Guide on Chinabank Home Loan Requirements 2024 for Application Process
CHINABANK HOME LOAN REQUIREMENTS 2024 – Here are the documents required by the bank in applying for its HomePlus offer.
In the Philippines, there are some banks that offer homes loan with excellent features. One of these banks is the Chinabank. It is one of the most popular banks in the country that serving the Filipino people for decades already since 1920.
Chinabank actually has several loan offers, aside from the Chinabank Salary Loan offer, it also has the HomePlus offer that boasts with flexible loan purpose, low interest rates, and easy payment options. It is open to finance the following purposes:
- acquisition of vacant lot, house and lot, condominium unit, townhouse
- house construction
- home renovation
- home loan take-out
- reimbursement of newly-acquired property
The Chinabank Home Loan offer is open for individuals who are aged 24 and above but not more than 65 years old upon the end of the loan term. Its eligibility requirements including individual applications made by employed and self-employed individuals and professionals and partnership or corporation applications.
In case of applications made by a partnership or corporation, here are the Chinabank Home Loan requirements for eligibility to application set by the bank:
- duly-registerd with the Security and Exchance Commission (SEC)
- must be in a profitable operations for at least three (3) years
- majority stockholder of the corporation must act as a co-borrower
- no adverse records
With regards to the Chinabank Home Loan requirements you must submit in applying, it depends if you are employed, self-employed, or applying as a partnership or corporation. Here’s a guide for loan applicants:
Employed
- Duly-accomplished and signed ChinaBank HomePlus Loan Application Form
- Photocopy of One (1) Valid ID (with signature and photo)
- Photocopy of CENOMAR or Marriage Contract (whichever is applicable)
- Photocopy of Latest Proof of Billing
- Local
- Latest Certificate of Employment and Compensation (COEC), indicating position and length of service
- Latest Three (3) Months Payslips
- Latest ITR/BIR Form 2316
- Land-Based OFW
- Latest Certificate of Employment and Compensation (COEC), indicating position and length of service
- Latest Three (3) Months Payslips
- Special Power of Attorney (SPA), Bank Template
- Designated Attorney-In-Fact (AIF)
- Sea-Based OFW
- Latest POEA Contract
- Latest Certificate of Sea Service
- Special Power of Attorney (SPA), Bank Template
- Designated Attorney-In-Fact (AIF)
- Local
Self-Employed or Professional
- Duly-accomplished and signed ChinaBank HomePlus Loan Application Form
- Income Tax Return (ITR) with Audited Financial Statements for the last Three (3) years
- Latest Six (6) months Banks Statements or photocopy of Passbook
- List of Trade References (at least Top 3 Suppliers and Top 3 Customers, with contact details and names of contact persons)
- Lease Contracts and list of properties for rent, if rental business
- Profession Information Sheet (Bank Template), if professional
Partnership or Corporation
- Duly-accomplished and signed HomePlus Loan Application Form
- Certificate of Registration from the SEC
- Latest GIS, By-Laws and Articles of Incorporation
- Brief Company Profile
- Brief Profile of Officers and Stockholders
- Income Tax Return (ITR) with Audited Financial Statements for the last Three (3) years
- Latest Six (6) months Bank Statements or photocopy of Passbook
- List of Trade References (at least Top 3 suppliers and Top 3 customers w/ contact details and names of contact persons)
There are also collateral requirements for the Chinabank Home Loan application. Here are the documents pertaining to the property that must be submitted to the bank in applying for the loan offer:
- Photocopy of Owner’s Duplicate Copy of TCT or CCT
- Tax Declaration on Land and Improvement, if any
- Lot Plan or Vicinity Map
- Bill of Materials and Building Plan, if loan purpose is for House Construction or Renovation
- Copy of the Contract to Sell (CTS), if property to be purchased is from an Accredited Developer