2. Maximum loanable amount is five times of the member’s share capital, or the purchase price of the property or the cost of construction, whichever is lower. Provided that the borrower’s combined loans should not exceed three million pesos (gross amount).
3. Maximum paying period is 15 years or the number of years before the borrower reaches sixty-five years old, whichever is lower.
4. Property loan amortizations plus all other loan deductions (other coop loans, SSS loans, etc.) should not exceed 25% of the gross salary of the borrower. Provided further, that the net take home pay per pay period should not be less than P5,000.
5. The loan must be covered by a notarized Real Estate Mortgage Agreement (REMA) and a Deed of Sale in favor of Cooperative. The member-borrower and spouse (if married) should sign these documents before the release of the loan. In addition, the OCT or TCT should be annotated in favor of the cooperative and will be kept as collateral until the full payment of the loan. Failure to comply with any of these requirements, even if monthly payments are met, will affect the member’s good standing status.
6. All expenses relative to the transfer of title shall be for the account of the borrower.
7. The following charges are deducted: a) Savings build-up: 5% of applied loan; b) Service fee: 1% of applied loan; c) Filing Fee: P500; d) Members’ benefit fund contribution at 0.75% of applied loan multiplied by number of year/s to pay.
8. Penalty of 0.5% per month shall be charged on the outstanding balance due to delayed payment.
9. Payment shall be made through payroll deduction.
10. This loan is not renewable but may be paid in full or deducted from other loans, with a rebate up to 50% of unused interest.
11. Procedure in applying for a loan: a. Submit this accomplished form, Certified true copy of OCT or TCT from Registry of Deeds, lot plan and location map, latest tax declaration, realty tax payments & clearance, copy of appraisal report from duly certified property appraiser or construction agreement whichever is applicable, REMA, Deed of Sale, and loan insurance form, to the Credit Committee. b. If approved, the check will be issued directly to the seller or dealer or contractor.
NOTE: Loan will be processed in seven working days. There is no exception to this loan policy.
