Check Management

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About China Bank

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BORROWER ELIGIBILITY

  • Filipino, of legal age but not more than 65¬†years old upon loan maturity
  • With steady, dependable & verifiable source of income
  • Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
  • Foreigners (to purchase a condominium unit) - with permanent residency in the Philippines of at least 5 years
  • Minimum Gross Monthly Income (GMI):
    • P50,000/mo. for Metro Manila / Metro Cebu
    • P35,000/mo. for other provincial areas
  • Able to pay an Equal Monthly Amortization which is:
    • < 35% of GMI
    • < 75% of Net Disposable Income (NDI)
  • No adverse credit findings like court cases, bouncing checks, unpaid loans, canceled credit cards, etc.

REQUIREMENTS FOR LOAN APPROVAL PROCESSING

  • Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver's License)
  • Marriage Contract (if married)
  • Bio-data/Resume
  • Deposit Statements of Accounts (last 6 months)

EMPLOYED INDIVIDUALS

  • Latest Income Tax Return (ITR)/W-2 Form
  • Certificate of Employment stating length of service and monthly compensation package

SELF-EMPLOYED INDIVIDUALS

  • Audited Financial Statements and ITR for the last 3 years (BIR stamped)
  • Certificate of Registration of Business Name
  • Business Profile
  • Complete list of suppliers and clients

COLLATERAL REQUIREMENTS

  • Transfer Certificate of Title
  • Current Tax Declaration
  • Current Tax Receipts
  • Current Tax Clearance
  • Location Plan

BANK FORM

  • Loan Application
  • Mortgage Redemption Insurance (MRI) Application

FOR OFWs*

  • Certificate of Employment stating length of service and monthly compensation package
  • POEA Contract
  • ITR (if any)
  • Payslips (last 6 months)
  • Special Power of Attorney (Bank Form)
    * All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

INSURANCES AND FEES REQUIRED

  • P3,500 Filing Fee (non-refundable)
  • Processing Fee
  • Mortgage Registration Expenses
  • Documentary Stamp Tax
  • Mortgage Redemption Insurance (MRI) Premium
  • Fire/Earthquake Insurance Premium, if applicable
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