Philippines

How to Qualify for a Home Loan in the Philippines?

The chances of getting a home loan application approved in the Philippines is based on the above-mentioned factors. Your income bracket and your financial capability and stability will always be the top qualifications of banks and lending institutions.

Generally, to acquire a home or housing loan in the Philippines, you should have completed or organised:

For commercial banks

  • Home loan application form
  • 2 valid IDs (confirm with your banks the list of acceptable IDs)
  • If married, both spouses must fill out the form
  • If single, with a co-borrower or co-mortgagor – fill out the separate application forms
  • At least 21 years old but not older than 65 years old upon the loan’s maturity

Requirements for employed and self-employed

  • A regular employee of a company of at least two years
  • For self-employed, the business must be legally operating for at least two years

Requirements on financial documents

For employed:

  • Certificate of Employment (COE) from the company
  • Latest ITRs (Income Tax Return) for the last two years
  • Proof of remittance for the past 3-6 months for OFWs

For self-employed:

  • Audited Financial Statements for the last two years
  • DTI Registration (for Single Proprietorship and Partnership)
  • Articles of Incorporation and By-Laws with SEC Registration Certificate (for Corporations)
  • Income Tax Returns with Statement of Assets and Liabilities (SAL) for the last two years
  • Trade List References (at least 3 major clients or suppliers with telephone numbers)
  • Bank Statements for the past 6 months

Other documents

  • Tax declaration
  • TCT (Transfer Certificate of Title)/Condominimum Certificate of Title CCT)
  • Vicinity Maps/House Plans/Bill of Materials
  • Marriage contract if borrowers are married

In-house financing requirements are a bit lenient for housing loan applicants. The typical requirements are almost the same as employed and self-employed listed above. On the other hand, you may also visit SSS and PAG-IBIG for home loans requirements.

Government subsidised housing loans may require more documents to validate your qualifications.

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