Home Loan Pre-Approval

Most Filipinos turn to housing loans to afford their dream home. People looking to buy a house and lot can get a housing loan from banks, real estate developers, and government agencies.

There are two types of housing loans that offer different terms. Conventional housing loans require loanees to make fixed payments over a period of time. Flexible housing loans allow loanees to set their interest rate based on their down payment. These two housing loan terms are designed to help potential owners find a payment plan that works for them.

Keep this in mind if you are planning to buy a house and lot. Here are the following financing options available in the Philippines:

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Housing Loan from a Bank

Most banks offer a variety of financing options, including comprehensive home loans. However, the application process can be lengthy. The amount of money you can borrow and the loan terms may also vary from bank to bank.

Pag-IBIG Housing Loan

You can get a housing loan from this government agency if you are a Pag-IBIG member. Salaried, self-employed, and OFWs up to the age of 65 are eligible to take out a loan of up to PHP 6 million for a residential lot, home, or condominium.

Financing In-House

Real estate developers like Property Company of Friends for Lancaster New City Cavite can provide you with a housing loan.

 

If you have difficulty securing a loan based on your own income capacity, you may secure a co-borrower who is your relative up to the 2nd degree of consanguinity or affinity.   You are, however, encouraged to save as much as you can so you can reduce the loanable amount, pay lower interest, and pay-off your loan earlier.

Once you’ve figured out the best financing option for your budget and home needs, it’s time to submit the requirements to your desired loaner for approval. These are the general requirements for each category. Some loaners may have additional requirements, so make sure to ask your loaner.

Bank Financing – Locally Employed

• 3pcs. 1×1 ID Picture
• Photocopy of 2 Valid ID’s
• Certificate of No Marriage (CENOMAR) (if Single)
• Certificate of Employment
• Birth Certificate (if Single)
• Marriage Contract (if Married)
• Tax Identification Number (TIN)
• Latest Proof of Billing
• 3 Months Payslip
• Income Tax Return (ITR)
• Postdated Checks or Automatic Debit Agreement

Bank Financing – OFW

• 3pcs. 1×1 ID Picture
• Photocopy of 2 Valid ID’s
• Passport
• Birth Certificate (If single)
• Certificate of No Marriage (CENOMAR) (if still single)
• Marriage Contract (if married)
• 3 Months Payslip or
• Job Contract or Certificate of Employment with Compensation
• Tax Identification Number (TIN)
• Latest Proof of Billing
• Postdated Checks or Automatic Debit Agreement

In House Financing – Locally Employed

• 3pcs. 1×1 ID Picture
• Photocopy of 2 Valid ID’s
• Certificate of Employment
• Birth Certificate (If single)
• Marriage Contract (if married)
• Tax Identification Number (TIN)
• Latest Proof of Billing (Buyer) (Recent)
• Postdated Checks (Buyer) or Automatic Debit Agreement

In House Financing – OFW

• 3pc. pcs. 1×1 ID Picture
• Photocopy of 2 Valid ID’s
• Passport
• Certificate of Employment
• Birth Certificate (If single)
• Marriage Contract (if married)
• Tax Identification Number (TIN)
• Latest Proof of Billing (Buyer) (Recent)
• Postdated Checks (Buyer) or Automatic Debit Agreement

Lancaster New City Cavite offers flexible payment terms to help you land your dream home much sooner than expected. Talk to our real estate agents today, and find out how you can apply for our in-house financing options.

 

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Township Living

Lancaster New City in Cavite is a master-planned township where everything your family could possibly need are within reach. Apart from offering premium yet affordable townhouses and single attached homes for sale in Cavite, we also have The Parish of the Holy Family, a place of worship inside Lancaster New City; LNC Grounds, perfect venues for social, commercial, and community activities of the homeowners and their guests; Leighton Hall, a clubhouse with an outdoor pool; The Square, a lifestyle community mall; and St. Edward School.

With our affordable house and lot rates in Cavite, there really isn’t a reason for you to keep renting on a townhouse that isn’t yours. Get in touch with one of our real estate agents today to see how you can move into your dream home as soon as possible!