monthly repayments, you can choose 25 years. However, you will realize that it also has the highest interest rate.

Loanable Amount and Purpose 

Customers can borrow a minimum of Php 400,000 and as high as Php 25,000,000. However, it is at the discretion of the bank how much you can borrow against your collateral. Also, this is why you must pay the appraisal fee during the loan process. Once you receive your loan, you can use it for various purposes, such as buying a lot with or without a house/townhouse.

Also, you can purchase a condominium. As for those who used their own homes as collateral, they can use the loan for home renovations, expansion, or improvement. Under the Easi-Home DEALS, you can use the money for your kids’ education, business expansion, and other personal usages. Simply put, Easi-Home DEALS are personal loans especially involving homes as collateral.

RELATED ARTICLE: Why China Bank Savings Auto Loan has Limited Reach?

Chinabank Savings Home Loan Payment Method 

It is vital to pay your monthly amortization on time. Since you got a loan from a bank, your repayment behavior will be reported to the credit bureau, which will be reflected in your credit history. You will have a hard time getting another loan if you are a delinquent payer. With CBS, you can pay your loan through Automated Debit Arrangement (ADA), Post-Dated Checks, and Over–the–Counter.

Chinabank Savings Home Loan Fees and Charges

Every time you get a loan, knowing the other fees you must pay aside from the interest rates is very important. To prevent you from getting shocked, read the fine print carefully and do not hesitate to ask questions.

Chinabank Savings Home Loan Benefits

Many Filipinos seek China Bank’s financial assistance when buying a home. Here is a list of the advantages. 

• Offers up to 25 years of loan tenure

While this allows you to have very low repayments, you will be charged higher China Bank Savings Housing loan rates.

• Foreigners can apply

Foreigners can get a home loan though they can only purchase a condominium and must be married to a Filipino.

• Ideally faster than other banks

The process takes only five days. However, this largely depends if you can present complete documents and fees.

Chinabank Savings Home Loan Downsides

As always, you need to be aware of some disadvantages when applying for a China Bank Savings Home Loan. 

• Co-borrower must be a spouse or relative up to 2nd degree of consanguinity or affinity

Some Filipinos would rather have their friends be their Co-borrower. Unfortunately, only relatives must be co-makers.

You made getting a home with CBS. However, you need to consider the eligibility and if it really fits your lifestyle with ease. If you just need quick cash loans without collateral and co-makers, apply for a personal loan in Cash Mart today.