Loans

BDO Asenso Kabayan Home Loans

• Product Description
  CLG Personal Loan is a real estate financing facility that can be used for the following purposes:

  Acquisition of vacant lot, house & lot, townhouse, condominium

  Refinancing of existing house loan

  House Construction

  Hose Renovation/Home Improvement

  Reimbursement of acquisition cost or construction cost

  Acquisition with house construction

  Acquisition with refinancing

  Refinancing Equity Loan

  Equity Loan

• Product Features

  Minimum Loan Amount as follows:

  PHP 500,000 for House and Lot, Townhouse and Condominium

  PHP 300,000 for vacant lot

  PHP 100,000 for Housing Equity Purposes

  Maximum Loan Amount (based on appraised value of property, provided property is primary residence)

  Up to 80% of appraised value for house & lot*

  Up to 80% of appraised value for townhouse*

  Up to 70% of appraised value for vacant lot*

  Up to 70% of appraised value for condominium*

  For Housing Equity Loans:

  Owner-Occupied - For Residential/ Commercial, 80% of appraised value;

  For Condominium, 70% of appraised value

  Not Owner-occupied - For Residential/ Commercial, 70% of appraised value;

  For Condominium and Vacant Lots, 60% of appraised value

  * Provided property is for primary residence

  Maximum Term (provided that age of the borrower does not exceed 65 years old at loan maturity and term of loan does not exceed the remaining economic life of the property)

  House & Lot / Townhouse                                 : Up to 15 years

  Condominium                                                     : Up to 15 years

  Vacant Lot                                                             : Up to 10 years

  Home Equity Loan

  Owner Occupied -	Residential Condominium Commercial	: Up to 15 years : Up to 15 years : Up to 10 years
  Not Owner Occupied -	Residential Condominium Commercial/ Vacant Lot	: Up to 10 years : Up to 10 years : Up to 5 years

  Security or Collateral Allowed

  Must be residential

  May or may not be owner-occupied

  Any of the following:

  Single detached

  Townhouse

  Duplex

  Condominium units

  Vacant lots

  Mixed-use

  Apartment (up to 4-doors)

  Must be free from liens & encumbrances

  Mode of Loan Proceeds Release

  For Acquisition: One-time release

  For Construction: Staggered releases as follows:

  First Release - 70% of Appraised value of lot

  Second Release - upon 30% completion

  Third Release - upon 60% completion

  Fourth Release - upon 90% completion

  Current Interest Rates

  Prevailing Rate at the time of availment

  Yearly repricing after the fixing period based on 364-day T-bill rate + 4% or 1-year MART 1 + 3% or prevailing market rate at the time of repricing, whichever is higher.

• Application Processing Guidelines

  Credit Requirements

  Qualified applicants

  Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, Foreign-based Filipino/OFW and its beneficiaries

  21 years old upon loan application and not more than 65 years old upon loan maturity

  Gross family income of PHP 50,000.00/month or US$ equivalent

  Must have beneficiary/ loan administrator

  Employment

  a. 2 years consecutive contract

  b. 3 years consecutive contract for domestic helpers

  Good credit standing

  With at least one (1) local landline

  Pre-Approval Requirements - Upon Application

  1. Completely filled-up application form

  2. Proof of Income: Any of the following:

  a) Latest Crew Contract (for seamen)

  b) Certificate of Employment or current employment contract

  c) Proof of remittance or allotment slips or payslips for the past 3 months

  d) For immigrants, latest ITR or its equivalent

  3. A Special Power of Attorney duly executed by the borrower for individuals authorized to transact on behalf of the OFW,if applicable

  4. For natural-born Filipinos who acquired foreign citizenship through naturalization without dual citizenship, the new Balikbayan Law dictates that the person must execute a sworn statement showing intention to reside permanently in the Philippines upon application of loan indicating the following information:

  a) Date Filipino citizenship was lost

  b) Country of present citizenship

  c) Birth date and place

  d) Parents/spouse/children's (if applicable) names and addresses

  e) Area, location and the mode of acquisition of the property

  5. Other Requirements

  a) Collateral Papers

  i. Copy of TCT/CCT (for house & lot, condominium & townhouse)

  ii. Lot plan and vicinity map certified by a Geodetic Engineer

  iii. For construction/renovation

  Building plan or floor plan

  Bill of materials

  Building specifications (certified by an architect or a Civil Engineer)

  iv. For refinancing

  Statement of account and latest six (6) months official receipts

  Copy of lease contracts and title for income from rented/leased properties (if applicable)

  b) Others

  i. Marriage contract

  ii. Valid ID (primary IDs e.g., Driver's License, passport, SSS, etc.)

  iii. Owner's Collateral Appraisal Authorization

  iv. Appraisal fee

  Post-Approval Requirements - Upon Availment

  1. Signed Loan Docs (REM, MLA, Disclosure Statement)

  2. Original Owner's Duplicate Copy of Title (TCT or CCT)

  3. Copy of Tax Declaration (for Land & Improvement)

  4. Original Copy of Tax Clearance for the Current Year (for Land and Improvement)

  5. Copy of Current Year's Real Estate Tax Receipts (for Land and Improvement)

  6. PDC or Signed Auto - Debit Arrangement Form (ADA)

  7. Others: Petition to Cancel Sec7 RA26 etc. (if applicable)

  8. Insurance Requirements (to be endorsed to the bank)

  a) Mortgage Redemption Insurance (MRI) - equal to loan amount

  b) Fire Insurance - equal to the appraised value of the improvement

  i. Contractor's All Risk Insurance - for construction loan only (to be converted into Fire Insurance upon project construction)

  ii. Master Fire Policy - for condominiums only

  iii.Master Deed of Declaration of Restrictions (for condominium)

  
  

  For our Kabayans working abroad, please use the Asenso Kabayan Home Loan application forms by clicking on the following links:

  1. Application Form

  2. Special Power of Attorney Form