6 Important Requirements for a Real Estate Loan in Cebu

What everyone needs to have beforehand;

• Valid IDs

         This usually requires at least one (1) government issued ID.

• Proof of Income

         Can be photocopy of Payslips (if employed), or Financial bank Statements (if business or self   employed).

• Income Tax Return (ITR)

         This is usually required for business people applying for loans.

• Job Contract / Employment Certificate

         It is an important reminder that the salary and years of tenure is indicated in certificate since bank often use this as reference for approval.

• Marriage Contract

         Automatically the bank wants to know just in case what happens is there someone who can take over the mortgage.

• Signed Contract to Sell, Signed Reservation Agreement, Signed Computations, and etc.

         Often this are documents required by the Real Estate Developer, in which the financing institution also ask for copies.

• Notarized Special Power of Attorney

         If the main borrower (person applying for a real estate loan) is not physically available, financing institutions also require SPA’s or person trusted by the borrower to transact with them. They often prefer the spouse or blood-related SPA’s.

- Valid IDs
This usually requires at least one (1) government issued ID.
- Proof of Income
Can be photocopy of Payslips (if employed), or Financial bank Statements (if business or self employed).
- Income Tax Return (ITR)
This is usually required for business people applying for loans
- Job Contract / Employment Certificate
It is an important reminder that the salary and years of tenure is indicated in certificate since bank often use this as reference for approval
- Marriage Contract
Automatically the bank wants to know just in case what happens is there someone who can take over the mortgage
- Signed Contract to Sell, Signed Reservation Agreement, Signed Computations, and etc.
Often this are documents required by the Real Estate Developer, in which the financing institution also ask for copies.
– Notarized Special Power of Attorney
If the main borrower (person applying for a real estate loan) is not physically available, financing institutions also require SPA’s or person trusted by the borrower to transact with them. They often prefer the spouse or blood-related SPA’s. - See more at: http://houseandlotincebu.com/6-common-requirements-in-applying-for-a-real-estate-loan-in-cebu#sthash.KySgh0tz.dpuf