What Documents Do I Need to Refinance My Condo in BGC?

The single most critical document is your Condominium Certificate of Title (CCT) — the condo equivalent of a Transfer Certificate of Title (TCT) used for house-and-lot properties. Your CCT proves you are the registered owner of the unit and is required by all lenders before they will consider your refinance application.

For BGC condos, your CCT should be registered with the Registry of Deeds of Taguig City (since BGC falls under Taguig's jurisdiction). The new bank will hold the original CCT as collateral for the duration of your new loan. Before applying, confirm that your current lender has the original on file and is prepared to release it upon full settlement — this is part of the standard refinancing process and your current bank is obligated to comply.

Tip: Request a certified true copy of your CCT from the Registry of Deeds in advance. This costs a small fee but is useful for initial application submissions while the original is still held by your existing bank.

Most Philippine banks require two valid government-issued IDs, at least one of which must be a primary ID. Accepted primary IDs typically include:

• Philippine Passport
• SSS / GSIS ID (with photo and signature)
• Driver's License
• PhilHealth ID
• Unified Multi-Purpose ID (UMID)
• PRC Professional ID
• Voter's ID

Secondary IDs such as a company ID, postal ID, or school ID are generally accepted as the second ID. Make sure both IDs are current and not expired. If you're applying jointly with a co-borrower or spouse, both parties must submit their own set of valid IDs.

For foreign nationals refinancing a BGC condo (permitted in some structures), an Alien Certificate of Registration (ACR I-Card) and passport are typically required, along with additional documentation related to the property ownership structure.

Income documents are essential because the bank needs to confirm you can service the new loan. For employed applicants, you will typically need:

• Latest one-month payslip (some banks require the last three months)
• Certificate of Employment (COE) stating your position, tenure, and monthly salary — dated within the last 30–90 days
• Latest Income Tax Return (ITR) — BIR Form 2316 stamped by your employer, or BIR Form 1700/1701 if you file independently
• Latest W2 or BIR Form 2316 from the previous tax year

For OFWs (Overseas Filipino Workers), you will need your employment contract, latest proof of remittance (last three months), a Special Power of Attorney (SPA) authorising a local representative to sign on your behalf, and your POEA-validated contract if applicable.

Banks generally want to see that your total monthly debt obligations — including the new mortgage payment — do not exceed 30%–40% of your gross monthly income.

Yes — banks typically require the latest Real Property Tax (RPT) declaration and proof that your real property taxes are current (i.e., no outstanding balances). You'll need to obtain these from the City Assessor's Office of Taguig.

Specifically, you should prepare:

• Tax Declaration for the condo unit (land and building components may be listed separately for condos)
• Official Receipt of the latest real property tax payment — ideally showing payment for the current year
• Tax Clearance Certificate, if required by your target bank

BGC condos are assessed under Taguig City, so your RPT payments and clearances should come from the Taguig City Treasurer's Office. Unpaid RPT balances can delay or disqualify your application, so settle any arrears before you apply.

Beyond income and identity documents, banks want visibility into your overall financial health. Standard requirements include:

• Bank statements for the last three to six months — showing your primary deposit or payroll account. This helps lenders verify your cash flow and savings behaviour.
• Loan account statement from your current lender — showing your outstanding loan balance, monthly amortisation, and payment history. You can request this directly from your existing bank.
• Proof of billing (utility bill or credit card statement) as proof of address — dated within the last three months

If you have other credit facilities (car loans, personal loans, or credit cards), some banks may ask for statements on these as well to assess your total debt-service ratio. A clean payment history on your existing home loan is a strong positive signal to any refinancing bank.

Yes. Your new lender will want to understand the terms and current status of the loan they are paying off on your behalf. Standard documents to prepare from your existing loan include:

• Original Loan Agreement or Mortgage Contract — you may need to request a certified copy from your current bank if you no longer have the original
• Latest Statement of Account (SOA) — showing the outstanding principal balance as of a recent date. This is used to calculate your loan payoff amount.
• Mortgage Release / Cancellation Letter — not needed upfront, but your current bank will issue this once the loan is fully settled during the refinancing process
• Proof of on-time payments — a 12-month payment history or passbook entries showing regular amortisation payments can strengthen your application

If your existing loan is with Pag-IBIG (HDMF), the process involves a few additional steps — you can learn more in our guide on refinancing from Pag-IBIG to a private bank.

Yes — because you are refinancing a condominium unit rather than a standalone property, there are several condo-specific documents that banks will request:

• Condominium Certificate of Title (CCT) — as noted earlier, this replaces the standard TCT for condo ownership
• Condominium Corporation documents — including the Master Deed with Declaration of Restrictions and the Enabling or Disclosure Statement. These define the rights and restrictions attached to the unit.
• Association Dues clearance — proof that your condominium association dues (HOA fees) are fully paid and up to date. Outstanding dues can flag a risk for the bank.
• Floor Plan and Unit Plan — a copy of the approved floor plan showing the unit layout and area, often required for the appraisal.
• Developer's License to Sell and Certificate of Registration (for relatively newer buildings) — some banks require this to confirm the project was legally developed.

For BGC condos specifically, most buildings are managed by professional property management companies, making it straightforward to request clearances and condominium corporation documents from the building administrator.

Yes — a new appraisal is required for every refinance application. The new bank cannot rely on a previous lender's appraisal because property values change over time and each lender needs an independent valuation by their own accredited appraiser.

The good news for BGC condo owners is that property values in BGC have generally appreciated strongly over the past decade. A higher current appraised value may increase the amount you're eligible to refinance — or allow you to access additional cash-out equity if desired.

The appraisal fee is typically paid by the borrower and ranges from around 3,500 to 6,000 pesos depending on the bank and property value. The appraisal will consider the unit's floor area, floor level, view, building amenities, age, and comparable market transactions in BGC.

When Nook helps you apply to multiple banks simultaneously, we coordinate the appraisal process on your behalf so you aren't paying for multiple appraisals unnecessarily.

Yes — self-employed applicants and business owners need to demonstrate income differently since they don't have a payslip or Certificate of Employment. For self-employed borrowers, banks typically require:

• Latest two to three years of ITR (BIR Form 1701) with BIR stamp or e-filing acknowledgement receipt
• Audited Financial Statements (AFS) for the past two years, prepared and signed by a certified public accountant
• Business Registration documents — DTI Certificate of Registration (for sole proprietors) or SEC Registration and Articles of Incorporation (for corporations)
• Mayor's Permit / Business Permit for the current year
• Bank statements for the last six months showing business income deposits
• List of clients or contracts (some banks request this to verify ongoing income)

The bar is generally higher for self-employed applicants because income is perceived as less stable. Having three or more years of consistent ITR filings, a healthy bank balance, and strong payment history on your existing loan significantly improves your approval prospects.

For most borrowers, gathering all documents takes one to three weeks depending on how quickly you can request items from your employer, current bank, Registry of Deeds, and the Taguig City Assessor's Office. Here's a practical timeline:

• Days 1–3: Collect personal IDs, request payslips and COE from HR, download or request bank statements online
• Days 3–7: Request Statement of Account from your current lender, obtain association dues clearance from your building admin, request RPT documents from Taguig City Treasurer's Office
• Days 7–14: Follow up on any outstanding items such as certified true copy of your CCT from the Registry of Deeds (this can sometimes take a week or more)

The fastest way to prepare is to work with Nook. As the Philippines' first digital mortgage broker, Nook provides you with a personalised document checklist and coordinates directly with banks on your behalf — completely free of charge. Instead of submitting documents to each bank separately, you submit once and Nook handles the rest, helping you compare offers from multiple lenders at the same time.

If any gaps in your profile — such as credit history concerns — need to be addressed before you apply, our guide on refinancing with bad credit in the Philippines covers your options in detail.