Condominium Loan

 

a.  Brief Description

 

This refers to financial assistance offered to eligible borrowers for the following purposes:

-Acquisition of Condominium from Individual Sellers (2nd Hand Condominium)

-Acquisition of Condominium from Developers

b.   Qualifications

For employed individuals:

 

• 23 to 59 years old. Applicants with age of 59 years old and above may also apply but on a case to case basis;

• Has been gainfully employed  for at least 3 consecutive years and with a permanent employment status;

• Has the financial capacity to pay the loan;

• If applicant is married, spouse will also act as co-borrower;

• With permanent visa and permanent Philippine residence in case of foreigner.

 

For self employed:

 

• The applicant’s business must be profitable for 3 consecutive years;

• Has the financial capacity to pay the loan;

• If applicant is married, spouse will also act as co-borrower;

• With permanent visa and permanent Philippine residence in case of foreigner.

 

c.   Collateral

 

Condominium which is the subject of the acquisition.

 

d.   Loanable Amounts

 

• 60-80% of the purchase price for brand new condominium.

• 50-70% of the appraised value for other condominium.

 

e.  Loan Charges

 

Processing Fee: fixed at PHP2,000.00

 

Mortgage Redemption Insurance (MRI) : Based on actual amount charge by the insurer

                                                                 based on the loanable amount of the loan.

 

Condo Mortgage Documentary Stamp :   Based on the loanable amount of the loan.

 

Fire Insurance: Actual amount charge by the insurer based on appraised value of the collateral or

                         total principal and interest of the loan.

 

Documentary Stamp Tax : PHP1.50 on each PHP200.00 or fractional part thereof.

 

Annotation Fee : Actual amount charge by the Register of Deeds plus necessary and incidental

                           expenses in order to process the annotation.

 

Notarial : fixed at PHP1,500.00

 

Appraisal Fee: fixed at PHP1,500.00

 

f.  Loan Term

 

Maximum of 15 years for Filipinos and 10 years for foreigners with permanent visa.

 

g.   Co-maker

 

May or may not be subject to co-maker, depending upon the qualification of the applicant.

 

h.   Processing Time

 

7 to 10 banking days from the time of submission of complete requirements

i.   Requirements

 

For employed individuals:

 

1. Completely filled-up application form with 2X2 Photo

2. Certificate of Employment (COE)

3. BIR Form 2316

4. One month latest payslip

5. Copy of two (2) valid ID

6. Latest residential proof of billing

7. Post dated checks for the monthly amortization of the loan

 

For self employed individuals with business:

 

1. Completely filled-up application form with 2X2 Photo

2. Business papers

3. Copy of two (2) valid ID

4. 6 months bank statement

5. Document showing active membership with the Philippine Dental Association or Philippine Medical Association, in case of dentist or doctors, respectively

6. Post dated checks for the monthly amortization of the loan

 

Requirement 2 must be updated every year.

 

Requirements applicable to both employed and self-employed applicants

 

1. Condominium Certificate of Title (CCT), under the name of the borrower or co-borrower

2. Tax Declaration

3. Updated tax receipt and tax clearance

4. Insurance of the collateral endorsed to the Bank

5. If applicant is married, spouse will also act as co-borrower

 

Requirements 3 and 4 must be updated every year.

© 2017 Yuanta Savings Bank Philippines, Inc. All right reserved.

a proud member of

 

Yuanta Savings Bank Philippines, Inc. is a wholly owned subsidiary of Yuanta Commercial Bank in Taiwan, and is regulated by the Bangko Sentral ng Pilipinas.

For inquiries or complaints, you may call Yuanta Savings Bank Customer Service at (02) 845-3838 or send e-mail to ysb.customerservice@yuanta.com.ph.

Similarly, you may also contact the BSP Financial Consumer Protection Department at (02) 708-7087.