Mortgage Application Checklist

Application

 

  • One (1) Valid unexpired national photo identification
  • One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)
  • Salaried Individuals: Letter of employment and Pay slip(s) showing the most recent full monthly income
  • Commissioned Income: Letter of employment and last 6 months pay slips
  • Self Employed Individuals:  
     - Business registration / License, and most recent Annual Return (as applicable), and 
    - Income documents, e.g., Income Tax Returns (last 2 years) or Audited Financial Statements(last 2 years), and six  (6) months bank statements

Credit Approval

 

  • Source of downpayment – account statement, letter signed by donor& borrower if a gift
  • Proof of assets in the name of the Borrower: Statements showing investments or bank statements, copy of land title or motor vehicle title, Pension Statements, Last valuation of property
  • Proof of Liabilities in the name of the Borrower: Credit card, Loan or Mortgage statement
  • Agreement of Sale or Agreement of Purchase, Confirmation of debts to be settled, Estimates and or approvals for Home Improvements, Statement of works for repairs, Any other to support loan purpose

Additional Approval Documents

 

  • Agreement of Sale or Agreement of Purchase
  • Current Appraisal ordered by Scotiabank, documents needed: 
    - Mortgage Deed/Certificate of Title or Land Register, Completion Certificate for properties less than four (4) years old or for Properties in an Incomplete Development
    - Cadastral sheet (required for financing of land purchases)
  • Most recent property tax receipt 
  • Take-over Certificate (if applicable)
  • Maintenance fee statement (as applicable where there is a Homeowners’ Association- Townhouses, Condominiums or Apartments 

Closing and disbursement – Additional Documents needed after the approval is obtained

  • Document from the Board of Inland Revenue showing customer’s BIR Number, or a letter from the BIR indicating that no BIR number exists and customers are not assessed for taxes (e.g. for housewives, etc.)
  • Evidence of home insurance and assignment to the Bank
  • Up to date water authority bill/clearance certificate
  • Incomplete Developments: Certificate of practical completion (if applicable), Takeover Certificate (if applicable)
  • Up to date lease rent/maintenance fee receipt (if applicable)
  • Lease land: Lease agreement showing expiry for > 5 years after mortgage maturity (if applicable)
  • Copy of share certificate/Article of Association of the administrative company (if applicable)
  • If seller has a mortgage, you should request to obtain a release or release in Escrow with settlement letter 
Tools and Resources

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