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AFPSLAI

Real Estate Loan

ELIGIBILITY:


All Regular and Associate Members who are in good credit standing and have satisfactorily complied with the documentary and paying capacity requirements.

The loan must be used for any of the following purposes:

  • Acquisition of a House & Lot / Lot
  • Construction of a Housing Unit on a Previously Acquired Lot
  • Acquisition of a Condominium Unit
  • Improvement or Completion of an Existing Unit
  • Repair or Renovation of an Existing Unit
  • Refinancing / Loan Take-out
LOAN TERM AND LOANABLE AMOUNT:

For Acquisition of a House & Lot / Lot

  • Maximum Term: 20 Years
  • Maximum Loanable Amount: 70% of the Fair Market Value of the property being acquired, or the loan amount applicable to the borrower’s paying capacity, whichever is lower, but not to exceed ₱ 6 Million

For Construction of a Housing Unit on a Previously Acquired Lot

  • Maximum Term: 20 Years
  • Maximum Loanable Amount: 70% of the Fair MarketValue of the house and lot, or the loan amount applicable to the borrower’s paying capacity, whichever is lower, but not to exceed ₱ 6 Million

For Acquisition of a Condominium Unit

  • Maximum Term: 10 Years
  • Maximum Loanable Amount: 60% of the Fair Market Value of the Condominium unit being acquired or ₱ 6 Million, whichever is lower

Improvement or Completion of an Existing Unit

  • Maximum Term: 10 Years
  • Maximum Loanable Amount: ₱ 1 Million

Repair or Renovation of an Existing Unit

  • Maximum Term: 10 Years
  • Maximum Loanable Amount: ₱ 500,000

For Refinancing / Loan Take-out

  • Maximum Term: 20 Years
  • Maximum Loanable Amount: Outstanding loan balance, but should not exceed ₱ 6 Million. It should also satisfy the 70% Fair Market Value of the property and paying capacity requirements.



REL Calculator
Total Price of Property
Down Payment
Loan Term

Amount to be Financed is:
Monthly Amortization is

INSTRUCTIONS:

To know your monthly amortization:
  1. Enter the total price of the property.
  2. Enter your desired down-payment (minimum of 30% of total price of property).
  3. Select the number of years you want to amortize your loan.
  4. Click “COMPUTE” to know your monthly amortization or “RESET” to clear entries.

Note: "Total Price of Property" shall refer to the appraised value of fair market value of the property.

Please note that the computation above is only indicative. You may call us or visit any AFPSLAI Branch nearest you for the actual details.

Procedures

  1. Borrower submits LAF and requirements.
  2. if submitted documents comply with all the requirements, Loan Specialist proceeds with the processing of loan (new/renewal).
  3. Loan Specialist endorses the loan application for approval.
  4. Upon approval of the loan, Loans Specialist will require to submit loan release requirements.
  5. If all loan release requirements are complied, borrower receives his/her loan proceeds.

FAQs

Q: What are the fees for this loan?
A: This loan includes Mortgage Fee, Insurances and Appraisal Fee, which shall be borne by the borrower.

Q: Can we use a collateral that is not under the name of the spouse or the borrower?
A: No, only collateral/s under the name of the spouse is acceptable in applying for Real Estate Loan.

Q: Is this loan covered by Credit Redemption Insurance?
A: Yes, provided that borrower is below 65 years old. This type of loan is also covered by Fire/Mortgage Redemption Insurance.