Refinancing your condo loan can significantly reduce your monthly payments — especially if you're currently paying 7% to 10% interest and could qualify for rates as low as 5.99% p.a. through Nook. But before a bank can approve your refinancing application, they need to verify your identity, your income, and the property itself. Having the right documents ready from the start is the single most effective way to avoid delays and get your new rate locked in faster.
This guide covers every document you're likely to need, organised by category, so you can prepare your complete package in one go. Whether you're refinancing a BGC high-rise or a mid-rise condo in the provinces, the core requirements are largely the same across Philippine banks — though some lenders may ask for additional paperwork depending on your employment type or the size of your loan. Use this checklist as your starting point and let Nook help you match your profile to the right bank.
All Philippine banks require at least two valid government-issued IDs for each borrower. Acceptable IDs typically include your Philippine Passport, SSS or GSIS ID, PRC ID, Driver's License, Voter's ID, PhilHealth ID, Postal ID, or TIN ID. Most banks will accept one primary ID (such as a passport or driver's license) plus one secondary ID.
Beyond IDs, you will also need a completed loan application form (provided by the bank or Nook), a recent 1x1 or 2x2 ID photo, your birth certificate (PSA-certified), and your marriage certificate (PSA-certified) if applicable. If you have a co-borrower — such as a spouse — they will need to submit the same set of personal documents.
If you are a salaried employee, banks need to verify that your income is stable enough to service the refinanced loan. The standard income documents for employed borrowers are:
- Certificate of Employment and Compensation (CEC) — must be original, on company letterhead, and dated within the last 3 months
- Latest one month payslip (some banks require the last 3 months)
- Latest ITR (BIR Form 2316 or Form 1700) stamped as received by the BIR, for the most recent taxable year
- Latest 3 to 6 months bank statements showing your salary credits
If you are employed abroad as a local hire rather than an OFW, the same requirements apply, though you may need to have documents notarised or authenticated by the Philippine consulate in your country.
Self-employed borrowers and business owners face slightly more document requirements because banks need to assess business stability and profitability rather than a fixed salary. You will typically need to prepare:
- DTI Certificate of Business Registration (for sole proprietors) or SEC Registration (for corporations or partnerships)
- Mayor's Permit or Business Permit for the current year
- Latest 2 to 3 years of ITR (BIR Form 1701 or 1702), stamped as received
- Audited Financial Statements for the latest 2 to 3 years, signed by a licensed CPA
- Latest 6 months bank statements for both personal and business accounts
- Articles of Incorporation or Partnership (if applicable)
Some banks may also request a company profile or a list of major clients, particularly for larger loan amounts. The key is demonstrating consistent, documentable income over at least the past two years.
The bank needs to verify legal ownership of the condo unit and assess its current value. The core property documents required are:
- Condominium Certificate of Title (CCT) — a photocopy is usually acceptable at application stage, but the bank will verify the original
- Latest Tax Declaration for the unit (from the City or Municipal Assessor's Office)
- Latest Real Property Tax (RPT) receipts proving your taxes are paid and up to date
- Deed of Absolute Sale or Contract to Sell (if the CCT is still in the developer's name during the transition period)
- Floor plan of the unit (available from your developer or the condominium corporation)
The bank will also arrange a formal property appraisal at your expense, typically costing between 3,500 and 7,000 pesos depending on the bank and location. The appraised value will determine how much you can borrow. If you are refinancing a condo in a high-demand area like BGC, you can read our complete guide to refinancing a condo loan in BGC for location-specific tips.
To refinance, the new bank needs a clear picture of your existing loan obligations. You will need to request the following documents from your current lender:
- Latest Statement of Account (SOA) showing your outstanding principal balance, interest rate, and monthly amortisation
- Official loan billing statement or coupon for the most recent month
- Mortgage Redemption Insurance (MRI) certificate or policy, if applicable
- Proof that your loan account is current and in good standing (no arrears)
Your current bank is legally obligated to provide these upon request. Allow 5 to 10 business days for processing. If your existing loan is with Pag-IBIG and you are considering moving to a private bank, you should also read about refinancing a Pag-IBIG home loan to a private bank, as there are additional Pag-IBIG-specific documents involved in that process.
OFWs can absolutely refinance their condo loans, but there are additional documentation requirements to account for the overseas employment context. In addition to the standard personal and property documents, OFWs typically need:
- Valid POEA-processed employment contract or Overseas Employment Certificate (OEC)
- Latest 3 to 6 months remittance records or proof of remittances to the Philippines
- Valid Seafarer's Registration Certificate (for sea-based OFWs)
- Special Power of Attorney (SPA) — notarised and authenticated by the Philippine Consulate — authorising a representative in the Philippines to sign documents on your behalf
- Proof of allotment or bank remittance slips showing consistent income
The SPA is particularly important because you likely cannot be physically present during the entire refinancing process. The SPA must specifically authorise your representative to apply for the loan, sign the mortgage documents, and deal with the bank on your behalf. Some banks also accept OFW income from certain countries more readily than others — Nook can advise you on which lenders are most OFW-friendly.
Yes. Because a condo unit is part of a larger building managed by a condominium corporation, banks need to assess not just your unit but also the health of the overall development. Condo-specific documents typically include:
- Condominium Certificate of Title (CCT) — as opposed to a Transfer Certificate of Title (TCT) for house-and-lot properties
- Certificate of unit ownership or membership certificate from the condominium corporation
- Proof that association dues are current (Clearance from the Homeowners or Condominium Association)
- Master Deed with Declaration of Restrictions — this is the foundational legal document for the condominium project and can usually be obtained from the developer or the Register of Deeds
- Certificate of Completion and Occupancy Permit for the building (if requested by the appraiser or bank)
Banks want to confirm that the condominium corporation is financially stable and that there are no legal encumbrances on the overall project that might affect your unit's title. Units in well-established, well-managed developments in areas like Makati, BGC, or Ortigas tend to move through the property verification process more quickly.
Yes — banks impose strict validity windows on most documents, and submitting outdated paperwork is one of the most common reasons for processing delays. Here are the standard validity periods you should keep in mind:
- Certificate of Employment and Compensation: must be dated within the last 3 months
- Payslips: must be from within the last 1 to 3 months
- Bank statements: typically the last 3 to 6 months, printed and stamped by the bank
- ITR and Audited Financial Statements: for the most recently completed taxable year
- Tax Declaration: should reflect the current assessment period
- RPT receipts: must show payment for the current year
- Government-issued IDs: must not be expired
- Appraisal report: valid for 6 months from the date of appraisal (banks commission this themselves)
A practical tip: gather all your documents within the same 2-week window so that everything is consistently dated and nothing expires before your application is submitted.
Missing documents will not automatically disqualify you, but they will pause your application. The bank will issue a deficiency notice listing the outstanding items, and your application will not move forward until all documents are received and verified. This can add weeks to the process if not addressed promptly.
In some cases, banks will accept substitute documents. For example, if your ITR is not yet available because the tax filing period has just passed, some banks will accept a notarised statement of income as a temporary placeholder. If you have a thin credit file or are missing certain income proofs, you may still have options — our guide on refinancing with bad credit in the Philippines covers how lenders assess non-standard profiles.
One of the benefits of working with Nook is that we review your documents before submitting to any bank, flagging issues early so you can resolve them before a lender sees your file. This significantly reduces the risk of delays or outright rejection due to paperwork problems.
Nook's process is fully digital, which means you can upload and submit all your documents online — no need to visit a bank branch or courier physical copies at the early stages. Here's how it works:
- Start your application online at nook.com.ph. You'll answer a few basic questions about your condo, your loan, and your income.
- Upload your documents directly through the Nook platform. We accept scanned copies and clear smartphone photos of originals.
- Nook reviews your file and flags any missing or problematic documents before submission to any bank.
- We submit to matched lenders on your behalf, so you only need to prepare your documents once rather than separately for each bank.
- Banks issue their offer letters, and Nook presents them side by side so you can compare rates and terms clearly.
Our service is 100% free to borrowers — Nook is paid by the bank when a loan is successfully refinanced. There are no hidden fees, no charges for document review, and no obligation to proceed if you're not happy with the offers you receive.