Bank Financing Guidelines & Requirements

What is Bank Financing?

Now, applying for a housing loan in Lancaster New City is made easy and simple. As long as you're employed and meet the required qualifiers, you can avail Bank Financing's low interest rates for home loans.

BANK FINANCING is a financing scheme where part of the total contract price of the property you are buying will be loaned to an accredited bank. The property itself will be the collateral for the housing loan.

Here in Lancaster New City, the payment scheme for bank financing consist of the following:
Unit Type based on Turnover PRE-SELLING UNIT
(24 months Turnover)
READY FOR OCCUPANCY UNIT
(4-6 months Turnover)
Downpayment (zero interest) 12.50% payable within 15 months installment 12.50% payable within 6 months installment
Loanable Amount to Bank (with interest) 87.50% payable in 5,10,15, 20 years 87.50% payable in 5,10,15, 20 years
Total Contract Price 100% 100%

How do I qualify for Bank Financing?

Here in Lancaster New City, we've made the easiest way for our buyers to avail our Bank Financing payment scheme. In order for you to qualify for Bank Financing, you must meet the following requirements by the bank:

Eligible Age of Borrower

  • Buyer must be at least 21 years old upon reservation.
  • For Locally Employed: Not more than 65 years old upon loan maturity (loan end)
  • For OFW: Not more than 60 years old upon loan maturity (loan end)

Credit & Legal History

  • Buyer/spouse must NOT have any history of cancelled credit card.
  • Buyer/spouse must NOT have any history of unpaid loan from any financial institution.
  • Buyer/spouse must NOT have any pending legal case.
  • Buyer muust not be separated from spouse, unless legally annulled. 

Employment Status

  • Buyer must be employed on a REGULAR basis.
  • Can provide Proof of Income Requirements: 
    • Certificate of Employment with Compensation
    • Latest Income Tax Return (ITR)
    • Latest 3 mos. Payslips
  • For OFW: Buyer must NOT be employed as caregiver/helper.
  • For OFW: Not working within War-torn Countries (see List of War-torn Countries)
  • For Self Employed: Can provide permits, ITR with financial statements and bank statements.

What are the accredited banks for Bank Financing in Lancaster New City?

Lancaster New City is accredited with the following major banks in the Philippines to cater the housing loan needs of our buyers:

  • Banco De Oro (BDO)
  • Metrobank (MBTC)
  • United Coconut Planters Bank (UCPB)

Do I have to go to the bank to process my housing loan?

NO. Our Bank Financing home loan is DEVELOPER-ASSISTED, which means that buyer just need to submit to any Pro-Friends offices, the requirements and required documents within 60 days from reservation date. Pro-Friends will be the one to coordinate and process your bank housing loan upon complete payment of the downpayment.

What are the requirements for Bank Financing?

The following are the list of requirements that buyer needs to submit within 60 days from reservation date:

Personal Documents:
  • 3 pcs. 1x1 ID picture
  • Two (2) Government-issued Valid ID
  • Marriage Contract (if married) / Birth Certificate (if single)
  • Tax Identification Number (TIN)
  • Latest Proof of Billing
  • Latest Cedula
  • 15 Post Dated Checks corresponding the monthly downpayment (if you don’t have a checking account, developer can give bank referral to open a checking account with the accredited bank, Plantersbank)

Proof of Income Requirements (both Buyer & Spouse if employed)
  • Certificate of Employment with Compensation / Job Contract
  • Latest Income Tax Return (ITR)
  • Latest 3 months Payslips

Additional requirements for OFW/Immigrants
  • Photocopy of Passport (1st page and all pages with stamps)
  • Special Power of Attorney (Consularized if signed abroad or Notarized if signed in the Phils.)

If MARRIED, the spouse shall likewise submit the following:
  • 3 pcs. 1x1 ID picture
  • Two (2) Government-issued Valid ID
  • Latest Cedula

If you have an ATTORNEY-IN-FACT, he/she should submit the following:
  • 3 pcs. 1x1 ID picture
  • Two (2) Government-issued Valid ID
  • Latest Cedula

War-torn Countries Not Approved for Bank Financing

Banks consider some countries as very risky due to political reasons. This may result in the disapproval of your application. Please check if your country of employment is included in the list of war torn countries. If you are employed in any of these countries, you can buy a home in Lancaster New City thru In-house Financing.

  • Afghanistan
  • Libya
  • Iran
  • Lebanon
  • Iraq
  • Israel
  • Jordan
  • Daza Strait
  • West BankSyria
  • Egypt
  • Tunisia
  • Turkey
  • Yemen
  • Cambodia
  • Somalia
  • Sudan
  • Nigeria
  • East Timor
  • Haiti
  • Pakistan
  • Bahrain