| Own your dream home and more, hassle-free home loans from GE Money Bank! The Bank offers a minimum of Php 300,000 loanable amount for areas outside Metro Manila, and a maximum of 80% of the appraised Fair Market Value of the property subject to credit evaluation. Maximum of 20 years loan term is available depending on loan purpose.
It's easy to own a home! All you need to get started are:
Borrower's Qualifications - Must be at least 21 years old, but nor more than 65 years old upon loan maturity.
- Must be either a Filipino citizen, or a former Filipino citizen, or a foreigner with local residency of at least 2 years (if collateral is a condominium).
- Must have a landline in either residence or employment/business.
- If employed, must be on regular status at current work, with 2 years work experience, and with a minimum gross family (combined for married applicant) monthly income of P30,000.
- If self-employed, must be practicing professional or business must be operating profitably, for at least the last 2 years, and with a minimum net monthly income of P30,000.
Acceptable Loan Purposes - Purchase of a residential lot
- Purchase of a house and lot
- Purchase of a townhouse
- Purchase of a condominium unit
- Construction of a house
- Renovation, improvement, or expansion of a house
- Refinancing of an existing housing loan
- Reimbursement of a housing loan acquisition cost
- Cash-Out loan
Requirements: General Documents - If Applicant is Employed Locally
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- Completely filled-up and signed Application Form
- 2 valid IDs (must be clear photocopy and presentation of original for validation)
- Marriage contract (if applicable)
- Signed Notarized Special Power of Attorney for Attorney-in-Fact (if applicant/borrower is abroad)
- Original Copy of Certificate of Employment with Compensation (COE)
- Latest BIR Form 2316
- 1 month pay slip, or 3 months bank statements
- If Applicant is an Overseas Filipino Worker (OFW)
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- Completely filled-up and signed Application Form
- 2 valid IDs (must be clear photocopy and presentation of original for validation)
- Marriage contract (if applicable)
- Signed Notarized Special Power of Attorney for Attorney-in-Fact (if applicant/borrower is abroad)
- Original Copy of Certificate of Employment with Compensation (COE)
- 1 months pay slip, and 3 months proof of remittances (e.g. 3 months bank statements)
- Copy of Latest Employment Contract or Crew Contract (Must be clear photocopy)
- If Applicant is Self-employed
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- Completely filled-up and signed Application Form
- 2 valid IDs (must be clear photocopy and presentation of original for validation)
- Marriage contract (if applicable)
- Signed Notarized Special Power of Attorney for Attorney-in-Fact (if applicant/borrower is abroad)
- Department of Trade & Industry Registration of Business and Mayor's Permit
- Audited Financial Statements for the past 2 years
- Income Tax Return for the past 2 years
- Copy of SEC Registration, and Articles of Partnership, or Articles of Incorporation and By-laws
- 6 months bank statements or passbook
- Updated SEC General Information Sheet (for Corporation)
Collateral Documents - For House and Lot
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- Owner’s Duplicate Copy of Transfer Certificate of Title (TCT) (Must be clear photocopy)
- Photocopy of Tax Declaration
- Sketch of the property location or Lot Plan with Vicinity Map (certified by Geodetic Engineer as needed only)
- For Condominium Unit
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- Owner’s Duplicate Copy of Condominium Certificate of Title (CCT) (Must be clear photocopy)
- Photocopy of Tax Declaration
- Sketch of the property location or Lot Plan with Vicinity Map (certified by Geodetic Engineer as needed only)
- Master Deed of Restriction and House Rules
- For Home Construction
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- Owner’s Duplicate Copy of Transfer Certificate of Title (TCT) (Must be clear photocopy)
- Photocopy of Tax Declaration
- Sketch of the property location (Lot Plan with Vicinity Map certified by Geodetic Engineer as needed only)
- Building Plan or Floor Plan
- Building Specifications certified by an Architect or a Civil Engineer
- Bill of Materials and Cost Estimates
Additional Documents - For Refinancing of an Existing Home Loan
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- Statement of Account from Mortgage Lender
- Proof of Payments (Official Receipts, Bank Statement or Photocopy of Passbook, if debited through an account) for the last 3 months
- If Borrower is Legally Separated
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- Photocopy of the court order
Interest Rates per annum Home Loan - 1st year rate fixing (re-priced annually): 8.75%
- 2 year rate fixing: 9.00%
- 3 year rate fixing: 9.50%
- 5 year rate fixing: 9.75%
Fees and Charges - Registration Fee: based on loan amount
- Appraisal Fee: Php 3,000
- Application Fee: Php 1,000
- Notarial Fee: Php 500
- Inspection Fee (for house construction only): Php 1,500 per visit
- Documentary Stamp Tax for Promissory Note: Total Loan amount/Php 200 X Php 1
- Documentary Stamp Tax for Annotation: Php 20 for the first Php 5,000 and Php 10 for every succeeding Php 5,000 or a fraction thereof
- Late Payment Fee: based on amount due
- Pre-payment Processing Fee: Php 5,000 (except if loan is covered under the existing Bank promo)
*Interest rates effective as of February 1, 2008. Interest rates, fees, charges, and other terms and conditions are subject to change without prior notice. All applications will be subject to the Bank's existing credit policies and procedures.  | | |
