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Letter Of Intent For Housing Loan for Philippines

Letter Of Intent For Housing Loan Template for Philippines

A Letter of Intent for Housing Loan is a formal document used in the Philippines that indicates a prospective borrower's serious intention to obtain a housing loan from a financial institution. The document, governed by Philippine banking laws and regulations including the General Banking Law of 2000 and relevant Bangko Sentral ng Pilipinas (BSP) circulars, serves as a preliminary commitment between the borrower and the lender. It outlines key details such as the intended loan amount, property information, borrower details, and basic terms, while setting the stage for the formal loan application process.

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What is a Letter Of Intent For Housing Loan?

The Letter of Intent for Housing Loan is a crucial preliminary document in the Philippine housing loan process, typically used before the formal loan application and agreement. This document is essential when a prospective borrower wishes to formally express their intention to obtain a housing loan from a financial institution. It contains vital information including the borrower's details, proposed loan amount, property information, and basic terms of the intended loan. The document must comply with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP guidelines. While not legally binding in terms of loan approval, it serves as a formal initiation of the loan process and helps establish the serious intent of the borrower. This document is particularly important in the Philippine context where formal documentation and clear expression of intent are valued in banking transactions.

What sections should be included in a Letter Of Intent For Housing Loan?

1. Letter Header: Includes date, recipient's name, title, and complete address of the financial institution

2. Subject Line: Clear indication that this is a Letter of Intent for a Housing Loan

3. Introduction: Formal introduction identifying the applicant and expressing intent to apply for a housing loan

4. Borrower Information: Complete details of the loan applicant including full name, current address, and contact information

5. Property Details: Specific information about the property to be purchased/mortgaged including complete address and property description

6. Loan Details: Proposed loan amount, desired term, and purpose of the loan

7. Financial Information: Brief overview of applicant's financial capacity, including income sources and existing obligations

8. Closing Statement: Formal request for consideration and processing of the loan application

9. Signature Block: Applicant's signature, printed name, and date

What sections are optional to include in a Letter Of Intent For Housing Loan?

1. Co-Borrower Information: Include when there is a co-borrower for the loan application, detailing their personal and financial information

2. Collateral Details: Include when offering additional collateral beyond the subject property

3. Employment History: Include when specifically requested by the lender or when strengthening the application with lengthy stable employment

4. Project Developer Information: Include when the property is part of a development project or pre-selling arrangement

5. Special Requests: Include when there are specific terms or conditions being requested, such as flexible payment terms or grace periods

What schedules should be included in a Letter Of Intent For Housing Loan?

1. Income Documentation: List of attached income proof documents such as pay slips, tax returns, or business financial statements

2. Property Documentation: List of attached property-related documents such as property listing, tax declaration, or title information

3. Identification Documents: List of attached personal identification documents

4. Credit References: List of attached credit references or existing loan documentation, if applicable

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

Letter of Intent

Cost

Free to use
Relevant legal definitions


























Clauses



















Relevant Industries

Banking and Financial Services

Real Estate and Property Development

Housing and Construction

Mortgage Services

Legal Services

Financial Technology

Insurance

Relevant Teams

Legal

Credit and Risk Assessment

Mortgage Processing

Customer Relations

Compliance and Regulatory Affairs

Document Management

Property Valuation

Loan Operations

Financial Advisory

Quality Assurance

Relevant Roles

Loan Officer

Mortgage Specialist

Credit Analyst

Bank Manager

Real Estate Agent

Property Developer

Legal Counsel

Financial Advisor

Risk Assessment Officer

Compliance Officer

Banking Operations Manager

Customer Service Representative

Document Control Officer

Property Assessor

Underwriter

Industries








Teams

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