Upgrading your home can be easy and affordable. You do not need to have an existing mortgage with TTMF. Improvements must adhere to local building codes and follow designs and specifications approved by local regulatory bodies.
Loan Features
- Interest Rates range from 6% - 8%, based on Property Value
- Up to 100% Financing
- Repayment Term of up to 30 years
- Origination Fee of up to 1% of the Loan amount
- 3 to 6 months to complete Improvements
- Contractors’ All Risks Insurance
- Consolidation of existing Mortgage
- Mortgage Indemnity Insurance is not required
How to Begin
After you ascertain the amount of financing for which you can qualify, building plans must be approved, estimates submitted and Residential authorities notified. Learn how to compile the legal documentation required to construct a home 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
- Approved Building Plans (from Town & Country Planing Division & Regional Corporation)
- Signed Builder’s Estimate, in phased scheduled draw-downs
- Quantity Surveyor’s Report where the cost of the renovation/repairs exceeds $450,000.00
- Completion Certificate from the Regional Corporation & final Valuation Report upon completion of Renovation
- Evidence of Funds available for possible cost overruns, estimated at 10-15% of the total Renovation cost
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 $1,000.00 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)
- Monthly Interest on Bridging Balances
- 3 months’ Rates & Taxes
- 1 year’s Lease Rent
