Owning a house is largely, once in a lifetime affair for many of us. Having an own house brings so much of content. A home is one of the most valuable assets that lives with us for the entire lifetime. Housing loan stimulates the desire of acquiring your own home. Its provides financial assistance and keeps the monthly household budget in place which implies less burden for you and your loved ones.
Chinatrust Commercial Bank housing loan is your friend in deed. CTBC Bank home loans are rich in features offering you loans at attractive interest rates and terms. Whether you’re purchasing a lot, buying a condominium or renovating an existing home, CTBC finances all your housing requirements.
You’re probably eligible for an CTBC Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your CTBC 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 CTBC Bank 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 20 years
Alternatively add your parents
Documentation needed to apply for an CTBC Bank 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. Copy of Building plan
- 5.Documentation for salaried applicants:
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 6. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of Audited Financial Statements of the past year
CTBC Bank Housing Loan DetailsUpdated on 23 Feb 2017
|Margin of Finance||Up to 80%|
About CTBC Bank
CTBC bank set its foot in Philippines in 1995, incorporated as CTBC Bank (Philippines) Corp, making it one of the early birds to set shop in the country when it opened up to entry of foreign banks. CTBC Bank (Philippines) is a subsidiary of Chinatrust Commercial Bank Corp. of Taiwan. A full-fledged bank, CTBC in Philippines provides a wide range of banking and financial services in both personal and business banking space.
In personal banking, CTBC extends products and services like deposits, loans, investments and cash management.
Housing loan is one of the chief loan products of CTBC Bank. Two types of home loan products are available as follow.
- Housing loan with cash back
- Housing loan with fixed interest rates
Let us explore the housing loan offerings from CTBC bank.
Housing loan with cash back
A fixed term housing loan which offers cash back and is directly linked to CASA(cash account/savings account). The cashback amount can be used to pay off large expenses or make investments. Here, the rebate is capped at 40 % of the loan balance.
Features of Housing loan with cash back
- Loans are provided towards purchase of house and lot, lot only, lot with house construction, townhouse & condominium.
- One can also utilize the loan amount towards construction of the house, renovation or improvement, refinancing, business expansion and personal use.
Loan Amount & Term
The housing loan amount is flexible, ranging from PhP 500,000 to a maximum of 25,000,000. The tenure can be up to 20 years.
Interest Rate & Processing Time
- To be determined by the bank at the time of availing loan. Prevailing loan rates are offered to customers. The interest rates can be fixed for 1, 2, 3, 4 or 5 years.
- Depending on the documentation and other determinants, the bank takes up to 7 working days to process the housing loan request.
Housing loan with fixed rate
Features remain the same as the above except cash back. A traditional housing loan product offering low interest rates.
CTBC Bank welcomes all classes of salaried individuals & self-employed to apply for a housing loan. You must meet the criteria below to qualify for a home loan from CTBC. Foreigners may be allowed to avail a housing loan on provision of the required documents. Do check with the bank representative for further guidance.
- The applicant’s age is between 21 to 65.
- Is a legal citizen of Philippines.
- Gross monthly family income should be at least PhP 50,000.00.
- Should have a mobile, office number or residence landline connection.
- The application should meet conditions relating to tenure of his profession as below.
Salaried Individual: Present employment should be on permanent rolls of the company, with a minimum tenure of at least a year with the current employer. The applicant should also have a total work experience of 3 years or more which includes current employment.
Professional Borrowers: A minimum of 3 years of practice in profession.
Self Employed: More than or equal to 3 years running the business entity. Remember, the extent of loan amount is mostly dependent on your income.
Different set of documents are required based on the type of employment. Some of the common documents requested at the time of application are
- Application form issued by the bank, duly filled and signed.
- Latest pay slips
- 2 valid ID proofs
- Income tax returns or BIR form 2316
- Building plan
The list above is not exhaustive and varies as determined by the bank. An applicant will be asked to produce a list of documents during the application process.
Is there a processing fee involved in the housing loan?
There will be a processing fee component charged by the bank relating to handling of paperwork, registration, notary charges, taxes etc. The relevant service representative will advise you further during application.
Other Products from CTBC Bank