Securing the right financing is the most critical step in purchasing your dream home or investment property in Bacolod. Whether you are looking at a condominium, a townhouse, or a house and lot, we guide you through the bank loan application process to ensure a smooth approval.
Below is a comprehensive guide to our banking partner’s requirements and processes, tailored explicitly for Bank applications.
Understanding Your Loan Options
Bank financing is flexible and can be used for various property goals. According to the application guidelines, you may apply for a loan for the following purposes1:
- Acquisition: Buying a new home or lot2.
- Construction: Building your home on an existing lot3.
- Refinancing: Taking out a loan from another institution4.
- Reimbursement: Getting reimbursed for a property you recently purchased5.
The loan terms and interest fixing periods are adjustable to match your financial capacity6.
Standard Eligibility and Application Details
To begin, all applicants must complete the Home Loan Application Form. You will need to provide standard personal information, including your citizenship, place of birth, and civil status7777.
- Employment Status: The bank accepts applications from locally employed individuals, self-employed business owners, and OFWs (both locally hired and hired abroad)8.
- Collateral: Accepted collateral types include House and Lot, Condominiums, Townhouses, and Vacant Lots9999999999999999.
Documentary Requirements
To ensure a fast evaluation, please prepare the following checklist. These requirements are mandatory for processing your application.
General Documents
- Application Forms: Completely filled out and signed Bank Home Loan Application Form.
- Insurance Form: Completely filled out and signed FWD Mortgage Redemption Insurance (MRI) Application Form.
- Identification: Clear copy of valid photo-bearing Government-issued IDs with three (3) specimen signatures.
- Civil Status: PSA Copy of CENOMAR or Marriage Certificate.
- Residency: Proof of Billing of the Borrower bearing the declared residence address.
Income Documents (Self-Employed/Professional)
- Tax Returns: ITR (Form 1701) for the years 2024 and 2025.
- Financials: Audited Financial Statements for 2024 and 2025.
- Bank Records: 6 months of Bank Statements.
- Professional Proof: Professional Tax Receipt.
Collateral Documents (Example: Cebu Land Projects)
- Statement of Account.
- Reservation Agreement.
Note: Additional documents may be required depending on the result of verification and evaluation.
The Verification Process
Transparency is key to loan approval. As part of the application, you will be asked to sign a Letter of Authority. This authorizes the bank and its accredited agencies to verify the information provided.
The bank will conduct the following checks:
- Bank Checking: Verification of account numbers and standing with other banks10.
- Employment Verification: Confirmation of position, rank, and tenure with your employer11.
- Business & Trade Checking: For self-employed applicants, the bank may verify business addresses and contact major suppliers or customers for trade references12121212.
By signing this authority, you agree to waive rights to confidentiality regarding bank secrecy laws specifically for these verification purposes13.
Insurance Protection (FWD)
Getting a home loan also involves protecting your family’s future. You will be required to apply for Mortgage Redemption Insurance (MRI) through FWD14.
- Purpose: In the event of death, FWD will repay the outstanding Mortgage Balance, ensuring your family is not burdened with the debt15.
- Health Declaration: You will need to declare that you are in good health and free from critical illnesses (such as cancer or heart conditions) at the time of application.
Ready to own your home in Bacolod?
Don’t let paperwork overwhelm you. We are here to assist you with your Security Bank housing loan application every step of the way.
