WHAT ARE THE REQUIREMENTS FOR HOUSING LOAN?

In general, you have to provide the following documents and information when applying for a housing loan:

• Completed application form Two valid IDs

• Marriage contract, if applicable.

• Application form for co-borrower, if applicable.

• Proof of income

• Collateral documents

• Bank statements for the last three months, credit accounts, or loan statements

• Authorization to conduct a background check

The amount you can borrow for a housing loan depends on your lender and the appraised value of your desired property. Banks can provide up to 95% of the property’s assessed value, but a minimum down payment amount of 5% is required. For Pag-IBIG housing loans, you can borrow from PHP 600,000 to PHP 6 million, depending on your qualifications.

Different institutions offering housing loans have different processing periods. You can get an approval for your loan as fast as five working days. However, housing loans typically take 15 working days to be processed. For Pag-IBIG housing loan applications, it takes 17 working days for approval.