Tapping into the wealth of real estate is one of the benefits of home ownership. You can obtain equity financing for Investment, Debt Consolidation, Emergencies, & Education.
Loan Features
- Interest Rates from 6% - 8%, based on Property value
- Up to 90% Financing
- Repayment Term of up to 30 years, or the remaining period of the existing loan
- Origination Fee of up to 1% of the loan amount
How to Begin
A home will typically be the most significant asset acquired by an individual and it can be leveraged as a source of further wealth creation. Equity in your home can create such wealth. Equity is simply the difference between the market value of a property and the outstanding debt. Learn how Home Equity can be used to obtain the necessary financing towards long-term goals in our How-to Guide.
More Information
Required Documents
Standard Documents
- Evidence of Nationality (2 Forms of ID)
- National Insurance System (NIS) Number
- Income Tax (BIR) Number
- Evidence of Income
- Evidence of Savings & Indebtedness
- Most Recent Credit Card Statement(s)
- Title Deed or Lease & Mortgage Deed
- Valuation Report
- Up-to-date receipts for Land & Building Taxes, Water & Sewerage Rates & Lease Rent
- WASA Clearance Certificate
- Utility Bill
Other Required Documents
- Confirmation of Investment Option, as applicable
- Certificate of Assessment
- Completion Certificate from the Regional Corporation where property is less than 4 years old
Additional Documents: For a Townhouse or Condominium-type Home
- Share Certificate
- Registered Management Company Bye-Laws
- Management Company’s Statement on Insurance Coverage and Maintenance Charges with evidence of up to date payment
Documents, including Valuation & Quantity Surveyor Reports, to be submitted IN DUPLICATE where applicable.
Evidence of Income: Submit an Original Job Letter & Pay Slip. If overtime is inconsistent, submit 2 TD4 slips for the past 2 years. If self employed, submit Audited Financial Statements for the last 2 years.
Evidence of Savings & Indebtedness: Submit Audited Financial Statements from all Financial Institutions with which you deal, including Credit Unions (monthly payments towards loans must be indicated on these statements).
Fees & Costs
Estimated Application Costs
- Application: $150.00
- Title Search: $1,000.00 (initial)
- Acceptance Fee: 1% of Loan Amount or $500.00 minimum
- Credit Bureau Report: $65.00 per applicant
- Site Visit: $300.00 per visit
Initial Payment Requirements
- Attorney’s Fees (Deed Preparation)
- Statutory Fees (Stamp Duty & Registration Fees)
- 3 months’ Rates & Taxes
- 3 months’ Maintenance Fees
- 1 year’s Lease Rent
- 1 year’s Homeowners Comprehensive Insurance Premium
