Financing Requirements

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

• What is the procedure for Financing Scheme?
• How about reservation?
• When will the 1st equity/down payment made?
• How about monthly amortization?
• How do we go about the turn-over of the unit?
• Is there a buyer's guarantee?
• Can I make improvements on the house?
• When can I move in?
• If I pay in cash can I get discounts?

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

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 Three (3) copies Consularized Special Power of Attorney (SPA) designating their representative (must be a relative up to the 2nd degree of consanguinity or affinity)

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.
• 10% P.A. Fixed for 3 Years; Annual re-pricing thereafter

If Overseas Filipino Worker (OFW) – Metrobank Three (3) copies 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 recomputated again base on prevailing interest rate.

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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

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1. Signed Reservation Agreement

2. 1st Monthly Amortization for Down Payment

3. Valid ID - If Married, both Husband and Wife

4. Photocopy of Birth Certificate -Single ; Photocopy of Marriage Contract - Married

5. Tax Identification Number (TIN)

6. Complete Post Dated Checks

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Month 1 - Day 1 to Day 30: Submission of Requirements (Please refer to financing requirements)

Month 2 - Day 5th or 20th:     Ist Monthly Equity or Down payment

Month 3 to 13 or Month 3 to 19 - 2nd to 12th or 2nd to 18th: Monthly Equity or Down payment

Month 14 to 17 or Month 20 to 22 - Last Monthly Equity / Down Payment and House Turn-Over

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Reservation

Reservation is from P7,500 to P30,000 depending on the house model. It is non-refundable but will make as part of your downpayment. It can be transferred to another unit or person provided it is from the same agent and developer. A transfer fee of P3,000.00 will be charged to the buyer. 1 to 2 weeks approval.

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Monthly Equity or Down payment

First monthly equity or downpayment will start either on the 5th or the 20th hit date of the following month upon reservation.
Example: Reserved a unit on Jan. 1. First monthly equity or down payment will start on Feb. 5. Succeeding payments deadline will be on every 5th of the month.

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Monthly Amortization

First monthly amortization will start a month after finishing payments of monthly equity or downpayment. It will not coincide with downpayment. (Hindi po magsasabay) Amount and duration will depend on the loan and term applied for.

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House Turn-Over

Buyer will receive a Clearance for Inspection (CFI) from the developer (Pro Friends) stating that the house is ready for inspection. Buyer will be given 2 months to inspect and make repair request for the house. Buyer will issue a letter of acceptance when everything is well.

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Buyer's Guarantee

Yes, there is. Aside from 2 months to make repair request for the house upon completion, buyer will also be given one whole rainy season to inspect the house. If found to have a leak, developer will make repair FREE of charge.

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House Improvement

House improvement will only be allowed upon turn-over of the unit. Buyer will submit drawings/proposal to Engineering office of the developer for approval of alterations. This is to ensure structural integrity.

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Ready for Occupancy

Buyer is required to make full down payment and take-out of bank loan to transfer. Estimated time to move-in is 1 to 4 months.

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Discounts if Paid by Cash

Yes, discounts are based on the selling price.

• Within 7 days from the date of reservation fee - 10%
• Between 8 - 30 days - 9.5%
• Between 31 - 60 days - 9%
• Between 61 - 90 days - 8.5%

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Attachments:

File	Description	File size
Cocolife	Print 2 copies	3783 Kb
PNB Life Insurance	Print 2 copies	3036 Kb
SPA(back) 3pcs authenticate	Print 7 copies	3028 Kb
SPA Profriends(back)	Print 7 copies	3182 Kb
SPA Profriends	Print 7 copies	3498 Kb
SPA 3pcs authenticate	Print 7 copies	3298 Kb