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Wednesday, April 11, 2018

Landbank's Personal Home Loan: For OFWs, Private, and Gov't Employees



For Overseas Filipino Workers (OFWs) who are looking for a housing loan, Pag-IBIG Fund is not the only choice. You can choose from different banks in the Philippines, just like Landbank!
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For Overseas Filipino Workers (OFWs) who are looking for a housing loan, Pag-IBIG Fund is not the only choice. You can choose from different banks in the Philippines, just like Landbank!  Don't you know that Landbank has a "Bahay Para sa Bagong Bayani" o 3B Housing Loan Program for OFWs? We all know that to have a house to call your own is one of the most ultimate dreams of OFWs! So check this out!  Who are the eligible borrowers of 3B?  Filipino citizens OFWs holding a live contract with a reputable company 21 years old but not more than 65 years of age upon loan maturity Clear of adverse credit finding with other creditors  Eligible Loan Purpose?  Purchase of:  Residential Lot House and Lot Residential Units/Condominium/Townhouse Construction/improvement or renovation of existing residential unit owned by OFW Refinancing of an existing housing loan of the OFW on "CURRENT" status An assumption by an OFW an existing housing loan by another borrower either with LANDBANK or another creditor  Loan Amount  Lowest of the paying capacity of the OFW or loan value of collateral with a loan value of 80% provided that:  Financing will be for the principal residence or dwelling of the borrower OFW; and The title should be under the name of the OFW Tenor  20 years: for OFW with co-borrower 15 years: for OFW without co-borrower Collateral  Primary, the Object of Financing or separate prime property if warranted Others that may be accepted in addition to the object of financing: Deposit with Hold-out  Interest Rate  Variable: Based on the posted rates at the time of availment Subject to yearly repricing Fixed: Based on posted rates at the time of availment 2-3 years 4-5 years 6-7 years 8-10 years 11-15 years 16-20 years For Socialized Housing: 1% below the posted EHL rates at the time of availment subject to annual repricing  DOCUMENTARY REQUIREMENTS For Credit Analysis: Duly accomplished loan application form with 1" X 1" photo Copy of employment contract For Appraisal: Photocopy of TCT/CCT Photocopy of Tax Declaration (land improvements) Latest Real Estate Tax Receipts Certified by a Geodetic Engineer Lot Plan Location and vicinity map For Construction and Renovation: Photocopy of TCT/CCT
Don't you know that Landbank has a "Bahay Para sa Bagong Bayani" o 3B Housing Loan Program for OFWs? We all know that to have a house to call your own is one of the most ultimate dreams of OFWs! So check this out!
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Who are the eligible borrowers of 3B?
  • Filipino citizens
  • OFWs holding a live contract with a reputable company
  • 21 years old but not more than 65 years of age upon loan maturity
  • Clear of adverse credit finding with other creditors
Eligible Loan Purpose?

Purchase of:

  • Residential Lot
  • House and Lot
  • Residential Units/Condominium/Townhouse
  • Construction/improvement or renovation of existing residential unit owned by OFW
  • Refinancing of an existing housing loan of the OFW on "CURRENT" status
  • An assumption by an OFW an existing housing loan by another borrower either with LANDBANK or another creditor
Loan Amount

Lowest of the paying capacity of the OFW or loan value of collateral with a loan value of 80% provided that:

  • Financing will be for the principal residence or dwelling of the borrower OFW; and
  • The title should be under the name of the OFW
Tenor

20 years: for OFW with co-borrower
15 years: for OFW without co-borrower

Collateral

  • Primary, the Object of Financing or separate prime property if warranted
  • Others that may be accepted in addition to the object of financing:
Deposit with Hold-out
Interest Rate
  • Variable: Based on the posted rates at the time of availment
  • Subject to yearly repricing
  • Fixed: Based on posted rates at the time of availment
2-3 years
4-5 years
6-7 years
8-10 years
11-15 years
16-20 years

  • For Socialized Housing: 1% below the posted EHL rates at the time of availment subject to annual repricing
Documentary Requirements

For Credit Analysis:

  • Duly accomplished loan application form with 1" X 1" photo
  • Copy of employment contract
For Appraisal:
  • Photocopy of TCT/CCT
  • Photocopy of Tax Declaration (land improvements)
  • Latest Real Estate Tax Receipts
  • Certified by a Geodetic Engineer
  • Lot Plan
  • Location and vicinity map
For Construction and Renovation:
  • Photocopy of TCT/CCT



On the other hand, if you are not OFW and interested in applying for a housing loan in Landbank, you can still apply for Easy Home Loan Program.

Eligible Borrowers

  • Filipino citizens
  • 21 years old (must not be more than 65 years of age upon loan's maturity)
  • Borrowers who are either gainfully employed or with lawful and profitable business
Loan Purpose

For the purchase of:

  • Townhouse
  • Condominium unit
  • Lot, House and lot
  • Other residential unit
  • Construction of a residential building on a lot owned by the borrower
  • Refinancing of existing housing loan with other banks or financing firms or developers' in-house financing-provided account is in "current status"
Loanable Amount

Minimum of P500,000.00

For Private Applicants:

The borrowing capacity of the individual borrower and his/her spouse (if applicable) shall be based on the 30% of the verified Gross Monthly Income for private applicants gross monthly income

For Government Employees:

The borrowing capacity shall be based on the amount as required by GAA, after housing loan amortization

Tenor

The loan shall have a maximum term of 20 years, provided the combined age of the borrower and the term loan shall not exceed 65 years

Collateral

The loan shall be secured by residential/commercial real estate properties acceptable to LANDBANK

Documentary Requirements
Employed individuals:

  • Personal Information Data Sheet
  • Certificate of employment
  • Latest payslip indicating net take-home pay of borrower
  • Any two of the following latest Billing Statements:
  • Electric Bill
  • Phone Bill
  • Water Bill
  • Credit Card Bill
  • TV Subscription Bill
  • Private individuals owning their business / With the established source of income:
  • Business Registration and Licenses
  • Biodata
  • BIR-stamped Financial Statements and Income Tax Returns for the last three years
Others

Applicable for both employed and private individuals with business

For Condos:

  • Master Deed of Restriction
  • Building and Unit Floor Plan
  • HLURB Permit to Sell
  • HLURB Locational Clearance
This article is filed under: Small Personal Loans Low Interest Rate, Mortgage Lenders, Home Mortgage Loans, Homeloans, Home Equity Loan

SEE MORE:

Here are the following foreclosed properties of Land Bank of the Philippines with a price range from P50,000 and above. So if you are looking for bankruptcy house or foreclosed house to buy for your family or for investment? Check it the list below!
 Read: East West Bank Foreclosed Properties For Sale This April 2018
Real properties are always a good investment. Be it a house and lot or a vacant lot, its value will continue to increase as the years goes by. But don't you know that you can buy a much cheaper real estate properties from banks? These are called foreclosed properties, like bankruptcy house or any other properties that being pulled by the bank
Read:Pag-IBIG Fund Foreclosed Properties for Sale This April 2018
Are you looking for bankruptcy house or foreclosed house to buy for your family or for investment? The Pag-IBIG Fund has many acquired properties for sale in their foreclosure auction this month of April 2018  Read more: https://www.jbsolis.com/2018/04/pag-ibig-fund-foreclosed-properties-for-sale-this-April-2018.html#ixzz5CLoCwglt

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