Land Mortgage Loan
Eligibility
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24-64 years old
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Filipino citizen
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Legally possess a land with the following specification:
- Clean title
- Vacant lot(Raw, Residential, Commercial, Industrial or Agricultural Land)
- Located within Metro Manila, Rizal, Laguna, Cavite, and Bulacan
- At least 200 square meter area
Requirements
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2 Government issued IDs
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Certified true copy of title (or TCT/OCT)
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Latest tax declaration
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Real estate tax receipt
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Latest tax clearance
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Vicinity map/ Floor plan (optional)
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ITR or Certificate of employment, or Business permit (if with source of income)
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Authorization to conduct due diligence
Loan Details
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Maximum loan amount is 50M.
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2% add on interest rate
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5% service fee
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Maximum of 60 months in terms of payment
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Post dated check for mode of payment
Conditions
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Late penalty 3% per month
Service Fee Breakdown
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Notarial Fee 1 (Loan Agreement) = approximately PHP 3,000.00
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Notarial Fee 2 (Promissory Note) = approximately PHP 3,000.00
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Notarial Fee 3 (Disclosure Statement) = approximately PHP 3,000.00
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Notarial Fee 4 (Real Estate Mortgage) = approximately PHP 3,000.00
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Annotation Fee/RD = based on amount & RD
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Documentary Stamp Tax = 0.75% of loan principal
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Business Tax = 0.70% of loan principal
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Credit Investigation Fee = based on CI
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Other Expenses = 5% of loan principal, net of the above fees