Need a Help on your Housing Loan Application

[thirdy101]

first & foremost thanks for taking time to answer our querries.

what if ang Downpayment ay one time lang tapos Balance na ng Purchase Price (loanable amount), is there a need for a Contract To Sell pa rin? If so, kailan dapat itong iissue ng SELLER, before or after payment of DP and isang lawyer ba dapat gumawa nito o pwede na rin kahit hindi at pa notarize na lang?

sa bank guarantee ba nirerequest na ng bank sa SELLER ang pag release ng orig title nito? at dahil considered itong good as cash does this mean pwede ng maging kampante ang SELLER pag may Bank Guarantee na or are there still things to look out for like the authenticity of the signatory/ies, tama po ba?

kailan nagkakaroon ng tinatawag na KALIWAAN?

again, thanks sa input. God bless!

Hi,

well in my opinion (hindi po ako lawyer), kung ako ang BUYER i would like to request for a Contract To Sell kung nakapagbayad nako ng reservation or Full Downpayment. In this case po kasi, atleast meron na akong pinanghahawakan na ako lang ang pinagbinentahan lang ng property. Meron na rin kasi akong nilabas na pera so much better kung may document akong hawak. I prefer rin po na meron lawyers involve para mas magiging malinaw ang content ng CTS. this is my opinion po.

As for the Bank Guarantee, as i've mentioned before and Banks kasi they request the Seller to transfer the title under Buyer's Name (borrower ng Bank), as well as the tax dec., deed of sale, etc... Take note, kahit good as cash yon and the Bank guarantees the seller the release of the money, please make sure to check the authenticity of the bank guarantee (duly signed ba yon and kung meron contact number sa bank) for the Seller's protection. Kasi pati rin ang Seller kailangan magconforme sa Bank Guarantee. (3 signatures needed doon -- Bank, Buyer/Borrower, Seller) So i advice the sellers to read the Bank Guarantee carefully.

Honestly speaking, wala po kasing "kaliwaan" pagdating sa Bank eh kasi ang requirement nila is submission of all documents mentioned in the Bank guarantee at ma-annotate nila mortgage nila sa title. Kapag accomplish na lahat yon, for release na ang Loan (payable sa Seller) Ito po kasi ang Standard Operating Procedure ng Banks dito sa Pilipinas.

[loren_0325]

yes, usually nga mahirap mag-apply ng loan kapag seaman ang applicant. pero may chance naman ma-approve yung loan basta may mga documents kayo to support. 1st, kung wala naman kayo any deliquent record (closed credit card, bad debts, etc) wala dapat kayo i-worry. 2nd, mas maganda kung hawak niyo lahat ng previous employment contracts niyo as well as yung seaman's passbook kasi dadaan kayo sa employment verification kasi important sa bank ang continuous employment. The reason why binabaan ng bank ang loan is because of appraisal value at income capacity. to be honest, bank appraisal mababa talaga and kahit saan bank halos parehas lang sila magbigay ng appraisal value. sa income capacity dapat mataas ang monthly salary, fixed OT, and number of months in service (based sa present contract) para magrant kayo sa gusto niyong loan. ang computation ng bank po jan is (monthly salary plus fixed OT x nos. of months divided by 12 months = annual monthly salary) syempre convert into PESO.

i also suggest, kung san kayo meron bank deposits doon kayo mag-apply kasi nakakatulong rin kung maganda deposits o ADB ninyo (average daily balance).

oo nga pala, hingi rin kayo sa bank ng Special Power of Atty (SPA) format nila kasi under OFW po ang seaman.

pagka ba me cancelled credit card di na tlaga maaaprove ang bank loan?

[thirdy101]

pagka ba me cancelled credit card di na tlaga maaaprove ang bank loan?

Hi,

Usually di ka na maaapprove sa bank loan kung unsettled pa rin ang cancelled credit card mo. O kaya for the past 5 years, more than 3 cancelled credit cards mo.

I suggest na i-settle mo yung credit card mo at humingi ka ng certificate of full settlement / payment para ito yung ibibigay niyo sa Bank to prove na ok na yung credit card. once kasi nareport na yung cancelled card mo, nakarecord na yon and hindi siya nabubura kahit settled na sya. That's why important yung certificate of full settlement para proof mo yon. And usually humihingi rin ang Bank ng letter of explanation (something in writing) kung bakit nangyari ang cancelled card mo. Syempre it depends on the situation, kaya gusto malaman ng Bank ano nangyari. Well ang lahat ng ito still subject for Bank's approval.

[wwjcd]

Hi,

well in my opinion (hindi po ako lawyer), kung ako ang BUYER i would like to request for a Contract To Sell kung nakapagbayad nako ng reservation or Full Downpayment. In this case po kasi, atleast meron na akong pinanghahawakan na ako lang ang pinagbinentahan lang ng property. Meron na rin kasi akong nilabas na pera so much better kung may document akong hawak. I prefer rin po na meron lawyers involve para mas magiging malinaw ang content ng CTS. this is my opinion po.

As for the Bank Guarantee, as i've mentioned before and Banks kasi they request the Seller to transfer the title under Buyer's Name (borrower ng Bank), as well as the tax dec., deed of sale, etc... Take note, kahit good as cash yon and the Bank guarantees the seller the release of the money, please make sure to check the authenticity of the bank guarantee (duly signed ba yon and kung meron contact number sa bank) for the Seller's protection. Kasi pati rin ang Seller kailangan magconforme sa Bank Guarantee. (3 signatures needed doon -- Bank, Buyer/Borrower, Seller) So i advice the sellers to read the Bank Guarantee carefully.

Honestly speaking, wala po kasing "kaliwaan" pagdating sa Bank eh kasi ang requirement nila is submission of all documents mentioned in the Bank guarantee at ma-annotate nila mortgage nila sa title. Kapag accomplish na lahat yon, for release na ang Loan (payable sa Seller) Ito po kasi ang Standard Operating Procedure ng Banks dito sa Pilipinas.

thanks uli sa pagsagot. may iba akong tanong. hope you dont mind even though you're not a lawyer. sana may thread/forum dito on legal matters like mayron sa doctors, etc. buti na lang andyan si thirdy.

sa Buyer's Info sheet nilagay na under Civil Status, Married yong BUYER pero HINDI nia ginagamit yong surname ng supposedly spouse
nia. wala ba itong negative repercussion sa transaction esp.on d the part of d SELLER.

okay lang bang ilagay na Home Address yong pagmemayaring property instead na yong present na tinitirhan or inuupahang apartment located just across ng sinasabing property nila kasi daw maliit lang yong property for her family at lahat daw ng docs./mails ay naka address sa address (redundant na yata) ng said owned property nila, hindi sa address ng kasalukuyan nilang tinitirhan. kahit okay lang we dont see any reason bakit hindi pwedeng ibigay ang current address, di ba?

tama ba na pag nasa abroad ang buyer at may atty.-in-fact lang sia,ang SPA dapat sa CONSUL manggagaling at pag andito naman at nag avail ng bank financing/loan, SPA na gagamitin ay dapat galing sa bank LANG dahil may sariling forms/format ang mga banks o pwede rin ipagawa sa labas?

thanks in advance for any output. God bless!

[vilaern]

hi thirdy101,

about bank loan, what other charges or fees do we need to consider? or every year, are there any new fees? or after the loan period has ended, are there fees we need to know?

tapos, in case, you have house loan and during your loan, you missed out to pay 1 month, what will happen? any fees?

tapos, let's say 1-2 years fixed rate, how about the succeeding years? is it always increasing by 0.5 or 1%? Kung 20 years loan, how much can be the interest rate for the 20th year?

thanks

[thirdy101]

thanks uli sa pagsagot. may iba akong tanong. hope you dont mind even though you're not a lawyer. sana may thread/forum dito on legal matters like mayron sa doctors, etc. buti na lang andyan si thirdy.

sa Buyer's Info sheet nilagay na under Civil Status, Married yong BUYER pero HINDI nia ginagamit yong surname ng supposedly spouse
nia. wala ba itong negative repercussion sa transaction esp.on d the part of d SELLER.

okay lang bang ilagay na Home Address yong pagmemayaring property instead na yong present na tinitirhan or inuupahang apartment located just across ng sinasabing property nila kasi daw maliit lang yong property for her family at lahat daw ng docs./mails ay naka address sa address (redundant na yata) ng said owned property nila, hindi sa address ng kasalukuyan nilang tinitirhan. kahit okay lang we dont see any reason bakit hindi pwedeng ibigay ang current address, di ba?

tama ba na pag nasa abroad ang buyer at may atty.-in-fact lang sia,ang SPA dapat sa CONSUL manggagaling at pag andito naman at nag avail ng bank financing/loan, SPA na gagamitin ay dapat galing sa bank LANG dahil may sariling forms/format ang mga banks o pwede rin ipagawa sa labas?

thanks in advance for any output. God bless!

Well, sa tingin ko naman wala naman negative effect yung wife hindi niya ginamit last name ng husband niya. Kung hindi ako nagkakamali, ang wife may option gamitin o hindi gamitin ang last name ng husband niya. Anyway, just present marriage contract and valid ID nung wife in case hingin sa Registry of Deeds (for the transfer of title)

Regarding sa home address, i think ok lang naman yon kasi eventually kapag nabili na ang bahay atleast yun na ang home address mo. Pero kapag sa loan, make sure advise niyo yung Bank para atleast masabi dun sa C.I. (credit Investigator) yung situation niyo. Subject kasi for Residence Verification.

About sa SPA (Special Power of Attorney), Be informed kapag nag-aapply for Bank Financing ang isang OFW kailangan mong humingi ng SPA Bank Format, hindi kasi pwede ang kahit anong SPA, dapat Bank Format.
kapag currently abroad ang Buyer kailangan niyang mag-execute ng Consularized SPA (Ang SPA na ito ay BANK FORMAT). In short, fill up ng buyer ang content nito and signed tapos consularized niya in front of Phil. Consul sa abroad. After ma-consularized padala ito sa Bank. Medyo hassle ito pero ito ang kailangan.
Pero kapag currently andito siya (buyer) sa Pilipinas, execute siya SPA at notarized lang niya dito. submit sa Bank ang notarized SPA together w/ photocopy of Passport showing date of Entry (para malaman na andito sya sa Pilipinas habang ninonotaryo)

Hope i answered your questions clearly.

[thirdy101]

hi thirdy101,

about bank loan, what other charges or fees do we need to consider? or every year, are there any new fees? or after the loan period has ended, are there fees we need to know?

tapos, in case, you have house loan and during your loan, you missed out to pay 1 month, what will happen? any fees?

tapos, let's say 1-2 years fixed rate, how about the succeeding years? is it always increasing by 0.5 or 1%? Kung 20 years loan, how much can be the interest rate for the 20th year?

thanks

Yes meron pong mga fees and charges na kailangan ma-consider kapag nag-aapply ka for a loan. di ko alam exact figure kasi depende ito sa Bank, anyway ang estimate jan is 3% of approved loan. (e.g. loan is 1M, fees&charges approx. 30K) One time payment po ito.
Particulars: Registration Fee, Processing, Doc. Stamps, MRI (Mortgage Redemption Insurance), FIP (Fire Insurance Policy), and others. (hingi ka sa Bank ng breakdown and usually ito ang tignan mong mga fees). Ang MRI and FIP lang po ang yearly po ito renewal hanggang maturity ng loan, inaadvance lang nila premium nito kaya part siya ng fees and charges.

Kapag na-miss mo ang payment, ang Interest tuloy-tuloy pa rin yan pero may kasama ka ng penalty (usually 3% pero depende sa bank). if in case 3 days kang unpaid, ang interest plus 3days computation and ang penalty based ang computation sa unpaid amortization, not the outstanding principal. Pero kapag more than 3 consecutive months ka ng unpaid, based sa Outstanding Balance ang penalty na. Medyo malaki na ito.

After ng fixed rate mo, ang repricing rate mo depende sa prevailing rates at that time. May ibang Bank ang repricing rate is prevailing rate at that time plus .5% or 1%. ganito lagi hanggang matapos ang loan mo.

Kung hindi ako nagkakamali wala yata offer ang banks 20 years fixed rate, hanggang 15years lang ata.

Hope i answered your questions

[vilaern]

Yes meron pong mga fees and charges na kailangan ma-consider kapag nag-aapply ka for a loan. di ko alam exact figure kasi depende ito sa Bank, anyway ang estimate jan is 3% of approved loan. (e.g. loan is 1M, fees&charges approx. 30K) One time payment po ito.
Particulars: Registration Fee, Processing, Doc. Stamps, MRI (Mortgage Redemption Insurance), FIP (Fire Insurance Policy), and others. (hingi ka sa Bank ng breakdown and usually ito ang tignan mong mga fees). Ang MRI and FIP lang po ang yearly po ito renewal hanggang maturity ng loan, inaadvance lang nila premium nito kaya part siya ng fees and charges.

Kapag na-miss mo ang payment, ang Interest tuloy-tuloy pa rin yan pero may kasama ka ng penalty (usually 3% pero depende sa bank). if in case 3 days kang unpaid, ang interest plus 3days computation and ang penalty based ang computation sa unpaid amortization, not the outstanding principal. Pero kapag more than 3 consecutive months ka ng unpaid, based sa Outstanding Balance ang penalty na. Medyo malaki na ito.

After ng fixed rate mo, ang repricing rate mo depende sa prevailing rates at that time. May ibang Bank ang repricing rate is prevailing rate at that time plus .5% or 1%. ganito lagi hanggang matapos ang loan mo.

Kung hindi ako nagkakamali wala yata offer ang banks 20 years fixed rate, hanggang 15years lang ata.

Hope i answered your questions

Thanks for this great answer!!!

one more, if I loan 1M for 15years, then let's say first 2 years ay fixed rate. Then on the 3rd year until 15th year, every year ay repricing rate ng 0.5% or 1%. Does it mean kung 10% for 3rd year plus 1% = 11%? then plus 1% next year and so on or every year additional 1% until 15th year? tama ba ang understanding ko? maaaring maging 20% +++ ang interest until 15th year?

[thirdy101]

Thanks for this great answer!!!

one more, if I loan 1M for 15years, then let's say first 2 years ay fixed rate. Then on the 3rd year until 15th year, every year ay repricing rate ng 0.5% or 1%. Does it mean kung 10% for 3rd year plus 1% = 11%? then plus 1% next year and so on or every year additional 1% until 15th year? tama ba ang understanding ko? maaaring maging 20% +++ ang interest until 15th year?

Please take note that ang repricing rate is HINDI po nag-aadd up every year (e.g. 0.5% last year, plus 0.5% this year equals 1% plus prevailing rate for the present year). HINDI po ganun.

bale kung ano ang prevailing rate this year add mo lang 0.5% o 1% for that particular repricing year. come next repricing period, ganun ulit prevailing rate at that time plus 0.5% o 1%. hope i explained it correctly para maintindihan niyo.

Also additional info. there are some Banks po kasi offer rates nila ang fixed rate for the first few years then pagkatpos nun yearly repricing na hanggang matapos ang loan. (eg fixed for 4 years ka, then come 5th year - yearly na repricing (prevailing plus 0.5% o 1% hanggang maturity)

And there are some naman po, after matapos ang fixed rate mo, ifi-fixed nila ulit ng ganun hanggang maturity (e.g. fixed for 4years ka, then come 5th year fixed ka ulit for the next 4years based sa prevailing rate at that time plus 0.5% o 1%).

Medyo hirap explain in writing, pero hope you understand.

[vilaern]

Please take note that ang repricing rate is HINDI po nag-aadd up every year (e.g. 0.5% last year, plus 0.5% this year equals 1% plus prevailing rate for the present year). HINDI po ganun.

bale kung ano ang prevailing rate this year add mo lang 0.5% o 1% for that particular repricing year. come next repricing period, ganun ulit prevailing rate at that time plus 0.5% o 1%. hope i explained it correctly para maintindihan niyo.

Also additional info. there are some Banks po kasi offer rates nila ang fixed rate for the first few years then pagkatpos nun yearly repricing na hanggang matapos ang loan. (eg fixed for 4 years ka, then come 5th year - yearly na repricing (prevailing plus 0.5% o 1% hanggang maturity)

And there are some naman po, after matapos ang fixed rate mo, ifi-fixed nila ulit ng ganun hanggang maturity (e.g. fixed for 4years ka, then come 5th year fixed ka ulit for the next 4years based sa prevailing rate at that time plus 0.5% o 1%).

Medyo hirap explain in writing, pero hope you understand.

yes, i understood it :-) and thanks for this great advice!

[thirdy101]

yes, i understood it :-) and thanks for this great advice!

You're welcome po. Thanks din po

[wwjcd]

Well, sa tingin ko naman wala naman negative effect yung wife hindi niya ginamit last name ng husband niya. Kung hindi ako nagkakamali, ang wife may option gamitin o hindi gamitin ang last name ng husband niya. Anyway, just present marriage contract and valid ID nung wife in case hingin sa Registry of Deeds (for the transfer of title)

Regarding sa home address, i think ok lang naman yon kasi eventually kapag nabili na ang bahay atleast yun na ang home address mo. Pero kapag sa loan, make sure advise niyo yung Bank para atleast masabi dun sa C.I. (credit Investigator) yung situation niyo. Subject kasi for Residence Verification.

About sa SPA (Special Power of Attorney), Be informed kapag nag-aapply for Bank Financing ang isang OFW kailangan mong humingi ng SPA Bank Format, hindi kasi pwede ang kahit anong SPA, dapat Bank Format.
kapag currently abroad ang Buyer kailangan niyang mag-execute ng Consularized SPA (Ang SPA na ito ay BANK FORMAT). In short, fill up ng buyer ang content nito and signed tapos consularized niya in front of Phil. Consul sa abroad. After ma-consularized padala ito sa Bank. Medyo hassle ito pero ito ang kailangan.
Pero kapag currently andito siya (buyer) sa Pilipinas, execute siya SPA at notarized lang niya dito. submit sa Bank ang notarized SPA together w/ photocopy of Passport showing date of Entry (para malaman na andito sya sa Pilipinas habang ninonotaryo)

Hope i answered your questions clearly.

thanks again for d time & effort for answering our querries even if you're not a lawyer. maraming salamat.

got another question/s, hope you dont mind again. Pag may bank guarantee na, kanino dapat irelease ng SELLER ang orig title nia, sa BANK or sa BUYER/BORROWER? Kasi yong friend ko nagkaron sia ng buyer na nagtatrabaho sa isang bank at bank financing din ang mode of payment. Gusto ng buyer nia sa kanya ibigay ang mga orig docs.ng friend ko at ayaw itong papuntahin sa bank. Hindi na tinuloy ng friend ko yong transaction.

[vilaern]

one more question pa..hehe

in case i get loan for 15 years, then on my 10th year, i decided to pay every thing. what will happen?

[thirdy101]

thanks again for d time & effort for answering our querries even if you're not a lawyer. maraming salamat.

got another question/s, hope you dont mind again. Pag may bank guarantee na, kanino dapat irelease ng SELLER ang orig title nia, sa BANK or sa BUYER/BORROWER? Kasi yong friend ko nagkaron sia ng buyer na nagtatrabaho sa isang bank at bank financing din ang mode of payment. Gusto ng buyer nia sa kanya ibigay ang mga orig docs.ng friend ko at ayaw itong papuntahin sa bank. Hindi na tinuloy ng friend ko yong transaction.

Unusual yung case ng friend mo kasi ang practice isasubmit yung title and other documents under the name of the borrower sa Bank. Kasi ito po yung Collateral, so sa kanila (bank) yung safekeeping nito. Saka palang marerelease ito sa borrower kapag fully paid na ang Loan.

Pero i might be wrong kasi it all depends sa content ng Bank guarantee, that's why mabuting basahin ito. Personally, wala pa po akong na-encounter na ganitong case. Medyo kakaiba.

[thirdy101]

one more question pa..hehe

in case i get loan for 15 years, then on my 10th year, i decided to pay every thing. what will happen?

Fully paid na ang loan at pwede mo nang makuha yung mga documents mo (title, tax dec., etc) Bale makakatipid ka sa Interest kasi hindi ka na sisingilin ng Bank for the rest of the term. Pero i suggest before paying the loan in full (before maturity) call the Bank first kasi may mga ibang bank they charge you pre-termination charges and some wala po. Meron rin po ibang banks wala ng pre-termination charges if you pay on the anniversary date (kung kelan narelease loan mo).

Also another advice, once fully paid na loan mo kailangan ma-cancel mo yung annotation of mortgage sa title. ask your bank how much ang fees para dun.

[wwjcd]

Unusual yung case ng friend mo kasi ang practice isasubmit yung title and other documents under the name of the borrower sa Bank. Kasi ito po yung Collateral, so sa kanila (bank) yung safekeeping nito. Saka palang marerelease ito sa borrower kapag fully paid na ang Loan.

Pero i might be wrong kasi it all depends sa content ng Bank guarantee, that's why mabuting basahin ito. Personally, wala pa po akong na-encounter na ganitong case. Medyo kakaiba.

sa bank financing pa rin, what if ang co-owner ng seller ay nasa abroad & therefore kailangan ang consularized SPA, sa BANK baayay
ibibigay ang said SPA. if so, what if there's a CTS bet. seller & buyer.
And after appraisal ano ang kasunod na step. Nagbibigay ba ang bank ng result ng appraisal or d approved loanable amt.sa seller to determine kung magkano ang DP isisingil sa buyer?

thanks again for any input.

[thirdy101]

sa bank financing pa rin, what if ang co-owner ng seller ay nasa abroad & therefore kailangan ang consularized SPA, sa BANK baayay
ibibigay ang said SPA. if so, what if there's a CTS bet. seller & buyer.
And after appraisal ano ang kasunod na step. Nagbibigay ba ang bank ng result ng appraisal or d approved loanable amt.sa seller to determine kung magkano ang DP isisingil sa buyer?

thanks again for any input.

Regarding sa SPA ng Co-Owner or Co-Seller, kailangan magbigay ng Photocopy ng SPA (kahit hindi Bank Format, hindi naman kasi sila ang nag-apply ng loan) sa Bank kasi siyempre paano kung ang Atty-In-Fact (SPA) ng Co-Owner ang nagsign sa Bank Guarantee? siyempre hindi ibibigay ng Bank sa representative lang ang release ng loan proceeds. Kaya kailangan dapat very specific rin sa SPA (notarized or consulartized, depende kung saan siya nag-execute) na siya nagtransact for the sale of the property as well as receive of money or loan proceeds.

After appraisal at nabigay na ang complete documents for the loan application, For approval na dapat siya. usually it would take a weak para malaman na approve / disapprove. ang counting kasi ng processing is at time na nakumpleto ang mga documents as well as payment of appraisal fee.

Sa totoo lang, hindi kasi binibigay ng Bank ang appraisal document sa client. ang binibigay lang ng Bank is yung loanable amount which is 70% of appraised value. Kung sakali na mababa ang appraisal ng Bank at hindi na talaga mataasan pa ang value, i suggest na yung difference is pag-usapan niyo ng Buyer which is madalas ganito ang nangyayari.

[river_jordan]

hi sir,

Eto po ang tanong ko;

may existing newly released po ako na salary loan from Chinatrust na 100K at July pa lang ang 1st installment ko. Maaaprove kaya ako sa BDO ng housing loan?

Thanks!

[thirdy101]

hi sir,

Eto po ang tanong ko;

may existing newly released po ako na salary loan from Chinatrust na 100K at July pa lang ang 1st installment ko. Maaaprove kaya ako sa BDO ng housing loan?

Thanks!

Hi river_jordan,

Syempre once nag-apply ka ng housing loan and any other loan, still subject for approval ito. Namention niyo nga po na meron po kayo salary loan, this will affect doon sa housing loan application niyo kasi kailangan i-consider ang existing loan to determine ang loan amount. Kung wala kang existing obligation, ang basis ng bank to determine ang loan is kung ang estimated monthly amortization (sa housing loan) is equal or lesser than 30% of your monthly income.

Pero dahil may other loan ka, mas liliit ang possibleng ma-loan mo. estimated monthly amortization plus existing loan is equal / lesser than 30% monthly income.

[bored_]

Hi thirdy101,

May tanong po ako.
Meron po kasi akong lot na bibilihin na nakapangalan sa tita ko na nasa US. I asked a discount from her, although wala pa akong news.
Gusto ko sanang iloan yung full amount nung lot sa bangko. Pwede po ba ito?
Or kelangan ko po bang magbigay ng downpayment of some sort bago po yung actual loan?

Thanks