Cashback Mortgage FAQ
   I. On the Application Process
 
 
     
 

I. ON THE APPLICATION PROCESS
A. Terms and Conditions of Housing Loan/Business Loan

  For Individual Borrowers For Self-Employed / Business
Loan Purpose and Maximum Tenor Acquisition of House & Lot (20 years)
House Construction (20 years)
Acquisition of Condominium(15 years)
Renovation(15 years)
Refinancing (15 years)
Reimbursement (15 years)
Acquisition of lot (10 years)
Personal Investment / Consumption (10 years)		 Working Capital (5 years)
Personal Investments (5 years)
Home / Store / Office Expansion / Improvement (5 years)
Target Market 28 to 55 years old (60 years old on loan maturity)
Regularly employed for at least 1 year
Combined Gross Monthly Income of P50,000.00		 28 to 55 years old (60 years old on loan maturity)
Business must be operating for at least 3 years
Average deposits/cashflow of at least P100,000.00 for the last 3 months.
Minimum Loan Amount P500,000.00 P500,000.00
Maximum Loan Amount

For loan less than P3,500,000.00, loan amount should not exceed 70% of the appraised value of collateral

For loan more than P3,500,000.00, loan amount is allowed to have 60% of the appraised value of the collateral

For loans with purpose is to purchase a lot, will have a maximum loanable amount of 60% of the appraised value.

 Up to 60% of the appraised value of collateral or P10 Million whichever is lower.
Acceptable Collateral Residential or commercial real estate properties located within Metro Manila, CALABARZON, Cebu, Davao, Pampanga Residential or commercial real estate properties located within Metro Manila, CALABARZON, Cebu, Davao, Pampanga
Interest Rate Indicative rate of 9% p.a. Indicative rate of 13.5% p.a.
Processing Fees P3,500.00 (for properties within Metro Manila) P3,500.00 (for properties within Metro Manila)
Insurance Requirement

MRI equivalent to loan amount.

Fire/Property Insurance equivalent to the insurable value of the collateral (improvement).

Insurance (MRI and Fire) to be coursed thru Chinatrust.

MRI not required.

Fire/Property Insurance equivalent to the insurable value of the collateral (improvement).

Insurance (MRI and Fire) to be coursed thru Chinatrust.

B. DOCUMENTATION REQUIREMENTS (PRE-PROCESSING)

FOR INDIVIDUALS ( EMPLOYED)

1. Duly filled-up & signed application form,
2. Certificate of Employment (COE) and/or current payslips
3. Bank Statements for the past 3 months
4. Photocopy of the latest Income Tax return (ITR) w/ 2 form
5. Marriage Contract (if applicable)
6. Photocopy of TCT/CCT
7. Photocopy of Lot Plan/Vicinity Map/Floor Plan/Subdivision Plan
8. Photocopy of Tax Declaration (land & improvement (if any) ), Tax Receipts (RETR), and updated Tax Clearance
9. Photocopy of valid IDs (Driver's license, passport, SSS/GSIS card)
10. Building Plans/Bill of Materials/Floor Plan of the proposed improvement (for house construction or house renovation loan)
11. Payment of Processing fee of P3,500.00
12. Community Tax Certificate (i.e. number, date issued, & place issued)
13. Valid ID's
14. Alien Certificate of Registration (only for foreigners buying condominium units)
15. Latest statement of account with other bank (only for loan take-out/refinancing with other bank)


FOR INDIVIDUALS ( SELF-EMPLOYED)

1. Duly filled-up & signed application form
2. Marriage Contract (if applicable)
3. Business Registration Papers (SEC, DTI Certificates, & Mayor's Permit)
4. Bank statements for the past 3 months
5. Financial Statements & Income Tax return for the past 3 years
6. Photocopy of TCT/CCT
7. Lot Plan/Vicinity Plan/Floor Plan/Subdivision Plan
8. Photocopy of Tax Declaration (land & improvement (if any)), Real Estate Tax Receipts, & Tax, Clearance
9. Photocopy of valid ID (Driver's license, passport, SSS/GSIS card.)
10. Building Plans/Bill of Materials/Floor Plan of the proposed improvement (for house construction or renovation loan)
11. List of suppliers & customers
12. Payment of processing fee of P3,500.00
13. Community Tax Certificate (i.e. number, date issued, & place issued)
14. Valid ID's
15. Latest statement of account with other bank (only for loan take-out/refinancing with other bank)


FOR S M E s

1. Duly filled-up and signed application form
2. Bank statements for the past 3 months
3. Financial Statements (in-house/audited) and Income Tax return for the past 3 years
4. Photocopy of TCT/CCT
5. Lot Plan/Vicinit Plan/Floor Plan/Subdivision Plan
6. Photocopy of Tax Declaration, Real Estate Tax receipts, & Tax Clearance
7. Business registration Papers (SEC, DTI Certificates, & Mayor's Permit).8.
8. Building Plans/Bill of Materials/Floor Plan of the proposed improvement (for house construction or house renovation loan)
9. Payment of processing fee of P3,500.00
10. Photocopy of valid ID (Driver's license, Passport, SSS/GSIS card.)
11. Community Tax Certificate (i.e. number, date issued, & place issued)
12. Valid ID's of authorized signatories
13. Latest statement of account with other bank (only for loan take-out/refinancing with other bank)

C. PRE-SCREENING PROCESS

  • Application form together with documentary requirements submitted by client will be evaluated and undergo-pre-screening process. If applicant passes pre-screening criteria, request for an extensive credit investigation and appraisal of property will be conducted. Cost for the same is PHP3,500. If applicant does not pass pre-screening criteria, documents will be returned and appraisal fee will be refunded.
  • If results of the credit investigation are favorable (i.e., no adverse findings against the client), and results of property inspections are satisfactory (i.e. property is acceptable and have no negative factors), account will be elevated for approval. if results of one or both reports are negative, account will be denied, and documents will be returned. Processing fee of PHP3,500 will not be refunded to defray actual cost incurred by the Bank