Multi-Purpose Loan (Collateralized loan)

Guidelines for Multi-purpose loan (Collateralized loan)

 

  1. This loan is for business or any other purpose.
  2. The applicant must be a Thomec member and a tenured employee in the University and must not be more than 60 years old at the time of application.  A member who is not anymore connected with the University may avail of this loan provided he has sufficient share capital to cover his loan or has a co-maker.  An applicant who is more than 60 years old shall be subject to a shorter amortization period or may have a co-maker.
  3. The required paid up shares for the borrower will depend on the amount of loan which may be from 100-250 shares.
  4. The loanable amount shall be a minimum of Php 1,000,000.00 to a maximum of Php 5,000,000.00.  The loan amount shall not exceed 85% of the assessed value of the property being used as collateral.
  5. The loan shall be covered by a Real Estate collateral located within the Metro manila area or nearby provinces for which a Real Estate Mortgage will be executed between the borrower and ThoMEC. 
  6. The Collateral must be a "clean title" under the name of the borrower or under the name of the Spouses, if married; must submit the Tax declaration and latest real estate taxes.  It must also be covered by fire insurance if House and lot.
  7. The borrower shall surrender the original Transfer Certificate of Title (TCT) to ThoMEC upon release of the loan.
  8. The applicant is required to secure a "Loan protection Insurance" from ThoMEC which shall be, as practical as possible, the same amount of the loan.
  9. The repayment period shall not be more than (5, 6, 7) years. The borrower shall issue the number of PDCs depending on the years of repayment
  10. A fee of Php 5000 shall be collected from the applicant to answer for assessors fee (Php 2,000),                  notarial fee (Php, 1000) and loan processing fee (Php 2,000).
  11. The preliminary evaluation of the loan shall be done by the Credit Committee but the BOD shall be the final approver of the loan.
  12. The Board may request for additional requirement, if necessary, to help in the evaluation of the applicant's loan.