-A financial assistance offered to eligible borrowers in acquiring subdivisions or condominiums to a registered developer or individual sellers with affordable monthly amortization providing opportunity to own a property instead of renting.

PURPOSE:

• Acquisition of Condominiums/Subdivision/Home from individual Sellers (2nd Hand Condominium).

• Acquisition of Condominium/Subdivision/Home from Developers.

Collateral: 

• Condominium which is the subject of the acquisition

• Subdivision Properties subject to acquisition 

Term: Maximum 10 years.

Loan Amount (Subject to HGC Policy guarantee line): 

• 70%-90% of the purchase price for brand new condominium.

•  60%-80% of the appraised value for 2nd hand condominiums.

Mode of Payment: Monthly, Quarterly, Semi-Annually, & Annually (Depends on the source of income of the client)

QUALIFIED AND ELIGIBLE BORROWERS:

For Employed INDIVIDUAL

• 23-59 years old. Applicants with age of 59 years old and above may also apply but on a case to case basis;

• Has been gainfully employed for at least 3 consecutive years and with a permanent employment status;

• Has financial capacity to pay the loan;

• If applicant is married, spouse will also act as co-borrower;

• With permanent visa and permanent Philippine residence in case of foreigner.

For SELF-EMPLOYED INDIVIDUALS

• The applicant's business must be profitable for 3 consecutive years;

• Has the financial capacity to pay the loan;

• If applicant is married, spouse will also act as co-borrower;

• With permanent visa and permanent Philippine residence in case of foreigner.

Requirements:

• 1 Valid Photo-bearing ID with signature (including spouse if married).

• Latest Residential Proof of Billing.

• Copy of Marriage contract (if Married); Copy of court decision on Annulment and Certificate of Finality of Decision (if annulled); Copy of court decision on Legal Separation and Certificate of Finality on Decision (if legally separated).

• Contact to sell (if acquired from an Accredited developer).

• For Rural Bank of Rizal (Z.N.) Inc. Printed validation checked with HLURB website if the developer has authorization to sell.

• Cash or Check payable to Rural Bank of Rizal (Z.N.) Inc. as NON-REFUNDABLEPAYMENT for Appraisal Fee and Application Fee.

• Complete Filled-out Application Form.

• Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT) under the name of the borrower or co-borrower.

• Tax Declaration Current.

• Statement of Account form the Developer (Applicable for Acquisition from Authorized Developer).

Note: As an option for purposes of purchasing a CONDOMINIUM since condominium title can be processed with timeline of 3-5 years in lieu of "CONDOMINIUM TITLE" a Special Power of Attorney with Waiver of Rights, Deed of Assignment executed in favor of the bank and Deed of Sale.

Additional Requirements:

For Employed Applicants:

• Latest Certificate of Employment

• Latest Income Tax Return or BIR Form 2316 or 2306 or Latest 3 months pay slip

If Applicant is in Business or in Professional Practice:

• Latest BIR Form 1701 with BIR Stamp

• Latest Audited Financial Statement with BIR Stamp

• Latest Business Permit

For overseas Filipino applicants who are NON-IMMIGRANT (Contractual worker)

• Consularized Certificate of Employment

• Job Contract

• Latest 3 months Pay slip of Payroll of Any proof of remittance for the past 3-6 months

For overseas Filipino applicants who are IMMIGRANT

• Certificate of Employment 

• Income Tax Return or Proof of Remittance of Pay slip for the past 3-6 months.

ONCE APPROVED AND FOR RELEASE:

• 4 pCS (2X2 OR 1X1) Picture

• Post Dated Checks

REQUIREMENTS TO BE UPDATED EVERY YEAR:

• Proof of Income or Contract or Latest Pay Slip or BIR Forms (2316 or 2306 or 1701 for self-employed)

• Valid ID

• Tax Declaration (if there is a new assessment)

• Tax Receipt 

• Fire Insurance 

• Mortgage Redemption Insurance (MRI)