The Home Loan Sanction Letter is a critical document in the Philippine residential property financing process, serving as the official confirmation of a lender's commitment to provide home financing. It is typically issued after a thorough evaluation of the borrower's creditworthiness, property valuation, and verification of submitted documents. This document is essential in the Philippines' real estate financing landscape, where it must comply with strict regulatory requirements including the Truth in Lending Act, BSP regulations, and consumer protection laws. The sanction letter includes comprehensive details about the approved loan amount, interest rates, repayment schedule, processing fees, and specific conditions precedent to disbursement. It forms the basis for subsequent loan documentation and is often required by property sellers as proof of financing capability.
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1. Bank Details: Full name, address, and contact information of the lending institution
2. Borrower Details: Full name, address, and contact information of the loan applicant(s)
3. Loan Approval Declaration: Clear statement that the home loan has been approved, including the sanctioned amount
4. Property Details: Complete description of the property being financed, including address and title details
5. Loan Terms: Key terms including interest rate, loan tenure, EMI amount, and repayment schedule
6. Processing Fees and Charges: Detailed breakdown of all fees, charges, and processing costs
7. Disbursement Terms: Conditions and process for loan disbursement
8. Security/Collateral Details: Description of the mortgage arrangement and any additional securities required
9. Insurance Requirements: Mandatory insurance requirements for the property and/or borrower
10. Key Conditions Precedent: List of conditions that must be met before loan disbursement
11. Validity Period: Time period for which the sanction letter remains valid
1. Co-Borrower Details: Details of co-applicants when the loan involves multiple borrowers
2. Pre-payment Terms: Terms and conditions for early loan repayment, including any penalties
3. Balance Transfer Terms: Specific terms if the loan is being transferred from another bank
4. Special Offers: Any promotional rates or special conditions applicable to the loan
5. Project Finance Details: Additional details required when financing under-construction properties
6. Government Subsidy Details: Information about applicable government schemes or subsidies
7. Top-up Loan Details: Terms for any additional top-up loan facility being offered
1. Schedule A - Loan Amortization Schedule: Detailed month-wise breakdown of principal and interest payments
2. Schedule B - Fee Structure: Comprehensive list of all applicable fees and charges
3. Schedule C - Required Documents: Checklist of documents required for loan processing
4. Schedule D - Property Documents: List of property-related documents required
5. Appendix 1 - Terms and Conditions: Detailed general terms and conditions of the loan
6. Appendix 2 - Insurance Requirements: Detailed specifications for required insurance coverage
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