Using your property, whether a house and lot or just a vacant lot as collateral to get instant cash is easy. But if you didn’t know how to qualify, you might end up wasting time only to find out you cant apply at all. So to stay away from wasting your precious time, here is our list of the different requirements to pawn (sangla) your real estate property.

To Pre Qualify, You Need:

  1. The real estate property title to be under the borrower’s name.
  2. Borrower must have good banking credits and no bounced check (BP-22 Case) filed against him or her plus no closed bank accounts of any type as well as must have no bad credit status.
  3. Borrower (and co-boorower if needed) must be available for a personal interview at the office and to fill up application form and file it and willing to spend time for the application. In case abroad, the authorized person must provide a SPA (special power of attorney) with red ribbon from the consulate office where the owner of the property is residing or working as OFW.
  4. Must be willing to communicate and provide necessary or any additional documentary requirements (if needed be).
  5. Must not submit false or tampered documents. “This is punishable by law”.

Basic Documentary Requirements List:

  1. Certified true copy (with seal) of TCT (transfer certificate of title or titulo)
  2. Updated RETR and Tax Declaration for both building and land of the property to be used as collateral.
  3. 2 Valid primary IDs and TIN ID or ITR
  4. Vicinity map and latest picture of the house in 5 angles – front, left side, right side, back and a full view including right of way.
  5. Proof of income of borrower – DTI or SEC and mayor’s permit if with business / 3 months payslip and COE if with regular job / voucher and receipts plus 6 months bank statement if with remittance / contract of lease if with property for rent / voucher and receipts plus 6 months latest bank statement if with a freelance job
  6. If have and using check, please provide 6 months latest statement of account.

How Much Interest Rate?

  • .83% interest rate

How Much Processing Fee?

  • 5.5% processing fee

How Long is Processing Time?

  • 3 days pre-approval
  • 10-15 days full processing time

Loan Payment Terms:

  • 6 months
  • 9 months
  • 12 months
  • 18 months
  • 24 months
  • 36 months
  • or any inbetween

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