CHINA BANK PHILIPPINES

China Banking Corporation, commonly known as China Bank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino businessmen. It offers various banking services and products related to deposit, investment, trust, cash management, remittance, and financing products and services. It also offers insurance brokerage and bancassurance services through its subsidiary and affiliates.

CONSUMER LOANS

1. China Bank Homeplus

Think of how much sweeter life can be if you have your own home. Act on this happy thought and you can be a homeowner soon with China Bank HomePlus, the right home loan for you. China Bank HomePlus makes it easy and affordable to buy or build your very own home.  Enjoy:

• High loan amount
• Flexible payment terms:

1. Up to 25 years for a house and lot
2. Up to 15 years for vacant lots
3. Up to 10 years for condominium units

• Low interest rates. And to protect you from future rate increases, you can choose to have your interest rate fixed for one year, five years, or ten years.

Beyond rates and terms, they bring value to every home loan partnership by taking the time to understand your home financing needs. They assure you of:

• Transparent dealings.  No hidden charges
• Prompt processing
• Low insurance premiums through China Bank’s subsidiary, China Bank Insurance Brokers, Inc.
• Easy and convenient loan payment via automatic debit arrangement
• Advisory services for acquiring a property. They have accredited reputable home developers and can help you own a home you can afford and enjoy

China Bank HomePlus is not just for the purchase of a lot / house & lot or for home construction, you can avail of it to:

• Renovate your home
• Reimburse recent purchase or construction of a residential property
• Refinance an existing housing loan with other financial institutions

Apply now at any China Bank Consumer Banking Center or China Bank branch near you.

PURCHASE OF CONDOMINIUM UNITS

Borrower Eligibility

1. Filipino, of legal age but not more than 65 years old upon loan maturity
2. With steady, dependable & verifiable source of income
3. Employed for at least 3 years in a supervisory/managerial position with a reputable company (for employed individuals)
4. Minimum Gross Monthly Income (GMI):

• P50, 000/mo. for Metro Manila / Metro Cebu
• P35,000/mo. for other provincial areas

5. Able to pay an Equal Monthly Amortization which is:

• 35% of GMI
• 75% of Net Disposable Income (NDI)

6. No adverse credit findings like court cases, bouncing checks, unpaid loans, cancelled credit cards, etc.

Requirements for Loan Approval Processing

1. Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)
2. Marriage Contract (if married)
3. Bio-data/Resume
4. Deposit Statements of Accounts (last 6 months)

EMPLOYED INDIVIDUALS

5. Latest Income Tax Return (ITR)/W-2 Form
6. Certificate of Employment stating length of service and monthly compensation package

SELF-EMPLOYED INDIVIDUALS

7. Audited Financial Statements and ITR for the last 3 years (BIR stamped)
8. Certificate of Registration of Business Name
9. Business Profile
10. Complete list of suppliers and clients

COLLATERAL REQUIREMENTS

1. Condominium Certificate of Title of unit and parking slot, (if any)
2. Current Tax Declaration (unit and parking slot, if any)
3. Current Tax Receipts (unit and parking slot, if any)
4. Current Tax Declaration (unit and parking slot, if any)
5. Location Plan
6. Occupancy Permit
7. BANK FORM

• Loan Application
• Mortgage Redemption Insurance (MRI) Application

8. FOR OFWs

• Certificate of Employment stating length of service and monthly compensation package

9. POEA Contract
10. ITR (if any)

• Pay slips (last 6 months)
• Special Power of Attorney (Bank Form)
  All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

Insurances and Fees Required

1. P3, 500 Filing Fee (non-refundable)
2. Processing Fee
3. Mortgage Registration Expenses
4. Documentary Stamp Tax
5. Mortgage Redemption Insurance (MRI) Premium
6. Fire and Earthquake Insurance Premium