Philippine Business Bank Housing Loan Requirements

What is a Housing Loan?

A housing loan, in simple terms, is a type of financing whereby the borrower uses the loan proceeds to purchase either a house and lot, lot only, condominium unit, or a townhouse. However, housing loan in the Philippines also includes home renovation or refinancing. Just like any other type of loan, a housing loan will likewise be paid under certain terms and conditions that both the borrower and lender mutually agree with. 

One of the many lending banks that provide this kind of loan is the Philippine Business Bank (PBB) which helps its applicants apply for a quality housing loan with a simple application process. Philippine Business Bank Housing Loan requirements depend on the current employment status of the borrower upon application as a guarantee that he or she is not just eligible but also capable of repaying the loan within a specific period.

Loan Purpose

Those who wish to apply for a housing loan may do so provided the following purposes are met:

• Purchase of House and Lot
• Purchase of Condominium
• Purchase of Townhouse
• Purchase of Lot
• House Construction
• House Renovation
• Refinancing

Housing Loan Requirements

Borrowers who wish to apply for a housing loan with Philippine Business Loan may prepare the following requirements upon loan application: 

Employed

• Completely filled out PBB loan application form
• Latest Income Tax Return (ITR) form 2316 for the past 3 years
• Latest payslip for the past 3 months
• Bank statement or passbook for the past 6 months
• Original certificate of employment with or without compensation
• Two (2) valid IDs with photo and signature

OFWs

• Completely filled out PBB loan application form

• Original certificate of employment with compensation
• Proof of remittance
• One (1) Photocopy of DFA passport
• Notarized statement of assets and liabilities
• Latest payslip for the past 3 months
• Bank statement or passbook for the past 6 months
• Two (2) valid IDs with photo and signature

If the OFW cannot be physically present due to work abroad, the following is also required to be submitted along with the primary requirements: 

• Notarized and consularized Special Power of Attorney (SPA)

Self-Employed

• Completely filled out PBB loan application form
• Latest Income Tax Return (ITR) form for the past 3 years
• Latest AFS and in-house for the past 3 years
• Latest certificate of residency
• Latest Mayor’s permit with OR
• Bank statement or passbook for the past 6 months
• Department of Trade and Industry (DTI) Registration and Original Application
• Trade reference with contact numbers
• Company profile or business documents
• Two (2) valid IDs with photo and signature

Collateral Documents

• Copy of TCT or CCT
• Original Tax Declaration, RETR, and Tax Clearance
• Contract to sell
• Lot plan with vicinity map

Conclusion

Knowing the best loan option that will meet your needs is equally important as becoming aware of Philippine Business Bank Housing Loan requirements as it gives you a glimpse of the things you should present to successfully get your loan application approved. Once everything is settled, money will no longer be the primary concern that will hinder your plan of turning your dream home into a reality.