The Promissory Note For Housing Loan is a fundamental document in Philippine real estate financing, used when individuals borrow money specifically for purchasing or constructing residential property. This document is essential in the Philippine jurisdiction where housing loans are governed by specific regulations including the Truth in Lending Act and Central Bank circulars. The note typically details the principal amount, interest rate, payment terms, and consequences of default, while referencing the property serving as collateral. It's commonly used by banks, government housing agencies like Pag-IBIG Fund, and other financial institutions in the Philippines. The document serves both as evidence of debt and as a legally enforceable promise to repay, making it crucial for both lenders and borrowers in housing transactions.
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1. Date and Place of Execution: Specifies when and where the promissory note is executed
2. Parties: Identifies the borrower (maker/promisor) and lender (payee/promisee) with complete names and addresses
3. Principal Amount: States the total loan amount in both figures and words
4. Interest Rate: Specifies the interest rate, whether fixed or variable, and calculation method
5. Term and Payment Schedule: Details the loan duration and regular payment amounts, including payment dates
6. Property Details: Description of the property being financed, including exact location and technical details
7. Security/Collateral: Specifies that the property serves as collateral for the loan
8. Default Provisions: Outlines what constitutes default and its consequences
9. Acceleration Clause: Conditions under which the entire loan becomes immediately due
10. Signatures: Space for signatures of borrower, lender, and witnesses
1. Co-Maker Provision: Used when there is a co-maker or guarantor for the loan
2. Insurance Requirements: Details mandatory insurance coverage when required by the lender
3. Prepayment Terms: Included when early payment options are allowed, specifying any penalties or conditions
4. Attorney's Fees: Added when the lender wishes to specify that the borrower will cover legal costs in case of default
5. Assignment Clause: Used when the lender wants to reserve the right to assign the note to another party
6. Electronic Payment Authorization: Included when automatic electronic payments are required or offered
1. Payment Amortization Schedule: Detailed breakdown of monthly payments showing principal and interest allocation
2. Property Technical Description: Complete technical description of the property including lot area, boundaries, and TCT/CCT number
3. Interest Rate Calculation Method: Detailed explanation of how interest is calculated, especially for variable rates
4. Required Insurance Coverage: Specifications of required insurance types and coverage amounts
5. Property Appraisal Report: Summary of the professional appraisal of the property value
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