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Buying your dream home? Simple lang with PSBank’s Home Loan with Prime Rebate! by PSBankPublished: October 4, 2013Updated: December 2, 2014

Make your dream home a reality with a home loan via PSBank!

Tired of renting and ready have a home all your own? PSBank makes buying a property “simple lang” with the PSBank Home Loan with Prime Rebate.

What is PSBank’s Home Loan?

This home loan lets you purchase a house and lot, townhouse, condominium unit or residential lot, or construct your own house. Also, if you’re burdened by high interest rates in your present home loan provider, you can move your home loan to PSBank and avail of their lower interest rates.

What is the PSBank Prime Rebate?

The PSBank Prime Rebate gives customers a chance to earn rebates whenever they make advance or excess payments on their monthly dues. Rebating is simple: the customer doesn’t need to register or enroll for it because the PSBank automatically applies rebates to new and existing term loans. Also, PSBank calculates rebates earned on a daily basis, even on weekends and holidays, starting from the date of the payment and then credited every due date.

What is the PSBank Home Loan with Prime Rebate?

Purpose and benefits
The purpose of this loan is to buy a house and lot, a vacant lot, a townhouse or condo unit, a duplex, a house construction or renovation, a refinancing, an equity or reimbursement of acquisition cost. When you apply for a PSBank Home Loan with Prime Rebate you are guaranteed fast loan processing (in 5 banking days via SMS) and you can be protected against fluctuation during the interest fixing period of the loan.

Loan amount and terms
You can apply for a loan of a minimum of Php 500,000 or a maximum of Php 25,000,000, or up to 80% of the appraised value of the property. The term of your loan can be up to a maximum of 10 years for a residential purchase, or up to 25 years for a house and lot, townhouse, duplex or condo, depending on the loan purpose.

Interest rates
Interest rates of your home loan will depend on the prevailing home loan rate at the time of your approval (Click here to see the prevailing rates). You can choose from different fixed term options that will lock your interest rate for every succeeding period of 1, 2, 3, 5, 10, 15, 20, or 25 years until the principal amount has been paid.

Payment
The principal amount and interest are payable in equal monthly amortizations. You can pay either online by enrolling your deposit account through PSBank online or by an automatic debit arrangement from a PSBank account. Your collateral can be the first real estate mortgage over an acceptable residential property.


Who can apply for a PSBank Home Loan with Prime Rebate?

• Filipino individuals or foreigners with 3 years residency in the Philippines (foreigners are eligible if using the loan to buy a condominium unit)
• Those who have residential real estate property for collateral
• Those who have a monthly family income of at least Php 30,000
• If employed, has a tenure of at least 2 years
• If engaged in business, has been operating profitably for the last 2 years
• At least 21 years old and must not exceed 65 at the time of the loan’s maturity

What are the requirements in applying for the PSBank Home Loan with Prime Rebate?

For all applicants

• Completely filled out PSBank Home Loan application form
• Cash or check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
• Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
• Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
• Valid IDs with photo and signature
• Copy of Marriage Contract (if married)
• Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
• Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

For employed applicants

• Latest Certificate of Employment
• Income Tax Return or BIR Form 2316, 2306 or 1700

For applicants in business or professional practice

• Latest BIR Form 1701 or 2317
• Latest audited Financial Statement with BIR stamp

For overseas Filipino applicants
(Any of the following; waived if applicant or spouse has an active PSBank Overseas Filipino Savings Account.)

Non-Immigrant (contractual worker):
1. Consularized Certificate of Employment
2. Job contract with POEA Stamp
3. Proof of remittance for the past 3 months
Immigrant:
1. Latest Certificate of Employment
2. Pay slips for past 3 months
3. Latest Income Tax Return
4. Proof of remittance for the past 3 months

If there are other sources of income

• Proof of other income such as Certificate of Deposits, Stock/Bond Certificate, Lease Contracts showing terms and monthly payment, etc.

Additional documents depending on loan purpose

Home construction or renovation:
1. Floor and Building Plan and Building Specification
2. Bill of Materials and Estimate of Construction and Labor Costs
Purchase of condominium unit:
For condominiums where parking slot is not indicated in the CCT or not part of the floor area, attach Certificate of Deed of Assignment/Contract to Sell/Reservation Agreement for designated parking slot
Refinancing:
1. Proof of amortization payment for the past 3 months
2. Statement of account from mortgagee bank

Insurance requirements

For all loan types:
Credit Life Insurance (CLI) for the full amount of the loan
For construction loans (during construction):
Contractor’s all-risk insurance
For house and lot, townhouse or duplex:
Fire Insurance coverage from accredited insurance companies for 100% of the appraised value of the improvements
For condominiums:
Endorsement to PSBank of Master Fire/Earthquake Insurance Policy of Condominium Corporation or separate policy from accredited insurance companies

You can download th PSBank Home Loan application by clicking here. You can fax the filled-out form to Indirect Mortgage Channel at 885-8385.

If you have more questions, contact the PSBank Business Center at 944-1590, go to www.psbank.com.ph, or visit any PSBank branch near you.

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