Guide on Sterling Bank Home Loan 2024 Features & Application
STERLING BANK HOME LOAN 2024 – Make your dream house a reality through the financing offer of the Sterling Bank of Asia.
Are you excited to have your own house soon? There is no need for you to wait for years or decades so you can live under a roof you can call your own. The Sterling Bank of Asia is ready to help you.
Aside from the Sterling Bank of Asia Personal Loan, there is also a Sterling Bank Home Loan offer that you may apply for — the Discovery Home Loan. It is open to finance the following purposes:
- a house and lot purchase
- a townhouse purchase
- a condiminium unit purchase
- house construction
- home renovation
Under the Home Loan offer, the loan is payable from one (1) year up to 25 years provided that the age of the borrower does not exceed 65 by the end of the loan term. Here are the borrowing amounts allowed by the bank:
- Minimum Loanable Amount — Php 300,000
- Maximum Loanable Amount — up to Php 25 million or 80% or 90% of the Total Contract Price (TCP) for accounts referred by accredited developers
Who are qualified to apply for the loan offer? The Sterling Bank loan offer is open for both employed and self-employed individuals but there are varying eligibility requirements for application. Here are the qualifications set by the bank:
Employed
- Filipino Citizen
- 21 years old, but not more than 65 years old upon maturity of the loan
- If the borrower is more than 60 years old, a co-maker is required
- Employment status must be Permanent or Regular
- At least two (2) years with the present employer
Self-Employed
- Filipino Citizen
- 21 years old, but not more than 65 years old upon maturity of the loan
- If the borrower is more than 60 years old, a co-maker is required
- Business should be at least three (3) years in operation and profitable for the last two (2) years, and must be duly registered with the Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI)
- Combined monthly gross family income of at least Php 40,000.00
- For married borrower/s, spousthe e will act as co-borrower and co-mortgagor
In applying for the loan offer, there are also varying documents required in applying for the loan offer. There are specific lists of requirements for employed individuals as well as self-employed individuals. There are also collateral requirements for application.
