There are various institutions where you can secure the financing for the balance of your property from. In order to avoid any delays, we recommend that you start applying six (6) months before the date you need to make the balance payment and complete all requirements the soonest. Here are the steps to guide you:
Step 1: Choose where to apply your financing from. Banks will require that you open an account with them.
Option 1: Accredited Banks
Bank of Commerce
Option 2: Government Financing Institution
The NHMFC for units above 3,000,000-
Pag-Ibig for units below 3,000,000-
Step 2: Fill Out & Submit their Application form.
Step 3: Submit all the required documents. Do take note that application process typically only begins when all submissions are complete.
a. If Employed in the Philippines
- Certificate of Employment (COE) stating annual salary & position
- Latest Income Tax Return (ITR)
- Pay Slips of the last 3 months
b. If Self Employed
- Business Name (DTI-Certifiied) or SEC Registration
- Articles of Incorporation and by-laws with SEC Certificate
- General Information Sheet (GIS)
- List of Trade References (at least 3 names an contact numbers of major suppliers and/ or customers)
- Audited financial statements & ITR for the past two (2) years
c. If Overseas Filipino Worker (OFW)
- POEA Authenticated contract (seaman)
- COE authenticated by the Philippine Consulate (direct hire)
Note: The assigned attorney-in-fact may be your spouse or relative authorized to sign for you residing in the Philippines
Step 4: Sign contracts with the bank & settle bank fees
Step 5: The bank will send you or Livingsprings a Letter of Guarantee (LOG). Submit this to the Livingsprings head office by the date stipulated on the Contract as the final payment for your balance.
Other frequently asked questions about financing:
1. Can Livingsprings assist me in applying for financing?
- Yes we can help. We have application forms available that you can fill out at the head office in The Infinity Tower, 26th Street, BGC Taguig. Do submit all required documents to us, and we will forward it to our accredited banks or institutions.
- Do note that this needs to be processed no later than six (6) months prior to the payment due date.
2. What is NHMFC?
-The National Home Mortgage Finance Corporation is a government owned financial institution that offers financing to Filipinos purchasing their homes.
3. Does an estranged spouse need to sign the bank documents?
- Those legally separated may process their loan as a sole borrower. They just need to submit copies of the court decision regarding the separation.
- Those who are not legally separated will need their husband/ wife to sign all bank documents.