The AFPSLAI home loan can be used for any of the following purposes:
- The purchase of a house and lot or just lots
- The construction of a housing unit on a previously acquired lot
- The purchase of a condominium unit
- The improvement or completion of an existing team
- The repair or renovation of a current unit
- Refinancing or the purchase of an existing unit
- Loan take-out
For the purchase of a home and lot or only the lot, the maximum loan duration is 20 years. The maximum loanable quantity is 70% of the house's fair market value, or the loan amount appropriate to the borrower's paying ability, whichever is less, but not more than, ₱6 million. For the construction of a housing unit on a previously acquired lot, the maximum loan term is 20 years. The maximum loanable quantity is 70% of the reasonable market value of the property and lot, or the loan amount applicable to the borrower's paying capacity, whichever is less, but not more than, ₱6 million.
For the purchase of a condominium unit, the maximum term is ten years, and the maximum loanable value is 60% of the current market value of the condo unit being purchased, or ₱6 million, whichever is less. For the improvement or completion of an existing team, the maximum loan period is ten years, and the maximum loanable amount is one million dollars.
The maximum period for repairing or renovating an existing unit is ten years, and the maximum loanable value is ₱500,000. The maximum loanable duration for refinancing or loan take-out is 20 years, and the maximum loanable amount is the existing mortgage balance, but not more than ₱6 million. It should also meet the 70% actual market value and paying capacity standards.
How to apply for the AFPSLAI home loan?
Follow the instructions below to apply for this loan:
Visit an AFPSLAI branch near you.
Gather, complete, and submit the AFPSLAI house loan application and criteria.
If the provided papers meet all requirements, the loan specialist will proceed with the loan procedure (new/renewal).
The lending specialist will approve the loan application.
Loan specialists will be required to submit loan release conditions following loan approval.
The borrower receives loan money if all loan release procedures are met.
Requirements
Below are the main requirements for the AFPSLAI home loans:
Main requirements
- Fully filled-up AFPSLAI home loan application form and promissory note.
- One recent 1x1 passport photo.
- Marriage contract with service ID/pensioner ID and AFPSLAI ID (for married applicants).
- One photocopy of the applicant's legitimate identification (for individual applicant)
Documentation
- The unit's LTO stencil (if through CCA).
- CCA/SDA passbook and deed of assignment.
- Authority to withdraw from CCA/SDA (for payment via CCA/SDA auto-debit).
- Two most recent genuine or printed online payslips and ITRs for the previous two years.
- Pension certification (for salary/pension deduction payments).
- Payslips for the last three months.
- COE and ITR for the previous two years (for compensation that will be through PDCs for employed associate members).
- Contract to sell/absolute sale deed for purchasing a house and lot, lot, or condominium unit.
- A floor/building design and a bill of materials for house construction or remodeling.
- Account statement or evidence of outstanding amount, as well as cancellation of a chattel mortgage from a prior financial institution, for refinancing or loan take-out.
- CCA/SDA passbook and deed of assignment or power to deduct from CCA/SDA, i.e. payment by auto debit from CCA/SDA.
- Two most recent original or printed online payslips and ITRs for the last two years, or pension certification, if payment is made by salary or pension deduction.
- Three months' payslips, COE, and ITR for the previous two years, for price via PDCs for employed associate members.
- Business registration or permission, income statement or financial statement for the last two years, and leasing contract for a fee through PDCs - money generated from business/rentals.
- Income statement or financial statement for the previous two years, as well as OR/CR and LTFRB permission to operate, for payment via PDCs - payment generated from PUVs.
Pros and cons of the AFPSLAI home loan
Below are some honest pros and cons of this loan:
Pros
- The loan can finance many mortgages.
- The bank offers loan terms up to 20 years.
- The application is fast and straightforward.
Cons
- The loan application is made only in-branch.
- The ₱6 million maximum loanable amount is low compared to competitors.
How to repay an AFPSLAI home loan?
Acceptable payment methods include salary/pension deduction and auto debit from the borrower's CCA/SDA02 account. This implies that auto debit must be enabled during the loan application process.