Bank of Commerce offers home loans to enable customers to purchase their ideal homes. You can get the best rates and buy your perfect property with a BankCom mortgage. The minimum loanable amount is ₱ 500,000 with a duration of ten to twenty years. You can apply for a loan, and use the loan for the following purposes.
For purchasing a townhome, a condominium, or a house and lot.
For building a home on a property that the borrower already owns.
For major house renovation, remodeling, or expansion.
For taking out new loans or refinancing current mortgages.
How to apply for a Bank of Commerce home loan?
Users can use multiple methods to apply for a home loan.
- Go to the Bank of Commerce official website.
- Move your cursor to the products section. Then move to the Personal section and select Loan products.
- From the personal loan page, choose the loan you want to apply for, in this case Home loan.
- Scroll down and click on the Apply now button.
- Fill out the loan form and gather all the required proofs.
- Send your completed form to CNRevilla@bankcom.com.ph or fax to (02) 8-570-7672. For inquiries, call us at (02) 8-982-6446 or 8-982-6537.
Requirements
Filled out application form.
Two photographs of the co-obligors (both spouses).
Driver's license, passport, SSS ID, company ID (if a Top 5,000 Corporation), postal ID, and PRC ID are all accepted forms of identification.
Bank statements or deposit passbooks in digital form for the last 3 months.
Marriage agreement (if applicable).
For employed applicants
Duplicate of an income tax return (ITR) bearing a bank stamp for the last three years.
Certificate of employment detailing the applicant's title, earnings, and employment history (original copy only)
Copy of the paystub for the last three months.
Proof of billing address, proof of other sources of income, if any, and the original copy of the most recent employment contract (OFW/Seafarer).
For self-employed applicants
Copy of the company's registration documents with the DTI (if it's a sole proprietorship) or the SEC (if partnership or corporation).
Copy of the most recent two years' audited financial statements.
Copy of an income tax return (ITR) bearing a bank stamp (at the latest three years).
Business or company profile.
List of the biggest clients and suppliers.
For overseas Filipino workers (OFWs)
Certification of employment (original copy or photocopy) stating applicant's job, pay, and tenure with the company.
Job contract containing the start date, end date, and financial information (warranty must not be expired for land-based OFWs and must be the latest contract for sea-based OFWs).
Copy the most recent three months' worth of allotment or remittance slips.
Paystubs or a similar document, for the most recent month.
Pros and cons
Below are some of the pros and cons of Bankcom home loans
Pros
The bank provides users access to funding within one day.
The bank has minimum requirements to apply for this loan.
The bank has a very clear application process, and all the details are given on the internet.
Cons
The bank provides higher interest rates when compared to rivals.
The bank has no option to apply for a home loan online. The application form has to be submitted through an email, and the rets of the process is done offline.
How to repay Bank of Commerce home loans?
Any of the following options are available for repaying the loan:
ATMs from Bank of Commerce. If you have a member bank ATM account, Bank of Commerce ATMs will take direct payments for auto loan debt. Just adhere to the on-screen instructions. Prices that are received before midnight are posted the following banking day. After payment has been received, your loan balance will be changed two banking days later.
Bank of Commerce outlets. Only cash is accepted at Bank of Commerce locations in rural areas. Payments made in person are posted the next banking day. Your loan balance will be updated two banking days from the payment date.