A housing loan is a financing facility that provides funds for the following:
If you are planning to apply for a housing loan in the Philippines, you should be between 21 to 65 years old upon loan maturity. You must be a resident of the Philippines. If you are working overseas, you should provide a special power of attorney and possibly, your contract or certificate of employment (COE), which is approved by Philippine Overseas Employment Administration. If you are a foreigner, some banks may allow you to avail a housing loan, but you must meet VISA requirement and provide Alien Certificate of Registration.
Your housing loan eligibility also depends on several factors. When you apply for a housing loan, the lenders or banks will evaluate your ability to pay off the amount you borrow based on the following:
Banks require you to provide necessary documents to run your housing loan application:
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