In order to be able to borrow from the bank, a loan application must first be made. In this application, the customer specifies the amount of the loan amount as well as the desired duration or the desired rate. Subsequently, both contracting parties must agree to eventually grant the credit. Read everything you need to consider from application to graduation.
From application to loan
If you would like to take out a loan with a bank you must first submit a loan application. This is submitted to the bank which decides on the basis of the application whether you are granted the loan. As a rule, the application for the loan Philippines contains the following items.
- The amount of the loan
- The desired term of the loan
- The desired rates of credit
- Possibly. desired initial repayment of the loan
- The personal information (personal information and financial situation)
It should be noted that the future borrower has to submit documents that represent the credit worthiness as well as the economic situation. In particular, a high credit rating is a prerequisite for lending. For the personal self-disclosure in the loan agreement, the borrower receives a form. The information provided in this form must all be proved. It is therefore important that you provide all information about yourself truthfully. To be able to prove the information, the following documents should be submitted.
- Personal details Photocopy of valid ID or passport
- List of all receipts and expenditure
- Information on
- employment situation employment contract, salary statement
- Information on assets and liabilities
- Existing credit agreements, bank statements
- For self-employed and freelancers
- Last Income Tax Assessment, Income Excess Bill
However, before you submit your loan application you should check that you meet all the conditions for a loan approval.
- Are you of legal age?
- Are you fully capable of business?
- Do you have a regular income?
- Do you have your permanent residence proof?
Loan application for mortgage lending
If you want to apply for a loan to finance your construction project or the purchase of a home then you will need to submit additional documentation in contrast to the traditional loan. Above all, object documents are important. These include the address of the house, a land register excerpt, floor plan drawings and a hall map. If you would like to buy an existing house then you should also add object pictures. However, private individuals can also act as lenders either relatives or friends who lend the borrower a fixed amount of money or persons in various loan portals. In order for a loan to be granted by the lender it requires corresponding collateral. This enables it to keep the risk as low as possible.