Producers Bank Housing Loan — Its Features & How To Apply For Offer

Guide on Producers Bank Housing Loan Application Process

PRODUCERS BANK HOUSING LOAN – Here are the important details about this special loan offer of the Producers Bank and the application process.

Are you excited to buy your target residential property but you are in need of a loan that can finance your purchase? In the Philippines, one of the entities that you may turn to is the Producers Savings Banking Corporation.

More popularly called the Producers Bank, it is operating in the Philippines for a few decades now. It has several deposit account products as well as loan products.

The loan offer of the bank that is ready to finance your purchase of a residential property is the Producers Bank Housing Loan. It is open to finance any of the following:

• acquisition of vacant lot, brand new/pre-owned house and lot, or town house unit or residential condominium unit
• repair/renovation or improvement of existing house, or townhouse or residential condominium unit
• construction of a new house

The loan offer is open for both public and private employees who meet the following qualifications for application:

• on a permanent status for at least three (3) years; or
• existing depositor/s of the Bank with established business
• with stable/adequate cash flow from his own business operating for at least two (2) years if self-employed

With regards to the loanable amounts under the Producers Bank Housing Loan, here are the minimum and maximum borrowing amounts allowed by the bank:

• Minimum Loanable Amount — Php 1 million

• Maximum Loanable Amount — up to seventy percent (70%) of the appraised value of the collateral

The loan is payable for up to 15 years on a diminishing principal balance and interest scheme. It will be secured by the Registered Real Estate Mortgage (REM) on real property registered under the name of the borrower.

With regards to the manner of the loan release, a lump sum is granted on the acquisition of residential properties and on a staggered release for house construction and repairs financing. Here are the documents required in applying for the loan offer:

• Certified true copy of the title
• Tax Declaration (house and lot), tax receipts and tax clearance
• Location plan with vicinity map and picture of house
• Bill of materials and scope of work prepared by an Architect or Engineer
• Building plan and building permit if purpose of loan is for expansion
• Certification of Employment, pay slip for the last 3 mos.
• Barangay clearance and proof of billing
• Business permit, DTI Registration, NFA License and F/S for existing clients/depositors.
• proof of other sources of income (spouse’s pay slip or certification of employment)
• Fire insurance/MRI assigned to Producers Bank
• CASA deposit with Producers Bank
• Photograph of borrower and collateral