August 15, 2023

UNION BANK PHILIPPINES

The Union Bank of the Philippines, Inc. more commonly known as Union Bank is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank. Union Bank Auto Loans will help you purchase brand new or second hand cars or brand new light trucks.

Eligibility

Yes, if you are between 21 to 65 years old with a total monthly income of P50, 000. Foreign nationals married to a Filipina or business entities like corporations and partnerships may also apply for an auto loan.
Client must be 65 years old upon maturity of loan.

Requirements

If you are employed, you will need to submit the following:

COE – Certificate of employment with compensation
Latest Income Tax Return (ITR)
Completely filled up application form, or apply online
ITR is not required for loan amounts below P3,000,000

If you are self-employed, you will need to submit the following:

Business Registration papers (DTI, SEC if applicable)
ITR with audited financial statements (2 years)
Trade references
Completely filled up application form

Payments

Auto Debit Arrangement (ADA) – Automatically deducted from your account. You may open a Checking or Savings Account with us with no maintaining balance; or a Debit GetGo Card.
Postdated Checks (PDC)

HOME LOANS

They are committed to helping you purchase your own lot, townhouse, residential condominium or house and lot from our Accredited Developers. Their minimum loanable amount is P500, 000.00, while the maximum loanable amount is up to 90% of the property’s selling price.

Features

Maximum of 20 years for locally employed
Maximum of 15 years for OFWs

Payments

Auto Debit Arrangement (ADA) – Automatically deducted from your account. You may open a Checking or Savings Account with us with no maintaining balance; or a Debit GetGo Card.
Postdated Checks (PDC)

Eligibility

Individuals who are gainfully employed and with permanent status
Individuals engaged in own business operating profitably for at least 2 years or a partner in a registered ownership
Must be of legal age, not more than 65 years old upon application and must not exceed the age of 70 years upon loan maturity
Must have a good credit standing

Documents Required

Personal Data Documents

Duly filled out Application form
Photocopy of Marriage Contract (if applicable)
Photocopy of any government-issued ID with picture and signature

Income Documents

For locally employed applicants:

Certificate of Employment
3 months latest pay slips

If Overseas Filipino Worker (OFW):

Original Consularized Special Power of Attorney (SPA)
Passport with entry and exit stamps

For self-employed applicants:

Business Registration
Latest 6 months Bank Statements
Financial Statements
ITR
Top 3 list of suppliers/customers with contact numbers (landline)

Collateral Documents

Contract to Sell or Reservation Agreement
Statement of Account

Fees and Charges

Fees and Charges: Real Estate Mortgage Fees
Registration Fees: Fees collected relating to the registration of TCT with Register of Deeds and are computed by the RD based on loan amount

Bank Charges

Processing Fee: P3, 500 Metro Manila; P4, 000 outside Metro Manila
Appraisal Fee: P3, 500 Metro Manila; P4, 000 outside Metro Manila

Other Charges

Documentary Stamps: Tax collected on legal instruments, loan agreements and other documents which are remitted to Bureau of Internal Revenue (BIR)REM-Doc StampP20 for the 1st P5,000 & P10 for succeeding P5000PN-Doc StampP1 for every P200 or a fraction thereof or P1,160,000 / 200 = P5,800
Mortgage Redemption Insurance: Form of life insurance that pays off borrower or the whole of the insured’s outstanding mortgage balance in case of death or total disability Loan Amount / 1,000 x (standard rate)
Fire Insurance: Insurance that provides protection to your house against loss or damage caused by fire and is computed by the Fire Insurance provider
Notarial Fee: Individual Account P400; Developer P800
Amendment Fees and Penalties: Full or partial payments made outside the anniversary date of the loan P4, 000
Request for shortening or extension of term P4, 000 (shortening) P4, 200 (extension)
Cancellation of Mortgage (for fully paid accounts)
P500 Delinquent Interest on unpaid balance (for fully paid accounts)
Delinquent interest (interest rate per PN or the repriced interest) and penalty (36%) on unpaid monthly installment

Accredited Developers