Guide on Metrobank Home Loan Requirements for Application Process
METROBANK HOME LOAN REQUIREMENTS – Here are the documents required by the bank in applying for its Home Loan offer.
Have you heard about the Home Loan offer of Metrobank? It is one of the best offers in the field as it caters to several purposes, has huge loanable amounts, and flexible loan terms. The bank has also set clear lists of the required documents for application.
Metrobank allows up to 25 years of loan repayment in cases of residential property acquisition, house construction, home purchase reimbursement, and personal investment. In the case of renovation or expansion, the bank allows a maximum loan term of 20 years and 10 years for the purchase of vacant lots.
What are the Metrobank Home Loan requirements? It depends if you are locally-employed, self-employed, or an overseas Filipino worker. If you are locally-employed, here are the documents required by the bank in applying for the loan offer:
- duly-accomplished and signed Metrobank Home Loan Application Form
- one valid government-issued ID (preferably passport)
- Source of Repayment (any one of the following)
- Original Certificate of Employment with compensation (COEC), position or job title, and date employed or tenure
- Latest 3 months electronic payslips
- Latest ITR or latest BIR Form 2316
- Marriage contract, if applicable
In the case of self-employed individuals, here are the documents that Metrobank requires for the loan application:
- duly-accomplished and signed Metrobank Home Loan Application Form
- one valid government-issued ID (preferably passport)
- Business Papers:
- If Single Proprietorship, DTI certificate of registration or Business Permit
- If Corporation or Partnership, SEC Registration with Articles of Incorporation and By-Laws (or Articles of Partnership)
- Source of Repayment:
- Latest 2 years Income Tax Return (ITR) and Audited Financial Statements
- Latest 6 months bank statements
- Marriage contract, if applicable
There is a different set of Metrobank Home Loan requirements for overseas Filipino workers (OFWs) who want to apply for the loan. Here are the documents OFWs must submit:
- duly-accomplished and signed Metrobank Home Loan Application Form
- Valid Philippine passport
- Source of Repayment:
- For land-based OFW, Original Certificate of Employment with compensation (COEC), position or job title, tenure, employer’s email
- For sea-based OFW, Latest POEA contract and Certificate of Sea Service with work history and tenure
- Proof of monthly remittance for the last 6 months in the name of the OFW or his immediate family members OR 3 month’s payslips/payroll bank statements
- Marriage contract, if applicable
Aside from knowing the steps and the requirements in applying for the loan offer, it is a wise move to know the Metrobank Home Loan fees that the bank applies under the offer. It is the way to prepare for the possible deductions from the loan proceeds.
Aside from the Home Loan offer, the bank also has the Metrobank Cash Loan, a multi-purpose loan offer that can help attend to multiple short-term financial needs.