PNB: OWN A PHILIPPINE HOME LOAN PROGRAM for OFWs and Non-OFW
(Added Mar 22 2007)
OWN A PHILIPPINE HOME LOAN PROGRAM
About the Program
This loan facility is open to all Filipinos and non-Filipinos residing
and working overseas who are interested in purchasing residential
real estate (lot, house & lot, condominium, townhouse or rowhouse)
in the Philippines. The loan may also be availed of for purposes of
constructing a house on a lot owned by the borrower, improvement on
an existing house owned by the borrower and refinancing of a Philippine
Peso home mortgage loan. Borrowers may avail of only one loan.
Properties that can be acquired under the program are those located
at the following major locations:
Metro Manila Legaspi General Santos Metro Cebu
Batangas Bacolod Cavite Baguio
Davao Naga Laguna Cagayan De Oro
Iloilo Tacloban Rizal Zamboanga
Dagupan Bulacan Quezon
*additional list of cities/province may be obtained from the PNB office.
WN A PHILIPPINE HOME LOAN PROGRAM
Who can Borrow
# Filipinos residing and working overseas who have maintained their
Filipino citizenship.
# Natural-born Filipinos residing and working overseas who have lost
their Filipino citizenship (limited to a maximum area of 5,000 square
meters).
# Citizens and nationals of foreign countries who are non-filipinos
and residing in the (limited to acquisition of condominium units only
where the common areas are owned by the Condominium Corporation.
Note: If an applicant is a temporary worker on a temporary working
visa his/her qualification to borrow under this program shall be determined
on a case to case basis, depending on the prospective stability of
employment, the current and future assets of the borrower and other
factors.
How Much You Can Borrow
The minimum loan amount and payment terms are:
Minimum Loan Amount Maximum Loan Term
Purchase of lot $10,000.00 10 Years
Purchase of house & lot $20,000.00 20 Years
House Construction $20,000.00 20 Years
House Improvement $10,000.00 10 Years
Refinancing Loan Balance 20 Years
Repayment Terms
* Repayment of loan shall be in US dollars with an option to choose
either a:
Fixed Term With Variable Monthly Amortization - the amount of the
monthly amortization shall be adjusted upward or downward depending
on the movement of the interest rate. The term of the loan is fixed.
Fixed Monthly Amortization with Sliding Maturity - the amount of monthly
amortization is uniform for the entire term of the loan regardless
of interest rate changes. Loan term shall be adjusted in case of increases
or decreases in the interest rate.
* Payments commence one month after loan release. Payments will be
made against a monthly statement of account which shall be sent approximately
2 weeks prior to each monthly due date.
How to Apply and How Long Processing Will Take
1. Send a complete application package to PNB ____ branch together
with supporting documents. A complete application package will include:
* Personal Financial Statement
* Declaration of Purpose Statement
* Collateral Appraisal/Reappraisal Authorization
* Credit Information Authorization
* Request for Verification of Deposits
* Check in the amount of $225.00 to pay for the following fees:
o $100 - non-refundable application fee
o $125 - appraisal fee (refundable if application is withdrawn prior
to appraisal of real property collateral
The required supporting documents are:
* Latest 2 years income tax returns with withholding tax statements
* Most recent pay slips (2 months)
* ost recent bank statements ( 2 months)
* To obtain a proper appraisal of the property, the following items
should be attached to the Collateral/Appraisal/Reappraisal Authorization:
o Transfer/Condominium Certificate of Title (may still be in the name
of seller)
o Lot Plan certified by Geodetic Engineer
o Latest Tax Receipt
o Realty Tax Declaration
o Reservation Agreement, Contract to Sell or Conditional Deed of Sale
(if borrower has tendered a down payment)
2. Upon receipt of the complete application package, a formal appraisal
report will be requested through PNB Manila and the PNB branch shall
evaluate the credit worthiness of the loan applicant.
3. The approval/denial process will take approximately 2 weeks from
the time PNB receives all required documents, which shall include
the appraisal report on the real estate property (note: 3 to 4 weeks
if Head Office approval is required for loan amounts exceeding the
PNB branch?s approving limit). The decision will be conveyed to the
applicant in writing.
4. Upon final approval, legal documents will be prepared. Loan related
documents will be signed by the borrower in the ___. Real estate mortgage
documents may be signed by the borrower in the ___ or an Attorney-In-Fact
in the Philippines. The mortgage documents or the Special Power of
Attorney appointing an AIF will require authentication by the Philippine
Consulate.
5. Upon receipt by PNB Manila of all signed documents, the real estate
mortgage is registered and annotated on the title (already in the
name of the borrower), the loan proceeds are released to the appropriate
payees. Real estate property titles are kept at PNB Manila.
The entire loan process, including appraisal, legal, filing, execution
of documents and loan release, is expected to take approximately 1
1/2 to 2 months, assuming there is no delay in the transfer of title
to the buyer. A 1% (of loan amount) origination fee will also be charged
upon execution of all related documents prior to the release of the
loan proceeds.
More updated info at http://203.177.21.43/Portal/do/ofw
ofw info hub 