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Can you really build a home with China Bank Savings?

China Bank Savings is a subsidiary company of China Banking Corp. Group is more popularly known as China Bank. The 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, a lot of Pinoys can now be able to get a house of their own. For Filipinos, having their own homes has been one of the biggest dreams they have for themselves and their families.
Filipinos ages 21 to 65 with 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, Foreigner 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 the home loan, however, there is a limit as the home loans can only be used for the acquisition of 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.
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 you are married. In case you are single, then you can ask a relative up to 2nd degree of consanguinity or affinity to be your Co-maker.
If by chance that you are separated from your spouse, you need to provide a “Quit Claim”. This is in the event that you are not legally separated. This is very important since the CBS home loans require the participation of the spouse. Even if, for example, you have acquired an empty lot when you were single, if you are now married, your spouse still have to cosign the loan as a Co-borrower.
Chinabank Savings Home Loan Required Documents
1. Duly filled housing loan application form which you can download online
2. Photocopy of accepted government IDs
3. Copy of latest ITR
4. Proof or regular salaries by submitting an original copy of Certificate of Employment and a photocopy of pay slips for the last month.
5. If you are self-employed, you need to present your DTI registration or SEC (photocopy) and a copy of 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, then 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 in the discretion of the bank on how much you can borrow against your collateral. This is also the reason you have to pay for 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.
You can also 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, for your business expansion and other personal usages. Simply put, Easi-Home DEALS are personal loans especially involving homes as collateral.
Chinabank Savings Home Loan Payment Method 
It is very important to pay your monthly amortization on time. Since you got a loan from a bank, your repayments behavior will be reported to the credit bureau and this will be reflected on your credit history. You will have a hard time getting another loan if you will be 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, it is very important to know the other fees you have to pay aside from the interest rates. To prevent from getting shocked, read the fine prints carefully and do not hesitate to ask questions.
Chinabank Savings Home Loan Benefits
• Offers up to 25 years of loan tenure
While this gives you a chance to have very low repayments, you will be charged with higher interest rates.
• Foreigners can apply
Foreigners have a chance to get a home loan though they can only purchase a condominium and they have to be married with a Filipino.
• Ideally faster than other banks
The process takes only five days, however this largely depends if you are able to present complete documents and fees.
Chinabank Savings Home Loan Downsides
• Co-borrower must be spouse or relative up to 2nd degree of consanguinity or affinity
There are some Filipinos who would rather have their friends be their Co-borrower, unfortunately only relatives are allowed to be co-makers.
You made get 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.

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