Thursday, 26 December 2013

Philippine Property Loan - PNB Bank Singapore

PNB Own a Philippine Home Loan (OPHL)*

PNB Own a Philippine Home Loan (OPHL)*

Initial Requirements
-Property must be located in any key areas in the Philippines
-Gross annual salary should be at least SGD30,000.00
-Applicant/s must have worked in Singapore for at least three  (3) years
-Total Debt servicing ratio must not exceed 60% of gross monthly income

Loanable Amount
-Up to 70% of selling price or CTS of properties from accredited developers
-Up to 70% of appraised value the property for loan of house and lot
-Up to 70% of appraised value of bills of construction materials if purpose of loan is for house construction.
-Up to 60% of appraised value of lot if loan is purchased of lot only
-Subject to Buyer’s capacity to Pay (BCP) whichever is lower

Interest **
-Fixed for 1 year at 7.5% per annum
-Fixed for 5 years at 8.5% per annum
-Fixed for 10 years at 9.0% per annum

Maximum Term
10 years

Documentation Requirements

On Applicant

-Singapore issued identification card
-Philippine Passport (if applicable)
-Latest two (2) years income Tax Return (ITR) from the Inland Revenue of Singapore (IRAS)
-Pay slip for the last two (2) months
-Certificate of employment stating salary rate, position and length of employment
-Bank Deposit statements and Loan Account(s) statement (ie Housing, Vehicle, Credit Cards, Cash/Personal Loans with outstanding balance (if applicable) for the last three(3) months
-Marriage Contract (if applicable)
-Latest Passport Size picture
-Credit Bureau Report from Credit Bureau Singapore.
 -Duly filled-up OPHL Application Form
-A non-refundable processing fee of USD150.00 will be collected once the processing of the loan application starts.

On Collateral

-Copy of Transfer Certificate of Title (TCT)/ Condominium Certificate of Title (CCT)
-Location Plan with vicinity map certified by Geodetic Engineer
-Tax Declaration/s for lot and building (If applicable), Current Real Estate Tax Receipt & Tax Clearance for lot and Building (if applicable)

On House Construction / Renovation

-Bill of construction Materials duly signed by a Civil Engineer ot Architect
-Floor Plan & Specifications duly signed by Civil Engineer or Architect

*booking of loan is in PNB SG in USD Terms
**Subject to change without Prior Notice.

For any enquiries, kindly visit PNB Branch at 304 Orchard Road #03-02/07 Lucky Plaza Shopping Centre Singapore 238863 and look for their PNBS business Devt Team.

SMS 'PNBBank’ & YOUR NAME TO (+65) 91259978 to get in touch with a Banker-Joester from PNB Bank Singapore.

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