I. Who are qualified to avail?
Employees of public or private institutions who are permanent for at least three (3) years or existing depositor/s of the Bank with established business who wish to acquire vacant lot, brand new/pre-owned house and lot, or town house unit or residential condominium unit; repair/renovate or improve existing house, or townhouse or residential condominium unit; construct new house.
Self-employed individual with stable/adequate cash flow from his own business operating for at least two (2) years.
II. Amount of Loan
The amount of loan may vary depending on the bill of materials and scope of work but not to exceed seventy percent (70%) of the appraised value of the collateral. Minimum amount of loan shall be P1,000,000.00
III. Interest Rate & Service Charge
At very competitive interest rate.
IV. Manner of Loan Release
a. Lump sum for acquisition of vacant lot, or single-detached house and lot, or townhouse unit or residential condominium unit;
b. Staggered release for new house construction and for major repairs, renovation or improvement of existing house, or townhouse unit or residential condominium unit.
V. Repayment and Mode
The loan shall be payable monthly (principal and interest based on diminishing balance) with term of up to fifteen (15) years. Monthly installment shall be covered by Producers Bank checks and by way of an authority to debit savings account to be maintained at the Bank.
VI. Collateral
Registered Real Estate Mortgage (REM) on real property registered under the name of the Borrower.
VII. Requirements
a. Certified true copy of the title (lot where the house is erected)
b. Tax Declaration (house and lot), tax receipts and tax clearance
c. Location plan with vicinity map and picture of house
d. Bill of materials and scope of work prepared by an Architect or Engineer
e. Building plan and building permit if purpose of loan is for expansion
f. Certification of Employment, pay slip for the last 3 mos.
g. Barangay clearance and proof of billing
h. Business permit, DTI Registration, NFA License and F/S for existing clients/depositors.
i. Proof of other sources of income (spouse’s pay slip or certification of employment)
j. Fire insurance/MRI assigned to Producers Bank
k. CASA deposit with Producers Bank
l. Photograph of borrower and collateral
VIII. Subject to Other Terms and Conditions of Producers Bank
For more information regarding this type of loan, you may visit the nearest Producers Bank branch or browse to the Contact Page and fill out the contact form to send us a message.
