REAL ESATE LAWS AND REFERENCES 2.4

What is the procedure for the application of bank loans?

Here are the steps in the bank financing of your house and lot unit in Fonte di Versailles
1) We will first check for the possible approval of your loan to ensure that before any payment is made like reservation or down payment, your application willo be approved. We will need some information such as your age, civil status, monthly income (or yearly), type of work, name of wife (including maiden name)
2) If pre-approval is determined based on the submitted information, we advise reservation of the property either thru relative or any SPA here in the office of the developer or thru bank to bank.
3) Within 30 days from reservation, at least 20% down payment is needed so that it will be processed forbank financing. If you wish to pay the down payment over a period of time such as 6 months, we can negotiate this with the developer.
4) Please prepare and submit the requirements of bank for the application of loan. This would vary depending on the bank concerned but most bank would require the above requirements on the answer of question no. 28 above.
5) Once the down payment is completed, all these requirements will be submitted to the bank for processing.
6) On the part of the developer, they will also be required by the bank to submit their own requirements the most important of which are the title which is yet in their name
and the contract to sell between the seller and the buyer.
7) When the requirements are completed, the bank then processes the loan and within a month (or two at most, depending on the bank chosen) and released a letter of guarantee so that the developer will release also the title to be transferred into the name of the buyer.
8. The title in the name of the developer will then be processed with BIR, City Hall and Register of deeds and once it is already in the name of the buyer, the title will then be submitted to the bank and then the bankreleased the loan and the proceeds will then be received by the developer
9. The buyer then under a contract with the bank will be required to pay monthly in a form that is agreed by both parties. Usually, post dated checks are required but this can be negotiated into a bank to bankpayment with most banks.