Need a Help on your Housing Loan Application

[thirdy101]

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

Hi bored,

Unfortunately hindi po pwede yung full amount ang i-loan mo. Ang loanable amount kasi sa bank is 70% of appraisal value o depende sa capacity to pay whichever is lower. so meron po kayo talagang participation (equity) na babayaran sa seller po.

Usually pay niyo po muna ang Downpayment then yung Loan. Mahirap rin po kasi na doble doble ang binabayaran po eh.

[wwjcd]

tama ba na pag ang Buyer/Borrower/Client ay isang OFW at may Atty.-In-Fact lang sia dito at Bank Financing ang mode of payment nia/nila kailangan nia mag execute ng 2 SPA, 1 between Buyer & Seller and 1 bet. Buyer & Bank, that d former should NOT necessarily use d Bank Form (pwede sa private) but not w/ the latter, na kailangan Bank SPA Form dapat gamitin? Or dapat gamitin din ng Buyer para sa Seller ay yong spa form pa rin ng bank (hindi sa labas), if nandito sia ng mag execute ng SPA, otherwise, kung nasa abroad na, CONSULARIZED SPA ibigay nia sa atty.-in-fact nia.

just wondering what bank were you affiliated before your retirement &/or resignation, if okay lang idivulge niyo.

thank for any input. God Bless!

[thirdy101]

tama ba na pag ang Buyer/Borrower/Client ay isang OFW at may Atty.-In-Fact lang sia dito at Bank Financing ang mode of payment nia/nila kailangan nia mag execute ng 2 SPA, 1 between Buyer & Seller and 1 bet. Buyer & Bank, that d former should NOT necessarily use d Bank Form (pwede sa private) but not w/ the latter, na kailangan Bank SPA Form dapat gamitin? Or dapat gamitin din ng Buyer para sa Seller ay yong spa form pa rin ng bank (hindi sa labas), if nandito sia ng mag execute ng SPA, otherwise, kung nasa abroad na, CONSULARIZED SPA ibigay nia sa atty.-in-fact nia.

just wondering what bank were you affiliated before your retirement &/or resignation, if okay lang idivulge niyo.

thank for any input. God Bless!

Hi wwcjd,

Yes tama ka doon. Kapag ang Borrower ay OFW kailangan talagang mag-execute ng Bank Format SPA dahil ito ang requirement, walang Bank ang tumatanggap ng ibang format dahil ito ang SOP nila. Kung siya ay nasa abroad kailangan Consularized ang SPA, pero kung andito siya sa Bansa kahit Notarized SPA at xerox copy ng Passport niya showing date of entry.

Now for the Buyer & Seller situation, kung ang Seller ay nasa abroad rin, kailangan ng SPA kahit ibang format but hopefully contains all the necessary details such as to transact with buyer, transact with Bank, receive money, for the sale of property etc.. (same rin po Consularized if abroad, notarized if here in the Phils). Much better if you consult with an attorney para malinaw ang details. You know ang SPA na ito ay kinakailangan rin pagdating sa taxes and transfer of ownership transactions. Might as well produce alot of copies kasi hingi rin ang Bank nito kapag irerelease na ang loan payable sa Seller.

Hope you understand what i've written.

[thirdy101]

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[thirdy101]

Download The Home Loan Calculator for FREE

Calculate how much you can loan based on your current income or calculate how much income you should have to get your desired loan amount. Compute for your Monthly Amortization and see how much goes to your Principal and Interest.

And for Brokers / Agents, I've also attached a copy of the Factor Rate Table.

Note : This is an Excel File.

Click on this link to download
http://www.filesonic.com/file/168458...Calculator.rar

[supernatural100]

Hi Thirdy..

Please help..

Any idea kung papaano ko malalaman ang appraised value ng isang house and lot? Current selling price in that area is 1.7M for a new townhouse.. Ang bibilhin ko is bungalow lang and ofcourse an old house.. how much kaya appraised value?

I am worried kc baka masyado mababa ang appraised value ng bank so i can not get the whole 80%.. i dont have enough money pa naman since i pay the 20% equity in cash.. Direct buyer yung bibilhan ko.. So i dont think na papayag sya na installment yung ibang balance

I wanted to loan sana sa BDO, but base on experience medyo mahigpit sila sa documentations.. And i am worried na baka mas mababa ang appraised value nila.... Will it be better kung magloan ako on other banks? like eastwest?

Pwede ko ba gawing co maker ang BF ko?

[carlo_andrew]

Hello. I am engaged to a housing loan, in 9 months my developer will pass my documents to UCPB. From how they explained everything, sabi nila, NO INCOME REQUIREMENT daw. I don't know if it's true. But here's my worries

1. I work in a BRO for three years now. I am not a hopper BTW.
2. My pay, in reality, if taken into consideration, isn't enough if you'll consider the amount of loan i'll apply to -Loan is almost 1.5million (20+ k lang salary ko.
3. I applied for personal loan on 2 banks to increase my credit score and were denied for both (BDO and BPI, where I have my savings account.
4. I got approved for a postpaid plan just recently
5. I don't have a credit card, only supplementary. BUt in the long run I'll plan to have a td and use it as a secured credit card.

Anything to get my loan approved in the future? I'm currently paying my downpayment sa house (not delinquent)

[carlo_andrew]

bumping this thread :P

[thirdy101]

Hi Thirdy..

Please help..

Any idea kung papaano ko malalaman ang appraised value ng isang house and lot? Current selling price in that area is 1.7M for a new townhouse.. Ang bibilhin ko is bungalow lang and ofcourse an old house.. how much kaya appraised value?

I am worried kc baka masyado mababa ang appraised value ng bank so i can not get the whole 80%.. i dont have enough money pa naman since i pay the 20% equity in cash.. Direct buyer yung bibilhan ko.. So i dont think na papayag sya na installment yung ibang balance

I wanted to loan sana sa BDO, but base on experience medyo mahigpit sila sa documentations.. And i am worried na baka mas mababa ang appraised value nila.... Will it be better kung magloan ako on other banks? like eastwest?

Pwede ko ba gawing co maker ang BF ko?

Hi supernatural100,

well honestly speaking hindi ako marunong mag-appraise ng property. But the thing is, usually ang appraisers tinitignan nila yung assessment value ng property (per tax declaration) tapos dun yung basis ng appraisal.

Sa totoo lang ang appraisal ng mga Banks, any Banks on that matter, hindi nagkakalayo ang kanilang appraised value. mababa talaga, and ang loanable value lang is 60-70% of the appraisal value.

with regards sa documentation, mahigpit talaga ang mga banks. you just have to comply para di kayo mahirapan sa applicaiton kasi ito rin yung basis for approval.

Pwede ba gawin Co-Maker ang BF? it depends.

IF hindi sya kasali sa purchase ng property, NO. kasi ang banks dapat kamag-anak ang kelangan maging Co-Maker / Co-Borrower.

IF kasali sya sa purchase ng property, YES, definitely co-borrower sya kasi eventually ang ipapangalan sa title eh yung names ninyo. You just have to submit an affidavit to marriage or any proof na magpapakasal kayo.

[thirdy101]

Hello. I am engaged to a housing loan, in 9 months my developer will pass my documents to UCPB. From how they explained everything, sabi nila, NO INCOME REQUIREMENT daw. I don't know if it's true. But here's my worries

1. I work in a BRO for three years now. I am not a hopper BTW.
2. My pay, in reality, if taken into consideration, isn't enough if you'll consider the amount of loan i'll apply to -Loan is almost 1.5million (20+ k lang salary ko.
3. I applied for personal loan on 2 banks to increase my credit score and were denied for both (BDO and BPI, where I have my savings account.
4. I got approved for a postpaid plan just recently
5. I don't have a credit card, only supplementary. BUt in the long run I'll plan to have a td and use it as a secured credit card.

Anything to get my loan approved in the future? I'm currently paying my downpayment sa house (not delinquent)

Hi carlo_andrew,

with regards to your developer and UCPB, they probably have a tie-up or agreement for their housing loan. It depends on the tie-up if they require you to submit any financial documents because there are some developers that actually have that kind of tie-up with Banks, meaning no financial documents required. You have to clarify this with your developer just to be sure.

anyway, here are my answers (in case you have to submit financial documents):

1. I work in a BRO for three years now. I am not a hopper BTW.
- do you mean BPO? well no problem, as long as your employed with your present employer for more than 2 years. you just have to submit a certificate of employment and compensation.

2. My pay, in reality, if taken into consideration, isn't enough if you'll consider the amount of loan i'll apply to -Loan is almost 1.5million (20+ k lang salary ko.
- ang policy po kasi is at least 20K per month, so i guess pwede pa naman. but if you have a co-borrower, you just have to add up his/her salary to get a better chance of approval.

3. I applied for personal loan on 2 banks to increase my credit score and were denied for both (BDO and BPI, where I have my savings account.
- what's the reason for the disapproval? do you have any past due records before?

4. I got approved for a postpaid plan just recently
- honestly speaking, hindi rin masyado tinitignan ito ng banks, what is important is yung record mo with the telephone/cellphone company.

5. I don't have a credit card, only supplementary. BUt in the long run I'll plan to have a td and use it as a secured credit card.
- it doesn't really matter if you have credit cards/none. what is important po kasi is yung record with the credit card company. hopefully walang past due.

you mentioned, hindi delinquent yung account mo w/ the developer, malaking tulong po yan to justify yung payment capacity as well as character mo.

[carlo_andrew]

^^ ay sorry pala, yup BPO pala,

AFAIK kasi, sa Pag-ibig, a required income is followed to loan a certain amount diba? I plan to have my dad as a co-borrower but he's old so i'm guessing they have to count the # of years he is capable to pay and baka hindi din pwede.

Thanks for the advice/info!

[KobyDear]

Hi thirdy101! May question lang po ako regarding sa paglo-loan ng house and lot sa bank.
Nakatira po kami sa duplex type na bahay,1 year na kami dito and yong unit na katabi namin eh binebenta na ng may-ari (hinde pa nila natitirahan ever investment lang daw)Interesado po kami para mas malaki ang space namin since lumalaki din ang pamilya.Nagtanong na po ako dati sa BDO regarding nga sa paglo-loan and sinabi nila sakin na maximum of 80% ng assessed value ng bahay at lupa ang pwede ma-loan at the rest eh kami na ang magshu-shoulder.Dapat din daw po eh nailipat na sa pangalan namin ang title ng property at hawak na namin ito (sa cooperation na din ng nagbebenta) para makapag-apply kami ng loan sa kanila.
Ang question ko po- sa paglilipat po ba ng pangalan ng title samin sino ang dapat mag-shoulder? mga magkano po kaya ang processing fee sa paglilipat???
Thank you po!

[thirdy101]

Hi thirdy101! May question lang po ako regarding sa paglo-loan ng house and lot sa bank.
Nakatira po kami sa duplex type na bahay,1 year na kami dito and yong unit na katabi namin eh binebenta na ng may-ari (hinde pa nila natitirahan ever investment lang daw)Interesado po kami para mas malaki ang space namin since lumalaki din ang pamilya.Nagtanong na po ako dati sa BDO regarding nga sa paglo-loan and sinabi nila sakin na maximum of 80% ng assessed value ng bahay at lupa ang pwede ma-loan at the rest eh kami na ang magshu-shoulder.Dapat din daw po eh nailipat na sa pangalan namin ang title ng property at hawak na namin ito (sa cooperation na din ng nagbebenta) para makapag-apply kami ng loan sa kanila.
Ang question ko po- sa paglilipat po ba ng pangalan ng title samin sino ang dapat mag-shoulder? mga magkano po kaya ang processing fee sa paglilipat???
Thank you po!

Hi Kobydear,

sorry sa late reply, anyway about sa housing loan since mag-aapply ka at for appraisal and title verification purposes, hindi mo pa naman kailangan mailipat sa name mo yung title. Submit ka lang photocopy ng owner's duplicate tct (kahit in the name of the original owner) para lang ma-verify ng Bank yung title. Once may approval ka na, wait for the Letter of Guarantee na iissue ng Bank sa Seller dahil nakasulat dito yung condition na babayaran ng Bank yung Seller provided mailipat sa name ng Buyer yung mga title, tax dec, and etc..

as for the responsibility of the buyer for the title transfer, generally ang buyer ang nagbabayad for the doc stamps, transfer tax, and yung registration fee. ang doc stamps 1.5% of zonal value / selling price whichever is higher, transfer tax is 0.5% of zonal value / selling price whichever is higher, and yung registration fee is 0.25% of zonal value or selling price whichever is higher. Depende rin po ito sa usapan ng buyer and seller kung sino ang magshushoulder ng transfer expenses but this is generally the procedure na ginagamit.

[lavender08]

hi thirdy, di ko alam kung sakop pa ba ng kaalaman mo about loans ang inquiry ko.

I am planning to buy a house and apply for bank financing. What are the chances of getting approved for a car loan naman? I earn around 58k net from my office job at may matitira pa para sa monthly ng kotse kung sakali. Meron pa akong extra source of income which is hindi declared as taxable income. Maaapprove kaya ako?

thanks so much!

[thirdy101]

hi thirdy, di ko alam kung sakop pa ba ng kaalaman mo about loans ang inquiry ko.

I am planning to buy a house and apply for bank financing. What are the chances of getting approved for a car loan naman? I earn around 58k net from my office job at may matitira pa para sa monthly ng kotse kung sakali. Meron pa akong extra source of income which is hindi declared as taxable income. Maaapprove kaya ako?

thanks so much!

Hi lavender08,

yeah tama ka hindi ko sakop sa kaalaman ko ito. pero nagkataon nung nagwowork ako katabi ko lang ang car loans section kaya kahit paano may konting knowledge ako. anyway, ang basis kasi ng bank para maka-avail ka ng loan (house/car) is 30% of your monthly income is dedicated to loan payment.

you've mentioned 58K net per month mo, 30% of 58K = P17,400. dapat pasok dito sa 17,400 yung monthly amortization ng housing loan mo. Ngayon, if in case pasok siya, any difference from the 30% monthly income and housing loan monthly amortization, dun mo pwede i-pasok yung car loan amortization mo.

As for the additional income, hindi macoconsider ng banks yan unless meron kang proof of additional income.

[pasigguy]

hi thirdy101
tanong ko lang ang kalakaran ng pagbili ng property H&L with financing.
We are planning to get a 3.2m house and lot unit sa pasig with 20% DP payable in 6mos, with reservation fee ie. 20k. Ang tanong ko lang:

1. bago ba kame mag-commit ng money (reservation or DP) na-arrange na ang bank loan approval?
2. kung ang d/p ay 6 mos payable, does this means, ang start ng bank loan amortzation namen is on the 7month? (mahirap kase pag-patong)
3. sino ba ang kakausap sa bank for the loan? ang agent, ang developer? o ang buyer?
4. hanggang saan ba ang responsibility ng agent?
5. kung hindi ma-approve ang bank loan namen, mare-refund ba ang reservation and d/p?
thank u sir in advance
r

[knives1017]

Hi thirdy101, Inquire lang po ako kung nasa 27k+ yung monthly ko.. Can I be approved of 1.432M na loan? Planning to buy a house worth 1.79M.. Thanks

[thirdy101]

hi thirdy101
tanong ko lang ang kalakaran ng pagbili ng property H&L with financing.
We are planning to get a 3.2m house and lot unit sa pasig with 20% DP payable in 6mos, with reservation fee ie. 20k. Ang tanong ko lang:

1. bago ba kame mag-commit ng money (reservation or DP) na-arrange na ang bank loan approval?
2. kung ang d/p ay 6 mos payable, does this means, ang start ng bank loan amortzation namen is on the 7month? (mahirap kase pag-patong)
3. sino ba ang kakausap sa bank for the loan? ang agent, ang developer? o ang buyer?
4. hanggang saan ba ang responsibility ng agent?
5. kung hindi ma-approve ang bank loan namen, mare-refund ba ang reservation and d/p?
thank u sir in advance
r

Hi pasigguy,

before ko muna sagutin mga questions mo, ask ko lang kung meron accredited bank ang developer niyo?

here are my answers:

1. it depends.
kung meron tie-up with bank, kahit ang developer na ang mag-aasikaso ng mga requirements niyo, you just have to submit the documents to them at ang developer na mag-forward ng application niyo sa bank

kung wala naman tie-up, kayo po ang magaasikaso nito sa Bank. Madali lang naman po, inquire lang po kayo sa bank ninyo and ask for the application form and requirements. then once complete, forward niyo lang sa bank niyo for processing.

2. yes kasi ang bank ayaw niyang magkasabay ang amortization sa equity payment (downpayment)

3. depende, kung meron tie-up with bank si developer ang lalapitan niyo (dapat alam din nito ng agent niyo) pero kung walang tie-up with bank, kayo mismo ang mag-aapply sa bank.

4. depende sa agent niyo po yan, iba iba kasi responsibility niyan. If i were him, aassist ko po kayo lalo na medyo limited ang knowledge niyo dito.

5. again depende ito sa terms ng developer niyo. pero usually ang reservation fee is non-refundable.

if you have any questions or inquiries, you can email me at third.reyes@ymail.com. Thanks

[thirdy101]

Hi thirdy101, Inquire lang po ako kung nasa 27k+ yung monthly ko.. Can I be approved of 1.432M na loan? Planning to buy a house worth 1.79M.. Thanks

Hi knives1017,

what do you mean by 27K monthly niyo? is this monthly income/salary? if yes, ang standard policy po kasi ng mga banks atleast 30K monthly income ang qualified loan applicant. pero kung meron po kayong co-borrower with income, pwede niyo combine ang monthly income niyo para mas maganda chance of approval.

based on your figures, lumalabas po kasi approx. 80% of selling price ang gusto niyong loan. be informed na kpag house and lot, ang loanable amount is 70% of appraised value.

[ysmem]

Hi Thirdy101,
Thank you for all your inputs & advices
Gusto ko lang din magtanong regarding our loan application tru BPI. Me & my husband were planning to buy a lot in Bulacan, the land title was named pa sa developer (Sta. Lucia) but the seller has DOAS naman, and he was also an OFW like us. So what are the documents needed by the bank from the sellers so that we could ask him in advance...thanks