Requirements

• Requirements for Bank Financing
• Requirements for In-House Financing

Frequently Asked Questions

• What is the procedure with In-House Financing Scheme?
• How about reservation?
• When will the 1st equity/down payment made?
• How about monthly amortization?
• How do we go about the turn-over of the unit?
• Is there a buyer's guarantee?
• Can I make improvements on the house?
• When can I move in?
• If I pay in cash can I get discounts?

Requirements for Bank Financing

Standard Application Requirements

Bank Financing Guidelines (UCPB)

• Now, applying for a housing loan is easy and simple.
• As long as you’re working, you’re qualified.We are accredited with UNITED COCONUT PLANTERS BANK (UCPB).
• Developer will process your bank loan.  Just submit required documents within 60 days.

General Requirements

• Duly Filled-up Bank Form
• 3 pcs. ID picture (husband/wife/SPA)
• Marriage Contract when applicable
• Photocopy of two (2) Valid IDs (Husband/Wife/SPA)
• Tax Account No. (TIN)
• Proof of Billing here in the Philippines (Meralco, Manila Water, PLDT, Globe, etc.)

Note: Bank Forms for borrower signature will be given during reservation.

• OFWs who are unable to personally sign bank loan documents must submit Consularized Special Power of Attorney (SPA) designating their representative (must be a relative up to the 2nd degree of consanguinity or affinity)

Eligibility Requirements

• At least 21 years old but not more than 65 years old upon loan maturity.
• Must have no adverse credit findings with CMAP & NFIS
• NO default in monthly DP payments for 3 consecutive months and/or must not have incurred delays in payments of 5 months or more within the 12-month DP Term.
• Locally employed applicants must submit latest ITR/W2.

Requirement if Locally Employed

• Latest Income Tax Return (ITR)

Note:
The income stated in the Income Tax Return will not be the basis of loan approval. This is just to comply a Central Bank requirement.

Credit Evaluation Process

• Subject only to CMAP/NFIS (Negative File Info System) and
• Personal Data/Residence and Neighborhood checking (PDRN)
• Verification of Income is waived.

Note:
Client must not have legal cases, bad credit card record that result in a legal case or previous bank loan that were not paid.

Downpayment Term

• 15 Months
• 4 Months for RFO Units

Move-in

• 16th month from date of Reservation
• 7th month from date of Reservation for RFO Units

Maximum Loan Term

• 20 Years, provided borrower’s age does not exceed 65 at loan maturity

Mode of Payment

• The ten percent (12.5%) DP shall be paid in 15 (or 4 for RFO Units) equal monthly installments through post-dated checks (PDCs) payable to to Property Company of Friends, Inc. (PCFI)
• Monthly loan amortization shall be paid via an Automatic Debit Arrangement (ADA)with UCPB. UPon release fo the Letter of Guaranty(LOG) from UCPB, the buyer shall be advised to open a savings account with any UCPB Branch for this purpose.

Loan Value

• 87.5% of Total Contract Price

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Requirements for In-House Financing

In House (Initial Requirements)

1. Latest proof of income.
2. 3pcs. recent 1 x 1 I.D. pictures
3. Marriage Contract, Birth Certificate, or Separation papers (if needed)
4. Community Tax Cert. No.
5. Complete post dated check for Equity and Amortization
6. TIN

Additional Requirements for OFW

1. Initial requirements
2. Job Contract
3. Passport
4. Special Power of Attorney (SPA)
5. Valid I.D. of Attorney in Fact
6. 1 pc. I.D. picture of Attorney in Fact
7. Residence Certificate of Attorney in Fact

Self-Employed

1. Initial Requirements
2. Affidavit of Income
3. Business Name and Permit
4. Passbook with 3 months maintaining balance
5. ITR

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Procedure in Buying a House with In-House Financing Scheme

Month 1 - Day 1: Submission of Requirements (Please refer to Bank financing requirements)

Month 2 - Day 5th or 20th Ist Monthly Equity or Down payment

Month 3 to 13 or Month 3 to 19 - 2nd to 12th or 2nd to 18th Monthly Equity or Down payment

Month 14 to 17 or Month 20 to 22 - Last Monthly Amortization and House Turn-Over

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Reservation

Reservation is from P20,000.00 to P30,000.00 depending on the house model. It is non-refundable but will make as part of your downpayment.

It can be transferred to another unit or person provided it is from the same agent and developer. A transfer fee of P3,000.00 will be charged to the buyer. 1 to 2 weeks approval.

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Monthly Equity or Down payment

First monthly equity or downpayment will start either on the 5th or the 20th hit date of the following month upon reservation.
Example: Reserved a unit on Jan. 1. First monthly equity or down payment will start on Feb. 5. Succeeding payments deadline will be on every 5th of the month.

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Monthly Amortization

First monthly amortization will start a month after finishing payments of monthly equity or downpayment. It will not coincide with downpayment. (Hindi po magsasabay) Amount and duration will depend on the loan and term applied to bank. (25 years maximum for locals; 15 years for OFW)

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House Turn-Over

Buyer will receive a letter of Guaranty from the developer (Pro Friends) stating that the house is ready for inspection. Buyer will be given 2 months to inspect and make repair request for the house. Buyer will issue a letter of acceptance when everything is well.

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Buyer's Guarantee

Yes, there is. Aside from 2 months to make repair request for the house upon completion, buyer will also be given one whole rainy season to inspect the house. If found to have a leak, developer will make repair FREE of charge.

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House Improvement

House improvement will only be allowed upon turn-over of the unit. Buyer will submit drawings/proposal to Engineering office of the developer for approval of alterations. This is to ensure structural integrity.

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Ready for Occupancy

Buyer is required to make full down payment and take-out of bank loan to transfer. Estimated time to move-in is 1 to 4 months.

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Discounts if Paid by Cash

Yes, discounts are based on the selling price.

• Within 7 days from the date of reservation fee - 10%
• Between 8 - 30 days - 9.5%
• Between 31 - 60 days - 9%
• Between 61 - 90 days - 8.5%