Last Updated on July 27, 2024 by admin
Philippine National Bank Housing Loan- having a shelter over one’s head can’t be underscored, while you work for a lifetime it becomes appropriate to keep on-top of your need a financial plan to get a home.
PNB Housing Loan is designed for employees of reputable organizations and self-employed individuals between the age of 21 years,but not more than 65 years of age upon loan maturity.
Philippine National Bank Housing Loan can used for Refinancing / Take-out of existing loans,House Construction, Home Improvement as well use in Purchase of Lot, House & Lot, Condominium unit, and Townhouse
While the trend is on the rise, we are not oblivion of the fact that investment in housing development will drive a corresponding necessity for mortgage assessment and requirements if you intend to build your dream home with PNB Housing Loan.
PNB Housing Loan has a Maximum Loan-able Amount Up to 70% of the appraised value of the property for lot and Up to 80% of the appraised value of the property for house & lot, townhouse & condominium.
On the other hand, the facility Minimum Loanable amount for Purchase of lot start from PHP500,000 (within and outside Metro Manila, while Purchase of house & lot, townhouse, & condominium within Metro Manila – PHP750,000 and outside Metro Manila – PHP500,000
What is the Requirements and eligibility for Philippine National Bank Housing Loan:
Eligibility
The eligibility requirements for a Philippine National Bank (PNB) Housing Loan vary slightly depending on whether you are a locally employed Filipino, self-employed, or an Overseas Filipino Worker (OFW). However, the general criteria are as follows:
General Requirements:
- Citizenship: Filipino citizen, or a foreigner residing in the Philippines with the appropriate visa.
- Age:
At least 21 years old but not more than 65 years old upon loan maturity.
- Income: Must have a stable source of income, either through employment or self-employment.
Specific Requirements:
- Locally Employed:
- Minimum gross annual income of ₱360,000.
- At least two years of continuous employment, with one year in the current company.
- Self-Employed:
- Business must be operational for at least three years.
- Minimum gross annual income of ₱400,000.
- Overseas Filipino Worker (OFW):
- Must be a documented OFW.
- Must have an employment contract verified by the Philippine Overseas Employment Administration (POEA) or the Philippine Consulate.
Requirements
1. Housing Loan Application Form (duly accomplished)
2. Photocopy of 2 Valid Government-issued IDs
3. Appraisal Fee of P3,500 (non-refundable)
4. If with co-maker/co-borrower/attorney-in-fact, separate application form is needed
5. Data Privacy Client Consent Form
PNB Housing Accredited Developers
The following housing developers in the Philippines are accredited by Philippine National Bank.
1. Eton
2. Ayala
3. Filinvest
4. Robinsons
5. Arthaland
6. Megaworld
7. SMDC
8. DMCI
9. Vista Land
10. Shang Properties
Requirements for PNB Housing applications
Employed customers
1. Income Documents
2. Photocopy of the latest Income Tax Return (ITR)
3. Certificate of Employment and Compensation
4. Alien Certificate of Registration (ACR) and Official Receipt (if resident alien)
Overseas Filipino Worker
If you work abroad as Philippines citizen you will have to provide the following details
1. Photocopy of Passport
2. Contract / Certificate of Employment (COE) approved by the POEA, if applicable, authenticated by the Philippine Consulate (if direct hired)
3. Proof of inward remittance thru PNB or other banks
4. Crew Contract and Exit Pass from POEA (for seafarers only)
5. PNB-prescribed Special Power of Attorney (SPA), if applicable
6. If SPA was executed and notarized abroad, such has to be authenticated by the Philippine Consulate
For self employees
1. SSS / GSIS / Driver’s License / PRC License
2. Business Name (DTI) or SEC Registration
3. Articles of Incorporation, By-Laws with SEC Registration Certificate and latest General Information Sheet if applicable
4. General Information Sheet
5. Financial Statements / Income Statement for the last 3 years
6. Photocopy of the Income Tax Return (ITR) for the last 3 years
7. Bank statements for the last 6 months
8. List of Trade References (Suppliers / Customers)
COLLATERAL DOCUMENTS
1. Two (2) sets of clear photocopy of TCT / OCT / CCT (all pages including blank pages with the book and page / volume number indicated on the front page)
2. Lot Plan with Location / Vicinity Map certified by a licensed Geodetic Engineer
3. Photocopy of the latest Tax Declaration / Realty Tax Receipts / Tax Clearance
FOR REFINANCING
1. Current Statement of Account
2. Official Receipt or cleared checks on amortization payments made or Passbook / Bank Statement where the monthly amortization payment is debited (at least 6 months)
FOR CONSTRUCTION / RENOVATION
1. Building Plans (complete set) duly signed by a Civil Engineer / Architect
2. Bill of Materials / Specifications / Cost Estimates duly certified by a Civil Engineer / Architect
3. Scope of Work (for renovation)
FOR CONDOMINIUM
1. Master Deed of Declaration & Restrictions
FOR PURCHASE OF LOT / HOUSE AND LOT
1. Deed of Absolute Sale or Contract to Sell
How To Apply For a PNB Housing Loan
PNB (Philippine National Bank) offers housing loans to help Filipinos achieve their dream of owning a home. To apply for a PNB Housing Loan, follow these steps:
1. Check Your Eligibility:
Before you apply, ensure you meet the following basic eligibility requirements:
- Filipino citizen or a foreigner residing in the Philippines.
- 21 to 65 years old at the time of loan maturity.
- Minimum gross annual income (this varies depending on the loan product).
- Stable source of income and good credit standing.
2. Prepare Required Documents:
Gather the following documents:
Completed and signed loan application form
Two valid government-issued IDs
Proof of income:
Latest income tax return (ITR) and Certificate of Employment with Compensation (for employed)
Latest ITR with Audited Financial Statements for the last two years (for self-employed)
Proof of billing
Property documents (e.g., title, tax declaration)
3. Choose Your Application Method:
You have two options to apply:
- Online: Fill out the online application form on the PNB website. You can find it here:
- In-Person: Visit your nearest PNB branch and submit the application form with the required documents.
4. Wait for Processing and Approval:
PNB will process your application, and you will receive an update regarding the status of your loan application. If approved, the bank will prepare a loan offer for you to review
5. Loan Release:
Once you have accepted the loan offer and completed the necessary procedures, PNB will release the loan amount to the seller or to your account if you’re constructing or renovating a house.