As a subsidiary of the China Banking Corporation, the China Bank Savings was established in Philippines in 2007 and has now expanded with 73 branches across the country. Aiming to provide innovative banking solutions for the economic growth of the Filipino community, CBS offers a diverse array of products with quick approvals and processing. CBS has rapidly expanded its loan portfolio over the years, with the China Bank Savings home loan product, ‘Easi-Livin Home Loan’ being very popular across the Philippines. CBS has also tuned itself to meet the demands of the tech-savvy population by introducing convenient and secure e-banking solutions. As the bank’s motto suggests, China Bank Savings constantly strives to provide easy, fast and safe banking to all its Filipino customers.
You’re probably eligible for an China Bank Savings Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your China Bank Savings Housing Loan amount eligibility is based on these factors
Earn more than the minimum income required
EMIs of other loans lower
Increase your eligiblility for China Bank Savings Housing Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Alternatively add your parents
Documentation needed to apply for an China Bank Savings 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. Copy of latest income Tax Return
- 4.Documentation for salaried applicants:
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of Audited Financial Statements of the past year
China Bank Savings Housing Loan DetailsUpdated on 24 Jan 2017
|Interest rate||7.5% - 11.5%|
|Minimum Loan Amount||P400,000|
Features of a China Bank Savings Home Loan
Invest on your dream home with Easi-Livin' Home mortgage loans, available to the individual borrower with custom made plans and easy application processes. China Bank Savings provides different financing schemes depending on the purpose of the loan. Easi-Lot purchases can be procured for the acquisition or refinancing of vacant lots. Homes, lots, townhouses or condominiums can be financed using the Easi-Home Purchase scheme. Individuals looking to construct a house can do so with quick funds provided by the Easi-Home Construction plan. Renovation or expansion of existing homes can be covered using the Easi-Home Improvement loan program. Easi-Home Deals help Filipinos get a term loan against their existing real estate mortgages under the name of the borrower for any kind of personal use.
- China Bank Savings offers housing loans with a minimum loan amount of PhP 400, 000.00 and up to a maximum of PhP 25,000,000.
- The repayment of a China Bank Savings home loan can be done easily using monthly amortizations over the selected loan tenure.
- China Bank Savings requires borrowers to submit a collateral for the home loan in the form of a first mortgage lien in favour of the bank on the property that is financed.
- Along with the home loan, the bank also provides fire insurance for the financed houses and lots, life insurance, mortgage redemption insurance and HGC cover, if applicable.
- China Bank Savings customers can opt to repay their housing loans by arranging for automatic debits with CBS, by issuing post-dated cheques or by paying their monthly installments at any CBS branch across the Philippines.
- The borrower also needs to bear the following additional charges and fees when he applies for a China Bank Savings home loan - processing fee, appraisal fee, REM registration fees, miscellaneous fees, and mortgage redemption insurance, documentary stamps on Promissory Note and fire insurance premiums, if applicable.
Eligibility for Getting China Bank Savings Home Loan
- Applicants aged 21 years and above can apply for a China Bank Savings home loan and they should not be above 65 years at the time of maturity of the housing loan.
- Applicants must compulsorily be Filipino citizens to be eligible to apply for a China Bank Savings home loan. A foreigner married to a Filipino and with atleast two years of continuous residency in the Philippines can apply for a housing loan with China Bank Savings.
- While applying for a China Bank Savings home loan, Overseas Filipino Workers need to appoint a loan administrator to negotiate with the bank on his behalf. The chosen administrator should be a Filipino residing in the Philippines and should be a relative of the applicant.
- Individuals can also opt to have a co-maker or co-borrower provided they meet certain eligibility criteria. If the borrower is married then his spouse can be chosen as the co-maker. If the applicant is single, then the co-borrower needs to be a Filipino residing in the Philippines and should be a relative with the required repayment capacity.
- Borrowers need to show a combined family gross monthly income of atleast PhP 30,000 to be eligible to apply for a China Bank Savings home loan.
- A borrower’s home loan eligibility is primarily decided based on his repayment capacity along with other factors like - qualification, spouse’s income, number of dependents, stability of his employment, assets, liabilities and savings history.
China Bank Savings Housing Loan Interest Rates
- Filipino Passports
- Unified Multiple-Purpose ID (UMID)
- Professional Regulation Commission (PRC) ID
- Overseas Filipino Worker (OFW) ID
- Driver’s License
- Overseas Workers Welfare Administration (OWWA) ID
- Government Service Insurance System (GSIS) e-Card
- Integrated Bar of the Philippines (IBP) ID
- Social Security System (SSS) Card
- Digitized Tax Identification Number ID
- Digitized National Bureau of Investigation (NBI) ID
- Seaman’s Book
- Police Clearance
- Postal ID / Voter’s ID
- Senior Citizen Card
- Barangay Certification
- Firearms License
- Department of Social Welfare and Development (DSWD) Certification
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Government Office and GOCC ID (Armed Forces of the Philippines ID or HDMF ID)
- Company IDs issued by Private Institutions registered with BSP, SEC or the Insurance Commission
Other Products from China Bank Savings