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Home Loan Transfer Application Letter for Philippines

Home Loan Transfer Application Letter Template for Philippines

A formal written application document used in the Philippines to request the transfer of an existing home loan from the current borrower to a new borrower. This document must comply with Philippine banking regulations, including the Truth in Lending Act and relevant BSP circulars. It contains detailed information about the existing loan, the current borrower, the proposed transferee, and the underlying property. The letter serves as the initial formal request in the loan transfer process and must be accompanied by supporting documentation that demonstrates the proposed transferee's capability to assume the loan obligations.

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What is a Home Loan Transfer Application Letter?

The Home Loan Transfer Application Letter is a crucial document used in the Philippine banking system when a borrower wishes to transfer their existing home loan obligations to another party. This document is typically required in situations such as property sale, transfer to family members, or restructuring of loan arrangements. The letter must conform to requirements set by the Bangko Sentral ng Pilipinas (BSP) and include specific details about the current loan, property, and all parties involved. It serves as the formal initiation of the loan transfer process and must be accompanied by comprehensive supporting documentation to demonstrate the proposed transferee's financial capacity and creditworthiness. The document is particularly relevant in the Philippine context where property transfers and loan assumptions must comply with strict banking regulations and consumer protection laws.

What sections should be included in a Home Loan Transfer Application Letter?

1. Letter Header: Current date, bank's complete address, and proper salutation

2. Subject Line: Clear indication that this is a Home Loan Transfer Application with existing loan reference number

3. Introduction: Brief statement identifying the writer as the current loan holder and expressing intent to transfer the loan

4. Current Loan Details: Information about the existing loan including account number, property details, original loan amount, and current outstanding balance

5. Transfer Request Details: Specific request for the transfer, including proposed transferee's name and relationship to current borrower

6. Reason for Transfer: Clear explanation of why the loan transfer is being requested

7. Contact Information: Complete contact details for both current borrower and proposed transferee

8. Closing: Formal closing statement, signature block with complete name and current loan account number

What sections are optional to include in a Home Loan Transfer Application Letter?

1. Property Improvements Declaration: Section detailing any significant improvements made to the property since the loan was taken, relevant when property value has increased

2. Co-borrower Statement: Required when there are co-borrowers in the existing loan, stating their consent to the transfer

3. Payment History Statement: Optional section highlighting good payment history, useful when requesting favorable transfer terms

4. Urgency Statement: When the transfer request is time-sensitive, including explanation of urgency

What schedules should be included in a Home Loan Transfer Application Letter?

1. Appendix A - Personal Information Sheet: Completed personal and financial information forms for the proposed transferee

2. Appendix B - Supporting Documents Checklist: List of all required documents being submitted with the application

3. Appendix C - Property Documents: Copies of property title, tax declarations, and recent tax receipts

4. Appendix D - Income Documents: Proof of income, bank statements, and financial capacity documents for the proposed transferee

5. Appendix E - Identification Documents: Valid government IDs and proof of residence for all parties involved

6. Appendix F - Marriage Contract/Certificate: If transfer is due to marriage or if relevant to establishing relationship between parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Genie AI

Document Type

Transfer Letter

Cost

Free to use
Relevant legal definitions






























Clauses


















Relevant Industries

Banking

Real Estate

Financial Services

Legal Services

Property Development

Mortgage Services

Consumer Finance

Residential Property

Relevant Teams

Legal

Credit Analysis

Loan Processing

Mortgage Services

Customer Relations

Documentation

Compliance

Risk Management

Operations

Account Management

Relevant Roles

Loan Officer

Mortgage Specialist

Bank Manager

Credit Analyst

Legal Counsel

Property Manager

Real Estate Agent

Financial Advisor

Banking Operations Manager

Compliance Officer

Document Control Specialist

Customer Service Representative

Account Manager

Mortgage Broker

Risk Assessment Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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