Housing Loan Requirements in the Philippines: Complete Bank-by-Bank Checklist

Regardless of which bank you choose, housing loan applications in the Philippines require three categories of documents: proof of identity, proof of income, and property documents.

Proof of Identity (any two valid IDs):

• Philippine passport
• Driver's license
• SSS / GSIS ID
• PRC ID
• PhilHealth ID
• Voter's ID
• TIN ID

Proof of Income — Salaried Employees:

• Latest 1-month payslips (most banks require 2-3 months)
• Certificate of Employment (COE) stating position, tenure, and monthly salary
• Latest ITR (BIR Form 2316 or 1700) with BIR stamp
• Latest 3-6 months bank statements

Proof of Income — Self-Employed:

• DTI or SEC registration
• Audited Financial Statements for the past 2 years
• Latest ITR (BIR Form 1701) with BIR stamp
• Latest 6 months bank statements
• Business permits (Mayor's Permit, Barangay Clearance)

Property Documents:

• Certified True Copy of Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
• Lot plan / floor plan
• Tax Declaration (land and improvement)
• Contract to Sell or Deed of Absolute Sale (for purchase transactions)

All documents typically need to be submitted in photocopies, with originals presented for verification. Requirements may vary slightly per bank and per applicant profile.

BDO is one of the Philippines' largest home loan providers and accepts applications from salaried employees, self-employed individuals, and OFWs. Here is BDO's standard housing loan checklist:

All Applicants:

• Duly accomplished BDO Home Loan Application Form
• Two (2) valid government-issued IDs (photocopy)
• Marriage Contract (NSO/PSA copy) — for married applicants

Salaried Employees:

• Latest 1-month payslip
• Certificate of Employment and Compensation (CEC)
• Latest ITR (BIR Form 2316) with employer's BIR stamp
• Latest 3 months bank statements

Self-Employed:

• DTI/SEC Registration Certificate
• Mayor's Permit / Business Permit
• Audited Financial Statements (last 2 years, CPA-signed)
• Latest ITR (BIR Form 1701) with BIR stamp
• Latest 6 months bank statements

Property Documents:

• Certified True Copy of TCT/CCT
• Updated Tax Declaration and Tax Clearance
• Lot/Floor Plan
• Contract to Sell or Deed of Sale (for purchase)
• Vicinity Map

BDO offers fixed-rate periods typically ranging from 1 to 5 years, after which rates reprice. If you already have a BDO home loan and your repricing date is approaching, it may be worth comparing rates through a broker before accepting BDO's renewal offer.

BPI (Bank of the Philippine Islands) is known for competitive home loan rates and a streamlined digital application process. Here is what BPI typically requires:

All Applicants:

• Accomplished BPI Home Loan Application Form
• Two (2) valid government-issued IDs
• PSA Birth Certificate
• PSA Marriage Certificate (if married)

Salaried Employees:

• Latest 3 months payslips
• Certificate of Employment (COE) — must be issued within the last 30 days
• Latest ITR (BIR 2316) or Income Tax Return with BIR stamp
• Latest 3 months bank statements

Self-Employed / Business Owners:

• SEC or DTI Registration
• Audited Financial Statements (2 most recent years)
• BIR Form 1701 (latest, with BIR stamp)
• Business permits
• Latest 12 months bank statements

Property Documents (Purchase):

• Certified True Copy of TCT or CCT
• Vicinity Map and Floor/Lot Plan
• Signed Contract to Sell from developer or seller
• Tax Declaration

Property Documents (Construction / Renovation):

• Building plans and specifications
• Construction cost estimate signed by a licensed engineer
• Bill of Materials

BPI allows up to 80% loan-to-value (LTV) on residential properties, meaning you typically need at least 20% equity or down payment.

Metrobank offers home loans for purchase, construction, home improvement, and lot acquisition. Their documentary requirements are as follows:

All Applicants:

• Accomplished Metrobank Home Loan Application Form
• Two (2) valid photo-bearing government IDs
• PSA-issued Birth Certificate
• PSA Marriage Certificate (if applicable)

Salaried Employees:

• Latest payslip (within the last month)
• Certificate of Employment stating salary and length of service
• BIR Form 2316 (latest)
• Latest 3 months bank statements

Self-Employed:

• DTI or SEC Registration
• Mayor's Permit
• CPA-certified Audited Financial Statements for the last 2 years
• BIR Form 1701 (latest, with BIR stamp)
• Latest 6-12 months bank statements

Property Documents:

• Certified True Copy of TCT/CCT
• Updated Tax Declaration for land and building
• Location/Vicinity Map
• Contract to Sell (for purchase transactions)

Metrobank typically offers fixed-rate terms of 1, 2, 3, 5, 10, 15, or 20 years. After the fixed period, your rate adjusts to prevailing market rates — a key reason many borrowers consider refinancing before their lock-in period expires.

Landbank of the Philippines (LBP) is a government-owned bank offering housing loans at competitive rates, especially for government employees. Their requirements are:

All Applicants:

• Duly accomplished Landbank Housing Loan Application Form
• Two (2) valid government IDs (photocopy, present originals)
• PSA Birth Certificate
• PSA Marriage Certificate or Certificate of No Marriage (CENOMAR)

Government Employees (Salaried):

• Service Record from the employing agency
• Certificate of Employment and Compensation
• Latest payslip
• Latest ITR or BIR Form 2316

Private Sector Employees:

• COE issued within the last 30 days
• Latest 3 months payslips
• BIR Form 2316
• Latest 3 months bank statements

Self-Employed:

• DTI or SEC registration
• Mayor's Permit
• Audited Financial Statements (last 2 years)
• BIR Form 1701
• Latest 6 months bank statements

Property Documents:

• Certified True Copy of TCT/CCT
• Updated Tax Declaration and latest Real Property Tax receipts
• Lot Plan / Floor Plan with vicinity map
• Contract to Sell or Deed of Absolute Sale

Landbank is particularly popular among government employees because of their preferential rates and the familiarity with government payroll accounts.

Pag-IBIG (Home Development Mutual Fund / HDMF) is one of the most accessible home loan programs in the Philippines, offering loans of up to 6,000,000 for active members. Requirements include:

Member Eligibility:

• Active Pag-IBIG member with at least 24 monthly contributions
• Not more than 65 years old at time of application (not older than 70 at loan maturity)
• No outstanding Pag-IBIG housing loan, or previous loan is fully paid

Basic Documents (All Applicants):

• Accomplished Pag-IBIG Housing Loan Application (HQP-HLF-068)
• One (1) valid government-issued ID with photo and signature
• Proof of Pag-IBIG membership (UMID or Pag-IBIG MID)

Income Documents — Employed:

• Certificate of Employment and Compensation (CEC)
• Latest payslip
• BIR Form 2316 or ITR

Income Documents — Self-Employed:

• ITR with AFS for last 2 years
• DTI/SEC Registration and Mayor's Permit

Property Documents:

• Certified True Copy of TCT/CCT
• Tax Declaration (current year)
• Vicinity map and floor plan
• Contract to Sell (developer-signed)

Pag-IBIG's interest rates start at around 5.75% for a 1-year fixed period (for the End-User Financing program) and increase with longer fixed terms. One important note: use a Pag-IBIG housing loan calculator to understand your monthly amortization before committing, as the loan ceiling of 6,000,000 may not cover higher-priced properties in Metro Manila.

OFWs (Overseas Filipino Workers) are welcome applicants at most Philippine banks and Pag-IBIG. However, because their income is earned abroad, additional documents are required to verify employment status and earnings.

Standard OFW Income Documents:

• Proof of overseas employment (POEA-validated Contract or employment contract apostilled by the host country)
• Latest Overseas Employment Certificate (OEC) from POEA
• Latest payslips or equivalent (3-6 months)
• Latest 6-12 months remittance history or bank statements showing overseas income credited
• Seaman's Book (for seafarers/mariners) showing at least 2 years of continuous employment

For Sea-Based OFWs (Seafarers):

• Seaman's Book with crew contracts
• Allotment receipts (3-6 months)
• Manning agency endorsement letter

For Land-Based OFWs:

• POEA-verified employment contract
• Latest payslips or equivalent salary documentation
• OEC or re-entry permit
• Remittance records (bank or remittance center)

General Requirement for All OFWs:

• A co-borrower or Attorney-in-Fact (AIF) based in the Philippines is almost always required, as they will be the authorized signatory during the loan processing while the OFW is abroad. A Special Power of Attorney (SPA) consularized by the Philippine embassy or consulate in the country of work must be provided.

Some banks, like BDO and BPI, have dedicated OFW banking desks to assist with applications. Pag-IBIG also has a dedicated OFW housing loan program called the Pag-IBIG Overseas Program (POP).

While income and identity requirements differ slightly per applicant type, property documents are largely standard across all Philippine banks and Pag-IBIG. Here is a consolidated checklist:

For Purchase of House and Lot or Condominium Unit:

• Certified True Copy of Transfer Certificate of Title (TCT) — for house and lot
• Certified True Copy of Condominium Certificate of Title (CCT) — for condo units
• Updated Tax Declaration for land (and improvement, if applicable)
• Real Property Tax (RPT) Clearance / Latest RPT Official Receipt
• Notarized Contract to Sell (CTS) signed by seller/developer
• Vicinity Map (showing location of property relative to major roads)
• Lot Plan / Floor Plan (signed and sealed by a licensed geodetic engineer or architect)

For Construction on Own Lot:

• TCT of the lot (in borrower's name, or being transferred)
• Approved Building Permit
• Bill of Materials and Construction Cost Estimate (signed by licensed engineer/architect)
• Building Plans and Specifications

For Refinancing an Existing Loan:

• Certified True Copy of TCT/CCT (updated, with no adverse annotations)
• Latest Statement of Account from current lender showing outstanding balance
• Proof of no arrears (loan ledger or payment history)
• Updated Tax Declaration and RPT clearance

Tip: Request a Certified True Copy of your title from the Registry of Deeds, not a photocopy. Banks will not accept uncertified copies as this is a primary security document for the mortgage.

Philippine banks typically require that your monthly amortization does not exceed 30% to 35% of your gross monthly income. This is known as the debt-to-income (DTI) or net disposable income (NDI) rule. Some banks extend this to 40% if your income is high enough.

Illustrative Examples:

• If you earn 50,000 per month, your maximum monthly amortization is approximately 15,000 to 17,500 (at 30-35%).
• At a 6.5% interest rate over 20 years, a loan of approximately 2,000,000 to 2,300,000 would fit within that amortization range.
• If you earn 100,000 per month, your maximum monthly amortization is approximately 30,000 to 35,000, which could support a loan of approximately 4,000,000 to 4,600,000 under similar terms.

Other Income Eligibility Factors:

• Minimum gross monthly income: Most banks require at least 30,000 to 40,000 per month for Metro Manila properties. Requirements may be lower in the provinces.
• Length of employment: Banks typically require at least 2 years of continuous employment (1 year for some, with prior employment considered).
• Credit score: A clean credit history with no defaults, no dishonored checks, and no outstanding unpaid obligations significantly improves approval chances.
• Age at loan maturity: Most banks require that the loan matures before the borrower reaches 65 or 70 years old.

If you already have an existing home loan, your current amortization will be counted as an existing obligation when computing your qualifying income at any new bank. This is relevant if you're considering refinancing to a lower rate.

Self-employed applicants can absolutely qualify for a housing loan in the Philippines, but banks do apply a higher level of scrutiny to income documents because there is no fixed employer to verify your earnings. Here's what to prepare and how to strengthen your application:

Core Requirements for Self-Employed Applicants:

• DTI Registration (for sole proprietors) or SEC Registration (for corporations / partnerships)
• Mayor's Permit and Barangay Business Clearance (current year)
• Audited Financial Statements (AFS) for the last 2 years, signed by a CPA with PRC details
• BIR Form 1701 (Annual ITR for individuals) or BIR Form 1702 (for corporations) — must carry BIR received stamp
• Latest 6-12 months bank statements (personal and/or business)
• List of major clients or contracts (some banks require this for professionals)

Key Tips for Self-Employed Applicants:

• Declare income accurately: Your ITR is the primary income document. If your declared income on your ITR is significantly lower than your actual income (a common issue), some banks may not approve the loan amount you need. Some banks — particularly Security Bank and RCBC — are known to be more flexible with self-employed borrowers.
• Show consistent revenue: Two years of positive revenue on your AFS strengthens your application considerably. A profitable business with growing revenue is viewed favorably.
• Maintain healthy bank balances: Banks will examine your average daily balance (ADB) over 6-12 months. A higher ADB demonstrates liquidity.
• Co-borrower option: Adding a salaried co-borrower (spouse, parent, sibling) can boost your combined qualifying income and improve approval odds.

If you already own a property and are looking to refinance, the process for self-employed borrowers is similar — you'll need updated income documents alongside the standard refinancing requirements. The good news is that if your business income has grown since you first took out your loan, you may now qualify for a significantly larger loan amount or better terms.