Founded in March 30, 2007, the Sterling Bank of Asia is a specialized financial institution supporting the growth of small and medium enterprises. Started with nine branches, the bank has been expanding aggressively across the Philippines along with the acquisition of Centennial Savings Bank in 2009. ‘Discovery’ home loans from Sterling Bank of Asia is a competitive home loan product that makes the dream of owning a home a reality. Sterling Bank of Asia home loans can be availed by customers for buying houses, residential lots, townhouses, condominiums or even for renovating an existing property. Sterling Bank of Asia is a leading thrift bank in the Philippines with strategically located branches in Manila and other cities, providing progressive banking solutions using state of the art technology to its ever expanding clientele.
You’re probably eligible for an Sterling Bank of Asia Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your Sterling Bank of Asia Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped at P10,000,000 or 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for Sterling Bank of Asia 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 Sterling Bank of Asia 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
Sterling Bank of Asia Housing Loan DetailUpdated on 16 Jan 2017
|Margin of Finance||Up to 80%|
|Tenure||Up to 20 years|
Features of a Sterling Bank of Asia home loan
Build your dream home with Sterling Bank of Asia’s ‘Discovery’ home loans available with flexible loan tenures and payment options. Discover a new life and a new world in your ‘’home’’ by easily availing Sterling Bank of Asia home loans anywhere in the Philippines.
- The bank sanctions home loan amounts ranging from P500, 000.00 up to P10M or 80% of the purchased property’s appraised value.
- The term of a home loan can be taken anywhere between 1 year to 20 years. The borrower’s age should not exceed 65 years at the time of maturity of the home loan.
- Customers can make their monthly instalment payments using either of the two methods - by issuing post dated cheques or by arranging automatic debits from their bank accounts.
Eligibility criteria for a Sterling Bank of Asia home loan
- Filipino citizens above the age of 21 can apply for a Sterling Bank of Asia home loan and the borrower should not be more than 65 years at the time of maturity of the loan. If the borrower is above 60 years of age while availing a home loan, a co-maker is mandatorily required.
- Employed professionals should have been with their current employer for at least two years to quality for a Sterling Bank of Asia home loan.
- Self-employed businessmen need to have been in business for at least three years and should show profits for the last two years. They must be registered with the Department of Trade and Industry (DTI) or the Securities and Exchange Commission (SEC).
- In the case of married applicants, the spouse will be considered as the co-maker. A family’s combined monthly gross income should be at least P40, 000.00 to be eligible for a home loan.
For the initiation of the home loan approval process, customers have to submit the below mentioned mandatory documents to the Sterling Bank of Asia.
- Fully filled-in Home loan application form
- Valid Government ID cards for the applicant and the co-maker
- Specimen signature card
- Copy of TCT / CCT
- Copy of tax declaration for land and improvement
- Lot plan and Vicinity map
- Proof of payment for appraisal fee
- Contact details of an authority to appraise or inspect the property
Additionally, income proof documents also have to be submitted while applying for a Sterling Bank of Asia home loan depending on the type of employment.
Professionals employed in the Philippines (any 2 will suffice)
- Certificate of Employment (original), indicating the current salary, position and service tenure
- Latest IT Returns filed
- Latest W-2/BIR Form 2316
- Last three months’ pay slips (original)
- The last 6 months’ bank account statements
- Trade references - Contact details of 3 suppliers and 3 customers
- Company profile
- Accomplished Basic Business Information (SEC,DTI,etc.,)
- Last 3 years Income Tax Returns filed
- Last 3 years audited/BIR and in house statements
Overseas Filipino Workers
- Notarized or Authenticated Special Power of Attorney
- Last two months’ pay slips
- Allotment papers with Beneficiary information
- Proof of remittance
- Copy of Philippine Overseas Employment Administration job contract with duties and responsibilities
- Bank Account Statements for the last 6 months
- Latest Certificate of Employment from the agency with compensation data.
- Borrowers applying for Sterling Bank of Asia home loans for rented or leased properties, construction of their houses and for refinancing existing loans, have to submit the following documents additionally.
Rented or Leased properties
- Copy of TCT / CCT
- Rental agreements or Lease contracts with the name of the tenants or rental amounts with the complete address of the property.
Construction of Houses
- Permit for the building
- House plan and floor plan
- Bills pertaining to construction materials
- Building specifications duly signed by a Civil Engineer or an Architect
Refinancing of an existing mortgage
- Statement of the mortgage account showing the outstanding loan amount
- Proof of loan payments for the last 6 months
Other Products from Sterling Bank of Asia