Cashback Mortgage FAQ
   III. On the Loan Release
 
 
     
 

III. ON THE LOAN RELEASE

  • Once loan account is approved, loan documents (approval letter, promisorry note, disclosure statement, real estate mortgage, etc.) will be prepared by the AO for signature of client/s. All borrowers and mortgagors are required to sign at Mortgage Banking Department located at the 11th Floor BA Lepanto Building, Paseo De Roxas Makati City.
  • Clients are expected to bring the following documents, for release of the loan :
    1. Community Tax Certificate / TIN Number
    2. Affidavit of Consent of the Majority beneficiaries of legal age, if property is a family home
    3. Original title of Property such as TCT / CCT
    4. Latest Tax Declaration of the land & improvements (if any)
    5. Updated Real Estate Tax receipts (RETR) and Updated Tax Clearance
    6. Fire insurance based on the appraised value of the property issued by an accredited insurance company duly endorsed to the Bank (if applicable)
    7. Mortgage Redemption Insurance (MRI) of the Borrower duly endorsed to the Bank
    8. Marriage Contract or any other official document to prove marriage, if married or Certificate of, Finality of Judgement, if annulled or legally seperated (if applicable).
    9. Special Power of Attorney, if Borrower/Mortgagor is acting through an Attorney-In-Fact (if applicable)
    10. Business Registration Papers (S E C / D T I / Mayor's permit, Articles of Incorporation & By-Laws, & notarized Secretary's Certificate and Board resolution authorizing signatory/ies to borrow and/or mortgage property (specific) with specimen signatures (if applicable)
    11. Cancellation of Section 7 RA 26 (if applicable)
    12. Cancellation of Section 4 Rule 74 (if applicable)
    13. Master Deed of Restriction/Declaration of Restriction (for Condo/Townhouse unit) Affidavit/Certification of Non-Delinquency from the condo management (for condo/townhouse unit)
  • After all loan documents have been signed and all requirements have been submitted, account will undergo the following :

    For take-out/refinancing  
    • Chinatrust letter of guarantee will be served to other bank/financial institution where the loan is existing
    • Other bank/financial institution will reply/conforme to Chinatrust Letter of Guarantee
    • Other bank/financial institution will provide schedule to Chinatrust for annotation
    • Chinatrust will complete annotation (2-3 days)
    • Other bank/financial institution will provide Statement of Account (SOA) as basis for payment/settlement
    • Borrower to pay all bank fees and charges (the same may be debited from loan proceeds)
    • Chinatrust to release MC to bank/financial Institution based on SOA
    • Upon receipt of MC from Chinatrust , other bank/financial institution will release Cancellation of REM
    • AO to provide amortization schedule to client
    For purchase
    • Chinatrust letter of guarantee will be served to seller
    • Seller will sign conforme to Chinatrust Letter of Guarantee
    • Seller will transfer title under borrower's name/client name
    • Seller to submit title under borrower's name, tax declaration, tax receipt and tax clearance
    • Chinatrust will complete annotation (2-3 days)
    • Seller will provide Statement of Account (SOA) as basis for payment/settlement
    • Borrower to pay all bank fees and charges (the same may be debited from loan proceeds)
    • Chinatrust to release MC to Seller based on SOA
    For personal investment / consumption / working capital
    • Borrower will submit original title, tax declaration tax receipt and tax clearance
    • Chinatrust will complete annotation (2-3 days)
    • Borrower to pay all bank fees and charges (the same may be debited from loan proceeds)
    • Chinatrust to release MC to borrower/credit account of borrower



  • Fees and charges to book and release loan include the following :

    • Registration expense PHP10,000 for every PHP1.0 million loan (estimate only)
    Cancellation fee (for take-out only) PHP5,000 for every PHP1.0 million loan to be cancelled on title (estimate only)
    Documentary Stamps PHP1.00 for every PHP200 loan
    Handling Fee PHP1,500
    Notarial Fee PHP300
    * MRI (mortgage Redemption Insurance) PHP2.0 for every PHP1,000 loan for standard rate and PHP5.00 for every PHP1,000 loan for sub-standard rate
    Fire Insurance Premium variable