One of the important things to do in selling a property in Vista Land is to know if your client is qualified or not in acquiring a home. In order to do that, the seller must pre-qualify the client.
Here are the things you must remember in pre-qualifying:
- Filipino Citizens are entitled to acquire land in the Philippines.
- Foreigners are allowed to buy Condominium(s) in the Philippines.
- Foreigners cannot own a house and lot unless married to a Filipino Citizen and should sign an affidavit of waiver.
- Dual Citizenship –upon taking Oath of Allegiance
- Marital Status
- If single, CENOMAR is required.
- If married, a marriage certificate should be provided.
- If separated, should provide annotation in the marriage certificate as null and void
- Age Limit
- Should not be more than 65 years of age upon maturity of loan (for Bank and In-House Financing)
- Age of assigned Attorney-In-Fact (AIF) should be at least 21 to 50 years old
- Must be at least two years employed upon application of loan
- Check Net Disposable Income (NDI)
*** Maximum amount to be amortized by the client. Computed as:
NDI = Gross Monthly Income x Credit Ratio
|Employment||Credit Ratio||Maximum Term|
|Locally Employed (LE)||30%||20 years|
|Self-Employed (SE)||25%||20 years|
|Overseas Filipino Worker (OFW)||30%||15 years|
|Note: If income is based on commissions, only 30% of the average is allowed as basis of income|
- Credit Standing
- The process of evaluating an applicant’s loan history to determine the likelihood that the borrower will live up to his/her obligations also called credit analysis.
- Credit investigation by Credit Management Association of the Philippines (CMAP) & Negative File Information System (NFIS).