Bank Financing Guidelines
Now, applying for a housing loan is easy and simple.
As long as you’re working, you’re qualified. We are accredited with METROBANK AND TRUST COMPANY (MBTC).
Developer will process your bank loan. Just submit required documents within 60 days from Date of Reservation.
General Requirements
Duly Filled-up Bank Form
3 pcs. ID picture (husband/wife/SPA)
Certificate of Employment with Compensation
Marriage Contract if Married, Birth Certificate if Single
Photocopy of two (2) Valid IDs (Husband/Wife/SPA)
Tax Account No. (TIN)
Proof of Billing here in the Philippines (Meralco, Manila Water, PLDT, Globe, etc.)
If Locally Employed
Latest Income Tax Return (ITR)
Note:
The income stated in the Income Tax Return will not be the basis of loan approval. This is just to comply a Central Bank requirement.
Credit Evaluation Process
Subject only to CMAP/NFIS (Negative File Info System) and
Personal Data/Residence and Neighborhood checking (PDRN)
Verification of Income is waived.
Note:
Client must not have legal cases, bad credit card record that result in a legal case or previous bank loan that were not paid.
Downpayment Term
*
15 Months
* 4 Months for Ready For Ocupancy (RFO) Units
Move-in
16th to 18th month from date of Reservation
5th to 7th month from date of Reservation for Ready For Occupancy (RFO) Units
Maximum Loan Term
20 Years, provided borrower’s age does not exceed 65 at loan maturity
Mode of Payment
The twelve point five percent (12.5%) DP shall be paid in 15 (or 4 for RFO Units) equal monthly installments through post-dated checks (PDCs) payable to to Property Company of Friends, Inc. (PCFI)
Loan Value
87.5% of Total Contract Price
Interest
Prevailing Bank Rate will apply on the time of loan take-out.
10% P.A. Fixed for 3 Years; Annual re-pricing thereafter
If Overseas Filipino Worker (OFW) – Metrobank
Three (3) copies Consularized Special Power of Attorney (SPA) (Bank Form)
Note:
Consularized SPA is a MUST requirement when transferring Certificate of Title to Client’s name.
This is required by the Register of Deeds.
Credit Evaluation Process
Subject only to CMAP/NFIS (Negative File Info System) and
Personal Data/Residence and Neighborhood checking (PDRN)
Photocopy of Contract or Certificate of Employment with Compensation.
Note:
Client must not have legal cases, bad credit card record that result in a legal case or previous bank loan that were not paid.
Eligible Age of Borrower - Metrobank
21 yrs old and up
If Overseas Filipino Worker (OFW), must not be more than 60 yrs. old when loan matures (fully paid)
Eligible Occupation For OFW
If Immigrant or Dual Citizen, borrower is required to have a co-borrower (regardless of income), who is an immediate family member residing in the Philippines.
Overseas Filipino Worker (OFW) working in war-torn countries shall not be accepted. Copy of Latest Passport with date of departure and arrival.
Maximum Term
MBTC: OFW – 15 yrs
Mode of Payment
MBTC: Automatic Debit Arrangement from Bank account
Loan Value
MBTC: 87.5% of Total Contract Price
Interest Fixing
Prevailing Bank Rate will apply on the time of loan take-out.
MBTC: 10 yrs. at 10.5% (reference only). Amortization is the same for 10 yrs.
Note: After 5 or 10 yrs, loan balance will be recomputated again base on prevailing interest rate.
Requirements for In-House Financing
In House (Initial Requirements)
1. Latest proof of income.
2. 3pcs. recent 1 x 1 I.D. pictures
3. Marriage Contract, Birth Certificate, or Separation papers (if needed)
4. Community Tax Cert. No.
5. Complete post dated check for Equity and Amortization
6. TIN
Additional Requirements for OFW
1. Initial requirements
2. Job Contract
3. Passport
4. Special Power of Attorney (SPA)
5. Valid I.D. of Attorney in Fact
6. 1 pc. I.D. picture of Attorney in Fact
7. Residence Certificate of Attorney in Fact
Self-Employed
1. Initial Requirements
2. Affidavit of Income
3. Business Name and Permit
4. Passbook with 3 months maintaining balance
5. ITR
Reservation
Reservation is from P7,500 to P30,000 depending on the house model. It is non-refundable but will make as part of your downpayment. It can be transferred to another unit or person provided it is from the same agent and developer. A transfer fee of P3,000.00 will be charged to the buyer. 1 to 2 weeks approval.
Monthly Equity or Down payment
First monthly equity or downpayment will start either on the 5th or the 20th hit date of the following month upon reservation.
Example: Reserved a unit on Jan. 1. First monthly equity or down payment will start on Feb. 5. Succeeding payments deadline will be on every 5th of the month.
Monthly Amortization
First monthly amortization will start a month after finishing payments of monthly equity or downpayment. It will not coincide with downpayment. (Hindi po magsasabay) Amount and duration will depend on the loan and term applied for.
House Turn-Over
Buyer will receive a Clearance for Inspection (CFI) from the developer (Pro Friends) stating that the house is ready for inspection. Buyer will be given 2 months to inspect and make repair request for the house. Buyer will issue a letter of acceptance when everything is well.
Buyer's Guarantee
Yes, there is. Aside from 2 months to make repair request for the house upon completion, buyer will also be given one whole rainy season to inspect the house. If found to have a leak, developer will make repair FREE of charge.
House Improvement
House improvement will only be allowed upon turn-over of the unit. Buyer will submit drawings/proposal to Engineering office of the developer for approval of alterations. This is to ensure structural integrity.
Ready for Occupancy
Buyer is required to make full down payment and take-out of bank loan to transfer. Estimated time to move-in is 1 to 4 months.
Discounts if Paid by Cash
Yes, discounts are based on the selling price.
Within 7 days from the date of reservation fee - 10%
Between 8 - 30 days - 9.5%
Between 31 - 60 days - 9%
Between 61 - 90 days - 8.5%
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