Bank of Commerce is one of Philippines leading commercial banks, established in 1991. It is also known by the names BankCom, Bancommerce and BoC. Its headquarters is in Mandaluyo, Philippines. Bank of commerce offers a wide range of banking and financial services to its customers including personal banking services such as savings deposits, current deposits, time deposits and loans such as car loans, home loans etc., and corporate banking services such as cash management products, and so on.
Bank of Commerce home loans are offered to customers for purchase of house and plot, purchase of townhouse or condominium unit, construction of house, repair and improvement or expansion of an existing house, refinancing existing housing loan and so on. Minimum loan amount that can be availed is PHP 500,000 for a term of minimum ten years up to a maximum term of twenty years.
You’re probably eligible for an Bank of Commerce Housing Loan if you are
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Bank of Commerce Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
EMIs of other loans lower
Increase your eligiblility for Bank of Commerce Housing Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 10-20 years
Alternatively add your parents
Documentation needed to apply for an Bank of Commerce Housing Loan
- 1.Duly filled Housing loan application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Postal ID, PRC ID etc
- 3. Copies of the last 6 months’ bank statements or deposit passbooks
- 4.Documentation for salaried applicants:
- Income Tax Return (ITR) copy with BIR or bank stamp of the last 1 year
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of Business Certificate
- Income Tax Return (ITR) copy with BIR or bank stamp
Bank of Commerce Housing Loan DetailsUpdated on 27 Oct 2016
|Margin of Finance||Up to 80%|
Requirements for Bank of Commerce Home Loan Application
In general, the documents that has to be provided by the applicants at the time of application are as follows:
- Duly filled and signed application form. The application form can be obtained from the bank’s branches or online as well.
- 2 photos each of the spouse or co-obligor.
- Photocopy of Identity proof such as driver's license, passport, SSS ID, Company ID if company belongs to top 5000 corporation, Postal ID, PRC ID, etc.
- Copy of 3 months bank statements or deposit passbooks has to be submitted by the applicant.
- If a married couple are applying for the home loan, a copy of their marriage contract has to be submitted to the bank at the time of application.
Documents to be submitted by applicants
- If the applicant is employed, he/she has to provide Income Tax Return (ITR) copy, with BIR (Bureau of Internal Revenue) or bank’s stamp, of the last 3 years at the time of application for the home loan.
- Original copy of Certificate of Employment that shows applicant's designation, income, and period of stay in the company.
- The applicant has to submit his/her latest 3 month payslip received from the company he/she is working with.
- Proof of other income sources such as investment income, income from property etc. have to be provided at the time of application of home loan in order to better evaluate repayment options and this is turn increases the eligibility quotient of the customer.
- Address proof/ Proof of residence.
- Original copy of latest contract of employment also has to be provided at the time of application.
- A photocopy of the business registration documents with DTI if it is a single proprietorship or SEC if it is a partnership or corporation.
- Audited Financial Statement of the last 2 years.
- Income Tax Return (ITR) copy of the last 3 years, with BIR or bank stamp.
- The applicant has to share his/her Business/Company profile with the bank.
- Self-employed applicants also have to provide a copy of their customers list or suppliers list.
Other Products from Bank of Commerce