Guide on Sterling Bank of Asia Home Loan Features
STERLING BANK OF ASIA HOME LOAN – Get ready to have the keys to your dream house along with excellent loan features.
Are you looking for a bank that can finance your purchase of a residential property? In the Philippines, one of the reputable entities that you may turn to is the Sterling Bank of Asia. It is operating in the country since 2007.
The Sterling Bank of Asia has a wide range of offers encompassing both personal and business categories. It has the following offers:
- deposit accounts
- loans
- credit cards
- debit cards
- investment products
- eBanking services
One of the loan offers of the bank is the Sterling Bank of Asia Home Loan. It is open to finance several purposes related to residential properties such as the following:
- purchase of a house and lot, townhouse or condo unit
- home renovation
How much is loanable under the Sterling Bank of Asia Home Loan offer? According to the bank, under the loan offer, “Php 300,000 up to Php25M or 80% or 90% of the Total Contract Price (TCP) for accounts referred by accredited developers” may be borrowed.
The loan is payable from one (1) year up to 25 years provided that the borrower is not over 65 years old at the time of the loan maturity. Here are the qualifications in applying for the Discovery Home Loan offer:
For Employed:
- Filipino Citizen
- 21 years old, but not more than 65 years old upon maturity of the loan
- If the borrower is more than 60 years old, a co-maker is required
- Employment status must be Permanent or Regular
- At least two (2) years with the present employer
For Self-Employed:
- Filipino Citizen
- 21 years old, but not more than 65 years old upon maturity of the loan
- If the borrower is more than 60 years old, a co-maker is required
- Business should be at least three (3) years in operation and profitable for the last two (2) years, and must be duly registered with the Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI)
- Combined monthly gross family income of at least Php40,000.00
- For married borrower/s, spousthe e will act as co-borrower and co-mortgagor
In applying for the loan offer, there are documents that must be submitted to the Sterling Bank of Asia. The documentay requirements vary among the employed and self-employed individuals.
Also, there are additional requirements in some cases such as in the case of individuals running a transport business, a construction business, on rental properties, etc.
