Housing Loan
Purpose :
Purchase or Down Payment of house and lot or lot only
Construction or renovation of house
Features :
|
Eligible Maker |
Class A & B |
|
Maximum Amount |
P500,000.00 inclusive of Business Loan and Motor Vehicle Loan |
|
Maximum Term |
60 months |
|
Interest Rate |
7% per annum, Not Discounted |
|
Filing Fee |
1½% of Loan Value |
|
Processing Fee |
1/2 of Principal or P1,000.00 whichever is higher |
|
Loan Redemption Fund |
P0.50 @ P1,000.00 per month |
|
Collateral |
Collateral required in excess of P50,000.00 inclusive of Business Loan and Motor Vehicle Loan |
|
Maker’s Equity equivalent to 10% of purchased House and lot or lot only |
|
|
Real Estate Mortgage (REM) of Real Estate being purchased / constructed above P50,000.00 to be acquired in favor of AUFCOOP at the expense of the Maker |
|
|
Mode of Payment |
Personal Post Dated Checks/Monthly |
|
Default/Penalty Charges |
1% of Unpaid Amortization |
|
Limiting Conditions |
Maybe availed only after five (5) years of membership in the Cooperative |
|
Capital Requirement |
Must have met the required Share Capital upon the filing of loan application (please refer to letter d.2 , Capital Requirement) |
|
Loan Renewal |
Upon Full Payment, Principal & Interest |
|
Other Requirements |
At least 2 Co-Makers with the same eligibility as that of the Maker |
|
Other Conditions |
Housing Loans are subject to the availability of funds and approval of the Board |
|
Real Estate to be acquired under this program must have been appraised and recommended by Credit Committee |
|
|
Submission of original copies of Transfer Certificate of Title (TCT) is within 60 days from receipt hereof. |
Overdue Accounts - Default payments equivalent to five (5) consecutive monthly amortizations is sufficient basis or ground to confiscate/re-possess financed real estate. Notice of confiscation after three (3) months of default payment will be served.
- Confiscated/re-possessed motor vehicle may be redeemed within thirty (30) days from the date of confiscation only upon full payment of the unpaid amortization.
- Confiscated/re-possessed real estate will be opened for auction (sale) to members after the lapse of thirty (30) days redemption period.
- A delinquent Maker is disqualified from availing of the same loan.
