Need a Help on your Housing Loan Application

[thirdy101]

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

Hi ysmem,

Clarification lang po, is the seller of the lot an individual but the title is still under the developer's name? If yes, the usual process ng mga banks is appraisal (inspection) of the property so submit a photocopy of the owner's duplicate title (kahit nakapangalan pa kay sta. lucia) and a copy of the Deed of Absolute Sale (DOAS) as proof na yung individual seller na ang talagang owner. Then the usual requirements, income documents and identity documents, ask bpi for the application requirements.

You've mentioned na OFW yung seller, once approved na ang loan niyo with BPI, they might require the seller to execute an SPA kasi kung nasa abroad siya hindi siya makakapirma sa Letter of Guarantee (Bank Guarantee). That's why humihingi ang banks ng SPA para yung Atty in Fact ng Seller ang pipirma sa Bank Guarantee, as well as tatanggap ng Loan since ito yung payment niyo sa kanya.

Pero kung nandito naman yung seller niyo sa Pilipinas, no need to execute SPA.

If you have any questions, ask niyo lang ako dito sa thread or pm me.

[psalmandgrace]

Hi Thirdy101,

Thank you for your very informative thread. Magtatanong lang din po ako. May nagustuhan po akong house and lot, owner/resident mismo ang seller. Napag-usapan namin na our target sell date ay next year pa. They're not on a rush as they are also looking for a new place to buy and sa akin naman it would allow me to save up for the downpayment and other payables. Ang mga questions ko po ay: 1. Gusto ko na sanang magbigay ng earnest money/like partial downpayment to reserve the house and to show that I am serious on getting it, tama po ba na Conditional Sale ang paper na involve dito? 2. Aside from the 20% downpayment, assuming magpareho ang appraisal ng bank at yung Selling Price sa amin, mga how much po kaya (in terms of percentage to the Selling Price) ang dapat naming paghandaan, for the CGT, transfer title, registration fees, etc? 3. Hindi po ba kino-cover ng bank yung mga registration fees, transfer title, etc? 4. Seller and buyer lang po ba ang gumagawa ng Deed of Sale or may sariling format ang bank na dapat naming sundin? Medyo napahaba na po, pasensya na first time buyer pa lang po. Thank you in advance.

[thirdy101]

Hi Thirdy101,

Thank you for your very informative thread. Magtatanong lang din po ako. May nagustuhan po akong house and lot, owner/resident mismo ang seller. Napag-usapan namin na our target sell date ay next year pa. They're not on a rush as they are also looking for a new place to buy and sa akin naman it would allow me to save up for the downpayment and other payables. Ang mga questions ko po ay: 1. Gusto ko na sanang magbigay ng earnest money/like partial downpayment to reserve the house and to show that I am serious on getting it, tama po ba na Conditional Sale ang paper na involve dito? 2. Aside from the 20% downpayment, assuming magpareho ang appraisal ng bank at yung Selling Price sa amin, mga how much po kaya (in terms of percentage to the Selling Price) ang dapat naming paghandaan, for the CGT, transfer title, registration fees, etc? 3. Hindi po ba kino-cover ng bank yung mga registration fees, transfer title, etc? 4. Seller and buyer lang po ba ang gumagawa ng Deed of Sale or may sariling format ang bank na dapat naming sundin? Medyo napahaba na po, pasensya na first time buyer pa lang po. Thank you in advance.

Hi psalmandgrace,

thanks for the inquiry. I just recently took the brokers licensure exam kaya hindi ko nachecheck yung PEX. since ang requirement to take the exam is at least 120 hours real estate course/seminar, marami akong natutunan at isheshare ko dito sa thread.

As for your questions, here's my opinion:

1. Since meron conditions ang sale transaction ninyo with the owner i suggest to execute a contract to sell and stipulate yung terms such as payment in installments (when and how much, and kung bank financing), as to the expenses (who shoulders the Capital Gains, Transfer Tax, Doc Stamps, etc..), as well as when will the transfer of title will be. send me your email para bigyan kita sample format.

2. Ok assuming parehas ang Selling Price and Appraisal ng Bank ang CGT is usually shouldered by the Seller (pero depende pa rin ito sa usapan) this is 6% of selling, Fair market value, or zonal whichever is higher. Doc stamps naman is 1.5% (same whichever is higher), transfer tax (depende sa local gov't) but usually 3/4 of 1%. As for Bank loan, since nag-work ako sa Bank, mag-ready kayo 3-5% of loan for the processing, appraisal, registration fees, MRI, Fire Ins., etc.
In short - Transfer of title : 6+1.5+0.75% = 8.25% pero gawin mo nalang 10% just to be sure. as for Bank charges : 3-5%

TIP : You mentioned ang seller ang nakatira sa property, since kayo ang bibili sa Principal Residence nila, makakatipid kayo/sila sa CGT kasi EXEMPT ito since involved ang Principal Residence or Family Home. Ang condition nga lang, kailangan ang Seller must acquire or construct his new Principal Residence within 18 months from date of sale.

3. As for bank charges, they DONT cover transfer of title charges. If they do, may additional charges na po yun. more than the usual of course..

4. Banks dont get involved with regards to Sale. Loans/Mortgage lang po sila. They dont have a format, ang meron lang are documents related to Mortgage/Loans.

[psalmandgrace]

Hi Thirdy101,

Ipapasok ko sya sa housing loan, hihingin ba ng bank yung tax clearance na bayad na yung CGT bago nila irelease ang check sa seller? Naisip ko lang kasi kung dapat simultaneous na bumili yung seller to get exemption, para makakuha ng necessary papers from BIR - assuming hihingin pa ito ng bank bago magrelease ng funds. Transfer title din ba ang kailangan ipresent sa BIR to get exemption? Thank you so much po for all the help :-)

[thirdy101]

Hi Thirdy101,

Ipapasok ko sya sa housing loan, hihingin ba ng bank yung tax clearance na bayad na yung CGT bago nila irelease ang check sa seller? Naisip ko lang kasi kung dapat simultaneous na bumili yung seller to get exemption, para makakuha ng necessary papers from BIR - assuming hihingin pa ito ng bank bago magrelease ng funds. Transfer title din ba ang kailangan ipresent sa BIR to get exemption? Thank you so much po for all the help :-)

Hi psalmandgrace,

one of the requirements of the bank (once loan is approved) is the tax clearance. the tax clearance indicates that the said property is cleared from all obligations and liabilities, in short updated from the time the tax clearance is issued. Usually po to get exempted from paying the CGT (this is the seller's obligation) is to acquire or construct a principal residence within 18 months from the date of sale. you can inquire this from the BIR for the requirements. please check there website here :

http://www.bir.gov.ph/taxinfo/tax_capgin.htm

I believe that the BIR would still issue you tax clearance even if your Seller hasn't build or own another principal residence within the said period, since there would be an escrow agreement and the CGT will be deposited there until such time your Seller has fully constructed or bought his principal residence.

thanks

[netkeeper]

Hi Thirdy101,

Ask ko lang kung makakaapekto ba sa pa apply ko ng housing loan kung meron pa akong existing car loan na binabayaran? In-house po yung car loan ko kaya iniisip ko kung di ko na lang i-declare sa house loan application ko ito baka kasi di ako ma-approve... possible po bang malalaman ng bank na may existing car loan ako kahit in-house po yung car loan ko? thanks

[faithtagud]

http://myhomeplus.weebly.com/catherine-th.html


!!! ONLY PHP 9,000.00 MONTHLY FOR 20 YEARS THRU BANK FINANCING !!!

We are duly accredited by the developer to sell or market this particular real estate project / property. We do NOT add extra cost to the developer’s selling price.

**==**==**==**==**==**==**==**==**==**==**==**
ms. FAITH tagud
smart: 0918-9424080
email: faithtagud@yahoo.com
website: http://myhomeplus.weebly.com

**==**==**==**==**==**==**==**==**==**==**==**

Location: KENSINGTON SUBDIVISION 20-25 minutes from MALL OF ASIA

* FLOOD FREE! (TESTED ONDOY TYPHOON)*
* NO TRAFFIC & NO FAULT-LINE
* Everything is within reach. Soon to open INSIDE SUBDIVISION Wet Market, Schools, Bus Station, Banks, Hospital, Church and Country Club House

House Features:
House Type: Townhouse
Floor Area: 50 sq.m.*
Lot Area: 50 sq.m.*
Living Area
Dining Area
Kitchen
Laundry and Service Area
Three (3) Bedrooms
Two (2) Toilet and Baths
Provision for Big Balcony
Provision for One (1)-car Garage*

**==**==**==**==**==**==**==**==**==**==**==**

OPTION 1: BANK FINANCING
Prices change depending on location near perimeter fence, facing morning sun, near entrance gate at near playground

SELLING PRICE ---------- PHP 960,000.00

BREAK DOWN OF PAYMENTS:

RESERVATION FEE ---------- PHP 10,000.00
*This amount is part of downpayment

MONTHLY DOWNPAYMENT ---------- PHP 7,973.33
* 12.50% Downpayment Payable in 15 Months INSTALLMENT with 0% INTERESTS

MONTHLY AMORTIZATION
Amortization will start on the 16th month upon loan take-out from Bank

5 years to pay ----------- PHP 19,722.73

10 years to pay ---------- PHP 12,436.12

15 years to pay ---------- PHP 10,196.23

20 years to pay ---------- PHP 9,202.08

* Bank's prevailing interest rate shall apply at point of loan take-out.*

[thirdy101]

Hi Thirdy101,

Ask ko lang kung makakaapekto ba sa pa apply ko ng housing loan kung meron pa akong existing car loan na binabayaran? In-house po yung car loan ko kaya iniisip ko kung di ko na lang i-declare sa house loan application ko ito baka kasi di ako ma-approve... possible po bang malalaman ng bank na may existing car loan ako kahit in-house po yung car loan ko? thanks

Yes, makakaapekto talaga sa home loan application mo kung meron kang existing loans. In short mas lililiit ang chances mo to get the desired loan amount (in case walang problem sa CI and anything) since bababa ang net disposable income mo.

Anyway, i don't think malalaman ng bank na meron kang in-house car loan. kasi there are some financial institutions na hindi regularly nagrereport sa CMAP. it's up to you to declare this or not. Pero siyempre kelangan alam mo mag-budget kasi ang Banks they'll grant you a loan kung pasok ka sa 30% debt coverage ng monthly income mo.

[aeonfLux_05]

hello po , may ask po sana ako thirdy re: housing loan ..
sabi kasi ng agent ko noon , no required gross monthly income na hinahanap pag daw po bank financing sa metrobank i don't know po if it's true .. kasi balak po namin na 5 years to pay lang kaso after I checked Metro's site then nakita ko nga po yung nakalagay na NDI kapag ang loanable amount na kukunin is 1.7 dapat daw ang NDI is 115thou .. hindi po namin kaya ito ..

mapipilitan kaming mag 20 years dun lang pasok ang NDI namin kaso napakahabang panahon na po ito .. eh baka wala ng trabaho asawa ko po nito ..

eh pag sa inhouse po ba may required monthly income pa din po ba ??? tanks po in advance ..

[thirdy101]

hello po , may ask po sana ako thirdy re: housing loan ..
sabi kasi ng agent ko noon , no required gross monthly income na hinahanap pag daw po bank financing sa metrobank i don't know po if it's true .. kasi balak po namin na 5 years to pay lang kaso after I checked Metro's site then nakita ko nga po yung nakalagay na NDI kapag ang loanable amount na kukunin is 1.7 dapat daw ang NDI is 115thou .. hindi po namin kaya ito ..

mapipilitan kaming mag 20 years dun lang pasok ang NDI namin kaso napakahabang panahon na po ito .. eh baka wala ng trabaho asawa ko po nito ..

eh pag sa inhouse po ba may required monthly income pa din po ba ??? tanks po in advance ..

Hi aeonflux_05,

Sorry pero i haven't heard of such thing, Banks requiring no income pagdating sa loan? anyway that is not true, kung meron man probably mga other financial/lending institution but banks mas strict sila. kelangan po talaga ng income as basis for the evaluation ng loan application niyo.

Kung hindi kasi kaya ng income ang loan, usually hinahabaan ang terms (katulad nung sinabi niyo 20 years kayo qualified). kung dito po talaga kayo papasok i suggest you apply for this. Meron naman pong pre-payment eh, just in case meron kayong extra money to pay off yung principal pwede niyo pong gawin yon. Some banks they suggest to make prepayment every anniversary date (date kung kelan narelease loan niyo, parang bday na rin).

[aeonfLux_05]

Hi aeonflux_05,

Sorry pero i haven't heard of such thing, Banks requiring no income pagdating sa loan? anyway that is not true, kung meron man probably mga other financial/lending institution but banks mas strict sila. kelangan po talaga ng income as basis for the evaluation ng loan application niyo.

Kung hindi kasi kaya ng income ang loan, usually hinahabaan ang terms (katulad nung sinabi niyo 20 years kayo qualified). kung dito po talaga kayo papasok i suggest you apply for this. Meron naman pong pre-payment eh, just in case meron kayong extra money to pay off yung principal pwede niyo pong gawin yon. Some banks they suggest to make prepayment every anniversary date (date kung kelan narelease loan niyo, parang bday na rin).

Thank You Thirdy sa reply .. ganoon ba, you mean po kahit sabihing ka-tie up nila yung bank wala palang ganito ??

paano naman po kung start palang ng business, kaya walang mapapass na ITR .. pwede bang business permit lang ibigay ??

at may allotment kasi ako kay hubby pwede ba yun ipass sa bank yng proof of remittance ??

or mag inhouse nalang po ako ? ..

[thirdy101]

Thank You Thirdy sa reply .. ganoon ba, you mean po kahit sabihing ka-tie up nila yung bank wala palang ganito ??

paano naman po kung start palang ng business, kaya walang mapapass na ITR .. pwede bang business permit lang ibigay ??

at may allotment kasi ako kay hubby pwede ba yun ipass sa bank yng proof of remittance ??

or mag inhouse nalang po ako ? ..

As far as I know, wala po akong naririnig na Banks na hindi nagrerequire ng income pagdating sa loan application. Anyway, to be sure ask your developer kung sino tie-up nilang Bank, then verify sa bank if such agreement existed. Just to be sure naman po.

Pero kung talagang kailangan ng income documents, you mentioned meron po kayo allotment from your husband pwede itong gamitin as proof of income, at submit na rin kayo latest contract niya. Since business niyo is start up plang, usually dapat atleast 3 years existing na business bago iconsider na qualified kayo.

Try to consider apply for bank loan muna, then kung worst case hindi kayo approve saka na kayo mag-in house.

[jennylagura]

hi, we are in need of COMMERCIAL LISTING ASSOCIATE. below are the Job Descriptions. FRESH GRADS ARE ENCOURAGED TO APPLY. send your cvs and resumes to jennyrose.lagura@kmcsolutions.us Thanks!

Responsibilities:
• Responsible in maintaining exclusive commercial listings
• He/she will work with the Commercial and Leasing Executive in coordinating with unit / residential owners such as but not limited to taking pictures, maintaining residential listings, etc.
• Shall coordinate with clients, as needed
Requirements:
• With sales personality
• Can take photos and edit photos
• Willing to do field work
• Can start ASAP
• Preferably with 1 year sales & marketing background, but fresh graduates may be considered
• With excellent communication skills
• Must be willing to work in Bonifacio Global City
• 8 full- time positions available!

[aeonfLux_05]

As far as I know, wala po akong naririnig na Banks na hindi nagrerequire ng income pagdating sa loan application. Anyway, to be sure ask your developer kung sino tie-up nilang Bank, then verify sa bank if such agreement existed. Just to be sure naman po.

Pero kung talagang kailangan ng income documents, you mentioned meron po kayo allotment from your husband pwede itong gamitin as proof of income, at submit na rin kayo latest contract niya. Since business niyo is start up plang, usually dapat atleast 3 years existing na business bago iconsider na qualified kayo.

Try to consider apply for bank loan muna, then kung worst case hindi kayo approve saka na kayo mag-in house.

okey po tatawagan ko nalang po ..

opo, kaso po were not yet married pa po eh, kung isa-submit ko po ang contract nya edi ibig pong sabihin sya na ang lalabas na buyer ?? name ko po kasi nilagay ko dun eh .. pwede pa din po ba yan ?? ..

oo nga po atleast daw 2-3 years existing na yung business , kaso start palang po eh tsaka alanganin po yung kita, mas malaki pa po yung alote natatanggap ko kay fiance ..

maraming salamat po ..

[bill_]

Hi Thirdy,

good morning sir! galing ako sa BPI last week, and sabi nila kapag na approve *** loan ko na worth 1.2m sana bale sisingilin pa nila ako ng 22k for annotation and sa process daw. ganon po ba talaga un? do i need to pay that amount? by the way *** 1.2 is for house construction, bale *** lot is under my name na. thanks sir

[ZambaCrowd]

Hi Thirdy, appreciate your inputs on this. I recently resigned from my work. I've been there for a year, but I have been working for six years in total (mostly with banks and corporate finance). I am transferring to a new company this July as a Senior Manager. My basic gross is 100k per month.

Thing is, I went into a CTS (contract to sell) for a condo unit worth 5.6M. I've spread the 10% of the TCP (total contract price) to 9 months. My last payment will be on Sep2012. By then, I would have to lodge the remaining 90% of the TCP thru bank financing. My agent is hounding me to produce my employment records to submit to the banks (who are partners with the developer and can finance 90% of the TCP once approved).

My fear is that I may not get approved cos I have recently transferred to a new company. I'm only banking on the recent track record of my amortization payments of the 10% (around 560k pesos) the past 9 months.

What is the usual industry practice for this situation? Although, I would hope that my managerial post and salary would compensate for lack of tenure in my current work.

An idea I thought of was to have my parents as co-makers (I'm still single). My parents are still working and are both running the family business. They have fully paid two of our residential homes in QC and several car loans -all lodged through banks. Suffice to say they have a spotless credit record. There are in their mid 50's FYI.

Would like to ask your opinion on this.

Thanks in advance!

[cathreyes]

I am wanting to buy a house and lot and yet I don't have a big budget. I've heard about getting a house loan and how big it can help. I would like to ask though what financing institutions should I trust and once I get it, how can I be sure that it’s not going to be a candidate for foreclosure? Thank you.

[daxnerve]

Ask ko lang po pano magloan at ano requirements. Dilapidated na po kasi *** house namin. 3 floors sya need to renovate. Magkano po yung expected salary ng owner para ma loan sya?

[leesn]

negotiable ba yung 3% bank charges?

[thirdy101]

Hi bill_

sorry for the late reply, medyo tagal ko na rin hindi nachecheck itong PEX ko. anyway. yes the REM Registration Charges must be paid prior to loan release. Since house construction ang loan mo, expect staggered releases ang loan.

Kasi kailangan i-annotate ang mortgage ng bank dun sa title. REM stands for Real Estate Mortgage.