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IN HOUSE FINANCING
For in-house financing, financing is extended by the company who is selling the property. Under this scheme, there is no transfer of ownership to the buyer until the property is fully paid.
If you are interested in securing in-house financing,
• Gather information about your savings and monthly cash profile.
• Having an idea of your funding resources, estimate what kind of a property you can afford, how much you can borrow, how much you can afford to pay on a monthly basis.
Typical factors affecting evaluation and approval of a request for in-house financing include the following:
• Proof of monthly or periodic net cash inflow
• Size and quality of assets and investments currently owned
• Credit track record (as verified with other bank dealings and the presence of any court cases)
• Purchase of and good payment track record.
• Tenure with the employer or number of years in business, in case of a professional or an entrepreneur.
An application for in-house financing is typically evaluated within a period of two weeks to one month.
This timetable assumes complete documentation and solid evidence presented to support the various factors being used for evaluation. Length of processing may be prolonged by incomplete documents or insufficient evidence of capacity to pay.
Below are the List of Requirements for In-House Financing:
Initial Requirements:
1. Latest proof of income.
2. 3pcs 1X1 ID picture (recent)
3. Marriage Contract, Birth Certificate, or Separation papers (if needed)
4. Community Tax Cert. No.
5. Complete Post Dated Check for Equity and Amortization
6. TIN
Additional Requirements for OFW :
1. Job Contract
2. Passport
3. Special Power of Attorney (SPA)
4. Valid I.D. of Attorney in Fact
5. 1 pc. ID picture of Attorney in Fact
6. Residence Certificate of Attorney in Fact
Additional Requirements for Self-Employed:
1. Affidavit of Income
2. Business Name and Permit
3. Passbook with 3 months maintaining balance
If you are interested in securing in-house financing,
• Gather information about your savings and monthly cash profile.
• Having an idea of your funding resources, estimate what kind of a property you can afford, how much you can borrow, how much you can afford to pay on a monthly basis.
Typical factors affecting evaluation and approval of a request for in-house financing include the following:
• Proof of monthly or periodic net cash inflow
• Size and quality of assets and investments currently owned
• Credit track record (as verified with other bank dealings and the presence of any court cases)
• Purchase of and good payment track record.
• Tenure with the employer or number of years in business, in case of a professional or an entrepreneur.
An application for in-house financing is typically evaluated within a period of two weeks to one month.
This timetable assumes complete documentation and solid evidence presented to support the various factors being used for evaluation. Length of processing may be prolonged by incomplete documents or insufficient evidence of capacity to pay.
Below are the List of Requirements for In-House Financing:
Initial Requirements:
1. Latest proof of income.
2. 3pcs 1X1 ID picture (recent)
3. Marriage Contract, Birth Certificate, or Separation papers (if needed)
4. Community Tax Cert. No.
5. Complete Post Dated Check for Equity and Amortization
6. TIN
Additional Requirements for OFW :
1. Job Contract
2. Passport
3. Special Power of Attorney (SPA)
4. Valid I.D. of Attorney in Fact
5. 1 pc. ID picture of Attorney in Fact
6. Residence Certificate of Attorney in Fact
Additional Requirements for Self-Employed:
1. Affidavit of Income
2. Business Name and Permit
3. Passbook with 3 months maintaining balance
4. ITR
