Applying for a home loan shouldn’t be tedious and expensive. Get the financial support for your dream house in just a few steps. Find the right housing loan for you and submit your application 100% online with Nook!
Nook Philippines is the country’s first online mortgage broker. They act as an intermediary between banks and borrowers, making the home loan application process faster and more convenient. Start building the house of your dreams. Apply for a Nook home loan today!
Nook’s team of brokers can get you the best home loan from a major bank for free (no brokerage fee). As an online mortgage broker, Nook Philippines will help you get pre-qualified for a loan and submit your application to your bank of choice. Here are the other reasons why you should get a Nook home loan.
It only takes three simple steps to complete the Nook home loan application process. Below is a guide to help you with your application.
Provide your property information first. Nook needs this info to determine the type of home you would like to acquire. Property Value is the amount of the property you wish to purchase. It shouldn’t be less than PHP 500,000 because of some banks’ minimum requirement. Provide the Property Type and Property Status next. If the status is pre-selling, you are required to provide the Property Developer’s name (Camella, DMCI, etc.) This will automatically appear when pre-selling is selected.
Next is your work information. Provide your employment type, rank, and tenure. Some banks have a minimum requirement for gross monthly income so make sure to provide that information, too. Note that you can have more borrowing power by adding your other income sources or a co-borrower on the next step.
Put in your date of birth and nationality. Nook also needs to know if you own a credit card or not. If you own one, banks will require you to declare your Credit Card Limit to check for any cases of negligence in your record. Since banks have minimum salary requirements, you can always extend your borrowing power by adding your other investments, your spouse, or a co-borrower.
Provide the the Loan Type and Loan Term, which both depends on the type of property you would like to acquire. As for the Loanable Amount, this will depend on the bank whether they can offer you more or not. A Nook home loan consultant can help you with this request.
After providing all required information, a list of banks with different home loan terms will appear. Make sure to compare your options. Click ‘Apply Now’ once you have made your choice.
After clicking the ‘Apply Now’ button, the system will ask you to log in or create a Nook account. Creating an account is required to validate your Nook home loan application.
Provide your personal information. If you selected a co-borrower or married as status in the pre-qualification, this page will automatically add fields where you can provide your co-borrower or spouse’s information.
Make sure to provide the correct info. All fields in the Nook home loan application wizard are required by banks. Providing wrong information may cause a delay in your housing loan application.
Provide your contact information. Nook, as well as the bank you’ve chosen, would need this info to verify your home loan application. Your address must be carefully filled out to avoid misinformation. Also provide the status of your home ownership.
Note: If you think you need more time to accomplish the home loan application form or your requirements are still incomplete, you can always choose ‘Save for later’. You can always go back to your account and continue editing your Nook home loan application once you have all the information you need.
Modify your Loan Term and Fixing Period if needed. This will help you achieve the lowest amount for Monthly Repayments that will suit your budget.
Provide your Company Industry, Company Name, TIN, SSS, and office contact details. If you have a co-borrower from the pre-qualification wizard, this is where you provide their employment information.
Provide your dependents. This is needed because some banks might require you to have a dependent. However, this is still on a case-to-case basis.
On the Legal Documents section, our partner banks will initially require proof of identification as well as employment records. Prepare the following requirements:
Then, fill out the ‘Property to be Purchased’ section which includes the property’s Address, Contact Person, and Contact Number. You would also need to submit the applicable documents required by the bank related to the property you want to acquire.
If these are not yet ready to be submitted, you can always choose ‘No, I will submit it later’ and complete the requirements first.
You can also inform Nook if you were assisted by one of their staff so they can acknowledge the individual.
Click ‘Review’ to proceed to your loan application summary page. Make sure to double check all info before submitting.
Tick the boxes to Agree to Nook’s Terms and Conditions. Click ‘Submit Application’ to finish.
Nook will provide a reference number for tracking purposes.
You can always check the status of your Nook home loan application in your Nook account. Just visit the ‘Home Loan Applications’ section to see your application’s status.
Here are terms and definitions to further guide you with your housing loan application:
Read more about housing loans in the Philippines. Check out our articles with Nook Philippines below.