BANK OF COMMERCE HOME LOAN – Loanable Amount & Term Under This Loan

Guide on the Loanable Amount & Term Under the Bank of Commerce Home Loan

HOME LOAN – Here is a guide on the loanable amount and term under the Bank of Commerce’s Home Loan offer to the public.

Undeniably, a lot of people are eager to acquire their own house but they cannot pay for it in full now. The good news is that there are several banks now offering home loans.

You may apply for the said loan type for the purpose of buying a lot or a residential property like house, condominium unit, townhouse, etc. It may also serve the purpose of house construction or renovation.

One of the banks in the Philippines that offer home loan to the public is the Bank of Commerce.

Based on the official website of the Bank of Commerce, its Home Loan offer may serve any of the following purposes:

• Purchase of house and lot, townhouse, or condominium unit
• Construction of house on a lot already owned by the borrower
• Major repair, improvement or expansion of an existing house
• Refinancing / take out of existing housing loan

With regards to the requirements, the following should be prepared by the applicant depending on which is applicable to him or her:

• General
  • Home Loan Application Form
  • 2 x 2 Photos (both spouses / co-obligor)
  • Photocopy of valid ID
  • Photocopy of deposit passbooks or bank statements (3 months)
  • Marriage contract (if applicable)
• Employed
  • Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 3 years)
  • Certificate of Employment stating applicant’s position, income, and length of stay in the company (original copy only)
  • Copy of payslip (last 3 months)
  • Proof of other sources of income, if any
  • Proof of billing address and Original copy of Latest Contract of Employment (OFW/Seafarer)
• Self-Employed
  • Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
  • Copy of Audited Financial Statement for the last 2 years
  • Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 3 years)
  • Company / business profile
  • List of major suppliers / customers

Based on the website of the Bank of Commerce, the minimum loanable amount under its home loan offer is Php 500,000.00. The term of payment may be from ten(10) years to twenty(20) years.

Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.