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AFPSLAI home loan for december 2022 in the Philippines

AFPSLAI
Get a home loan at AFPSLAI. On 03.12.2022 there are 1 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 1

Updated:
20.10.2022
06:30
Real Estate Loan
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up to 20 years
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AFPSLAI home loans calculator in the Philippines

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On our website you can fill out a short application form for a loan.

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BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
BillEase
3.2
Erwin P
Erwin P
17.11.2022 at 13:05
I decided to get a second loan, bigger one. But it takes me ages to apply. They already had my info and acc. Why so long? My sis says its the best lender… I dont know.
Review
AFPSLAI home loan for december 2022

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:

  1. Visit an AFPSLAI branch near you.

  2. Gather, complete, and submit the AFPSLAI house loan application and criteria.

  3. If the provided papers meet all requirements, the loan specialist will proceed with the loan procedure (new/renewal).

  4. The lending specialist will approve the loan application.

  5. Loan specialists will be required to submit loan release conditions following loan approval.

  6. 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.

FAQ

What are the AFPSLAI home loan fees?

The borrower is responsible for the mortgage cost, insurance, and appraisal fee associated with this transaction.

Can I use collateral in the AFPSLAI home loan, not in the spouse's or borrower's name?

No, only collateral in the spouse's name is permissible when applying for a mortgage.

Is credit redemption insurance available for the AFPSLAI home loan?

Yes, as long as the borrower is under the age of 65. Fire/mortgage redemption insurance is also available for this sort of loan.