What materials do you need to prepare for a loan to buy a house in the Philippines?

EasyGo International consulted Cebuana Lhuillier Bank before, and the annual interest rate for a three-year loan is 6.5 (recently, some customers have handled a bank loan with an interest rate of 11%, so they still need to consult the bank for details). In fact, the information is complete and the procedures are not too complicated. However, if they have to work in a Philippine company for two years and have a bank flow, many lenders will be baffled, or if you have a long-term residence visa such as SRRV, it will also be helpful for the loan. The screenshot below is the information provided by the bank to the editor. Let's take the first "foreigner working in the Philippines" as an example and see what materials need to be prepared.

1.Signed Application Forms / BIS (Application Form)

2.2 Valid PH Gov't ID (2 valid certificates issued by the Philippine government)

3.3 Months Latest Payslips (salary schedule for the past three months)

4.Latest COE (Certificate of Employment)

5.ITR (Individual Income Tax Return)

6.Title (real estate certificate, if not, the developer will assist)

7.Cenomar/Marriage Cert. which ever is applicable (unmarried/married certificate)

8.SOA (Billing)

9.Alien Certificate of Registration for Foreigner working in PH (Alien Residence Permit)

10.RA/CTS (house reservation certificate/house purchase contract)

This is similar to our domestic lending situation, which requires a review of lender information and credit. When the documents provided are complete and meet the bank's requirements, the bank will go to see your house and then lend the money to the developer. You can repay the loan every month according to the negotiated repayment requirements. As for the time of lending, in fact, it is quite fast. The bank consulted by the small editor can take a week or two. But it also depends on the requirements of specific banks. Therefore, if you have a relatively stable job in the Philippines, can repay the loan steadily every month, or the house has been rented to ensure stable cash flow, you can try to apply for a loan from the bank.

It used to be difficult for foreigners to get a home loan, but it's starting to get easier. Mainly depends on your visa type and personal circumstances, if you have a loan needs, the following banks can try to understand.

METROBANK: They will provide some loans according to the visa category of the foreigner.

BPI BANK: Mortgages are available to expats who have the right type of visa or are married to a Filipino.

BDO: is the largest bank in the Philippines and provides loan products based on the personal circumstances of expatriates.

RCBC BANK: The mortgage products offered are suitable for foreigners with relevant visas and documents.

Loansolutions.ph: is a brokerage company that provides various types of loans to local and foreign customers.