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UnionBank home loan for September 2022 in the Philippines

Get a home loan at UnionBank. On 25.09.2022 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:
25.08.2022
07:45
UnionBank
Home Loan
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UnionBank home loan for September 2022

You can get a home of your choice with the UnionBank home loan. You can borrow at least ₱500,000 and up to 90% of the selling price of the property. This will be determined by your creditworthiness, the property you wish to acquire, and the cash down payment you want to make. You can purchase a vacant lot, a house and lot, a residential condominium, or a townhouse from an extensive list of highly sought-after developers.

How to apply for a UnionBank home loan?

You can apply for a UnionBank home loan online by following the steps below:

  1. Visit the official website of the UnionBank of the Philippines.

  2. Navigate your mouse to Personal and then drag it to Loans. Click on Home loan.

  3. Scroll down and click on Apply now. The online application procedure will include calculating your budget, entering the necessary mortgage and client information, and submitting your application.

    1. Indicate your budget, downpayment, and term preference. Include all the details about your mortgage. Click on Apply to begin filling out the application form.

    2. After submitting your application, you must wait for UnionBank to contact you regarding your application. Bear in mind that there are fees to be paid when applying for a home loan.

Requirements

To be able to apply for a home loan, you must make sure you pass these eligibility criteria and have the loan documents, which are listed below:

Eligibility

  • Applicants must be at least 21 years old at the time of loan application

  • Borrowers must be at least 65 years old when the loan matures

  • Under BP 185 standards, Filipino citizens or former Filipino citizens are eligible. Foreign nationals are eligible if they purchase a unit covered by CCT

  • Applicants must be individuals who are employed and have permanent residency

  • If self-employed, the company must have been in profitable operation for at least two years

General documentation requirements

  • Fully filled application form

  • Two valid government-issued ID cards

For refinancing

  • Mortgagor's most recent statement of account

  • Proof of payment for the previous six months (might be any of official receipts, cleared checks with bank statements, or ledger)

For self-employed applicants

  • SEC/DTI business registration certificate

  • Financial statements for the previous two years that have been audited

  • Interim financial statement if the most recent AFS is more than six months old

  • Recent 6-month bank statements accompanied by an authorization to undertake bank verification

  • References for the trade (at least three suppliers and three customers with telephone numbers and contact persons)

  • By-laws and articles of incorporation

For locally employed applicants

  • Certificate of employment and compensation (COEC) must indicate position and length of service

  • Recent income tax return (ITR)

For OFW - direct hire

  • Certificate of employment and compensation (COEC) with original six-month remittances

  • Certificate of employment and compensation (COEC) with original six-month payslips

For OFW - seaman

  • Crew contract, which POEA must validate

  • Attorney-in-fact ID cards and application form

Pros and cons

Check out these pros and cons before you go on to apply for a loan:

Pros

  • The loans can be authorized in as little as five days.

  • There are no surprises or hidden fees. All fees will be disclosed before loan acceptance. More information is available on the UnionBank website.

  • The self-assessment test will allow you to establish whether or not you are qualified.

Cons

  • Unionbank requests a list of clients and suppliers from self-employed candidates. You must obtain their permission to share their information with the bank, and they will, most of the time, refuse.

  • Unionbank, like any other major bank, will investigate your credit history. The loan may be denied if you do not have a solid credit history.

How to repay a UnionBank home loan?

Like the auto loan, UnionBank home loan borrowers can choose from three payment options. They can pay their monthly amortizations at any UnionBank branch or by issuing UnionBank post-dated checks. Borrowers can also use the auto-debit arrangement (ADA) function, which requires them to designate their accounts and define the amount and payment schedule. The payments will be withdrawn automatically from their UnionBank savings or checking accounts every month.

FAQ

Is there a charge for applying for a UnionBank home loan?

Of course, different fees would be required because there are other processes in the application, upon approval, and the loan itself. There are additional consequences if you fail to comply with the agreement or regulations. Some of the charges are:

  • Registration fees. These are the fees charged for registering the TCT with the register of deeds. The loan amount would be used in the calculation.

  • Bank charges:

    • The processing cost would be ₱3,500.00 within Metro Manila and ₱4,000.00 outside of Metro Manila.

    • The appraisal cost would be ₱3,500.00 within Metro Manila and ₱4,000.00 outside of Metro Manila.

  • Other charges include:

    • Fire insurance.

    • Mortgage redemption insurance.

    • Documentary stamps.

How much can I borrow with a UnionBank home loan?

You can borrow a minimum of ₱500,000 and a maximum of 90% of the appraised value of the property you are buying.