Lists of Collateral Requirements for Sterling Bank of Asia Home Loan Offer
COLLATERAL REQUIREMENTS FOR STERLING BANK – Here are the documents required by the Sterling Bank of Asia in applying for the loan offer.
There are a lot of benefits that await you when you have your own house. That is why many people considered getting home loans so they can fast-track their goal to have a house they can call their own. One of the providers of this type of loan in the Philippines is the Sterling Bank of Asia.
The Sterling Bank of Asia is one of the reputable banks in the country and is in the service of the Filipino people for more than 15 years already. One of its loan offers is the Discovery Home Loan which offers high loanable amounts, flexible payment terms, and convenient payment options under its offer.
The Sterling Bank home loan is open to finance residential property acquisitions may it be a house and lot, a condominium unit, or a townhouse; house construction; and home renovation. In applying for the loan offer, there are collateral Requirements for Sterling Bank of Asia Home Loan application.
Refinancing. If you are applying for the loan to take-out an existing home loan from another bank or lender, here are the collateral documents that you must submit to the bank:
- Proof of amortization payments for the last three (3) months or payment history provided by the Bank
- Statement of account from mortgagee bank
- Authorization Letter to verify employment, business, and bank accounts, whichever are applicable
- For foreigner spouses of Filipino borrowers, alien certificate of registration (ACR)
House Construction. Do you want to build your dream house? Here are the collateral documents that the Sterling Bank of Asia asks for application:
- Floor plan and building plan and building specifications
- Bill of materials and estimates of construction and labor costs
The other additional collateral requirements for the Sterling Bank of Asia Home Loan offer application depends on whether the property to be acquired is under a developer that is accredited to the bank or not. Here’s a guide:
Accredited Developers
- Based on the approved terms and conditions for End-User Financing
- Contract to Sell or Reservation Agreement
Non-Accredited Developers
- Copy of Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- Vicinity/Site Map or Location Map
- Tax Declaration for both land and improvements
- Latest Tax Clearances and Real Estate Tax Receipts (RETRs)
