Guide on EastWest Home Loan Requirements for Application Process

EASTWEST HOME LOAN REQUIREMENTS – Listed here are the documents required by the EastWest Bank for the loan application.

In the Philippines, one of the reputable banks that you can turn to for a home loan offer is the EastWest Bank. Its offer can finance several purposes including the a residential property acquisition, house construction, home renovation, reimbursement of a residential property purchase, home equity, and top-up loan.

Under the Home Equity Loan, you can avail some cash using your residential property as the collateral. The Top-Up Loan is the “availment of the paid-off portion of the existing loan for any purpose”.

Are you interested to apply for the loan offer? There are varying EastWest Home Loan requirements set by the bank depending on the nature of the source of income of the loan application.

Here’s a guide on the EastWest Home Loan requirements for application:

Employed Individuals

• duly-completed and signed EastWest Bank Home Loan Application Form
• two (2) valid government-issued IDs
• Certificate of Employment w/ Compensation (COEC) indicating position and length of service
• Latest Income Tax Return (ITR)

Self-Employed Individuals

• duly-completed and signed EastWest Bank Home Loan Application Form
• two (2) valid government-issued IDs
• Business Registration(SEC/DTI)
• Audited Financial Statements for the last 2 years
• Updated Interim Financial Statement if most recent AFS is more than 6 months
• Latest 6-month bank statements w/authorization to conduct bank verification
• List of trade references(at least 3 suppliers and 3 customers with telephone numbers and contact persons)
• Articles of incorporation and -laws

Overseas Filipino Workers (OFWs) Direct Hire

• duly-completed and signed EastWest Bank Home Loan Application Form
• two (2) valid government-issued IDs
• COEC w/ original 6-month remittances; or
• COEC w/ original 6-month payslips; or
• Consularized Certificate of Employment w/ Compensation (COEC)

OFW-Seaman

• duly-completed and signed EastWest Bank Home Loan Application Form
• two (2) valid government-issued IDs
• Crew Contract validated by POEA
• Attorney-in-fact’s ID and application form

There are also additional EastWest Home Loan requirements in the case of practicing doctors and individuals who earn from rental of properties, transport business, and commission.

Aside from the duly-accomplished EastWest Bank Home Loan Application Form and two (2) valid government-issued IDs, here are the additional requirements:

For Practicing Doctor

• Clinic Address/es and schedule/s

For Individuals Earning from Rental of Properties

• Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
• Photocopy of title (CCT/TCT)

For Individuals Earning from from Transport Business

• LTO Certificate of Registration (CR) and Official Receipt (OR)
• LTFRB Franchise/s

For Individuals Earning from Commissions

• Vouchers and bank statements (for the last 6 month reflecting commissions)

Aside from the aforementioned EastWest Home Loan requirements for application, there are also collateral documents required by the bank for submission. Here are the general collateral requirements:

• Photocopy of Title for Collateral (TCT for land title/CCT for condo title)
• Appraisal Fee Official Receipt (OR)
• Tax Declaration (Land and Building)

In the case of construction or renovation loans, the EastWest Bank requires the Bill of Materials or Cost Estimate, the Building Plan or Renovation Plan, and the General Specification or Scope of Work. In the case of residential property purchase, here are the collateral documents required by the bank:

Properties from Accredited Developers

• Copy of CTS
• Copy of SOA/Payment Schedule

Properties from Secondary Market/Individual Seller

• Copy of Title
• Appraisal fee payment – Php 3,500 Metro Manila / Php 5,000 outside Metro Manila