Allied Bank Housing Loan Interest Rate And Requirements In Application

by Gil on October 6, 2011

Most of the leading banks in the Philippines offer almost the same products and services, and one of this is the housing loan. They offer housing loan interest rates where their clients can afford and they also give ways to apply easily and hassle-free. One of the biggest banks in the Philippines today that offer this product is Allied Bank.

Now a day, most of Filipinos were renting house because they know it is the cheapest way to have home, but many of them where still dreaming for owning a house. Allied Bank Housing Loan can be the key to fulfill your dream to have your own home. It proposes low interest rate and provide options were you can choose how many years you can complete the payment for each term with fixed rates.

Allied Bank Housing Loan Interest Rates

The table below shows the years and the equivalent interest rate that Allied Bank Housing Loan offer. As the table shows, the lowest rate is 8.50% with fixing period of 1 year and for 10-15 years the rate is 11.50%.

 

Fixing Period

Rate

1 year

8.50%

2 years

9.00%

3 years

9.50%

4 years

9.75%

5 years

9.75%

10 years

11.50%

15 years

11.50%

Requirements for Housing Loan at Allied Bank

All Filipino individuals aged 25 years but not to exceed 65 years by the time the loan matures are eligible to apply for a housing loan. The applicant must be employed or self-employed for at least 3 years.

If you are planning to apply in housing loan at Allied Bank, below are the requirements you need to bring. Upon arrival at the bank, request for a consumer credit Application Form and submit the following requirements.

IDENTITY REQUIREMENTS:

  • Photocopy of 2 valid ID’s
  • ID picture
  • Community Tax Certificate or Tax Identification No.

FINANCIAL DOCUMENTS:

1.For Employed/Salaried Individuals:

  • Most recent Income tax return (ITR) / W2 Form duly received by the Bureau of Internal Revenues (BIR)
  • Certificate of Employment indicating tenure, salary, and position (must be authenticated by the Philippine Consulate for Overseas Workers
  • Pay slips for the past 3 months (for Overseas Filipino Workers)

2.If engaged in Business

  • Certificate of Business Registration with SEC or DTI
  • 2 years Audited Financial Statements and ITR duly received by BIR
  • Photocopy of bank statement or passbook for the last 6 months (maybe required)

COLLATERAL DOCUMENTS:

  • Photocopy of Owner’s duplicate Transfer Certificate of Title (TCT) or condominium Certificate of Title (CCT)
  • Photocopy of Tax Declaration of real Property including improvements, if any
  • Location Plan and Vicinity Map of property to be mortgaged

OTHERS:

  • For House Construction and Renovation
    • Construction  cost and bill of materials certified by an architect or contractor
  • For Bank Refinancing
    • Statement of account from mortgage bank
    • Certificate of Non-delinquency from mortgage bank

INSURANCE REQUIREMENTS:

  • Mortgage redemption Insurance (MRI) equal to the loan amount
  • Fire Insurance equivalent to the appraised value of the improvement (Master File Policy for condominiums)

Allied Bank housing loan purpose can be applied to get sufficient funds for the following:

  • Purchase of a house & lot or condominium
  • House Construction
  • Purchase of Lot
  • Refinancing
  • House Renovation / Expansion
  • Reimbursement

There is an easy payment scheme that you can do by issuing post-dated checks or automatic debit arrangement of your Allied bank account. The loan amount can be up to 70-80% of the appraised value of the property.

For complete information about on how to apply for Allied Bank housing loan, just visit their website indicated below. If you don’t have time to visit their branch, it is advisable to apply through online banking, it is more faster, easier and hassle-free.

 

Reference: http://www.alliedbank.com.ph/insidesection.php?secpid=106&level=2

 

{ 1 comment… read it below or add one }

Anonymous December 7, 2011 at 1:04 pm

Wonderful post.I like the fact that you mentioned the requirements hich one should bring along.

http://www.propertyscan.co.za

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