Home Refinance Loan includes applying for a secured loan to pay off a loan that has already been secured with a piece of property of their assets. If your first housing loan had a high interest rate, it only makes sense that you would be interested in a loan with a lower rate of interest.
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Document Requirements:
- Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, of legal age (not exceeding 65 yrs old upon loan maturity)
- Individuals with minimum gross family income of P50,000.00/monthly.
- For sole proprietorships or family corporations, the business must be profitably operating for the last two (2) years.
Pre-Approval Requirements:
If locally employed
- Latest Income Tax return (ITR)
- Certificate of Employment with Compensation OR latest full month payslip
If employed abroad
- For seamen: latest crew contract and employment history
- For nurses, contract workers and immigrants: employment contract or Certification of employment & salary (to be authenticated by the Phil. Consulate upon loan approval)
- Proof of monthly remittances OR payslips for the past three (3) months
If self-employed
- Income Tax Return (ITR) for the last 2 years
- Financial statements for the last 2 years (Audited and In-house, if applicable) Certificate of Business Registration with DTI or SEC Business Registration &
By-Laws, whichever is applicable - Top three (3) major suppliers and customers with contact persons and numbers
- Photocopy of the Statement of bank accounts for the last six (6) months OR photocopy of passbook for the past six (6) months
- For Rental Income: Copy of TCT/CCT and lease contract from rented/leased properties
