REQUIREMENTS

• Requirements for Bank Financing
• Requirements for In-House Financing

Bank Financing Guidelines (MBTC, starting Nov 10, 2011)

Applied to Parc Regency and Monticello villas Estastes

1. Now, applying for a housing loan is easy and simple.
2. As long as you’re working, you’re qualified. We are accredited with METROBANK AND TRUST COMPANY (MBTC).
3. 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.)

Duly Filled-up Bank Form		Cert. of Employment		Marriage Contract when applicable
Photocopy of valid ID		Tax Account No. (TIN)		Proof of Billing

Note: Bank Forms will be provided upon Reservation.

• OFWs who are unable to personally sign bank loan documents must submit One (1) copy Consularized Special Power of Attorney (SPA) designating their representative.

Eligibility Requirements

• At least 21 years old but not more than 65 years old upon loan maturity.
• Must have no adverse credit findings with CMAP & NFIS
• NO default in monthly DP payments for 3 consecutive months and/or must not have incurred delays in payments of 5 months or more within the 15-month DP Term.
• Locally employed applicants must submit latest ITR/W2.

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.
• Fixed for 3 Years; Annual re-pricing thereafter.

If Overseas Filipino Worker (OFW) – Metrobank

• One (1) Copy 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 recomputed 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