Cebu CFI Community Cooperative is composed of savings and credit groups organized by the barangay residents in Cebu. The Housing Loan Program is one of the other loan program services that the cooperative offers its members. This program provides financial assistance to those who wish to construct or purchase a house or make improvements to their homes.
Also Read: How to Apply GGives Gcash Installment Loan Program
Cebu CFI Community Cooperative offers a housing loan program that is open to all qualified members. The program provides an opportunity for members to complete or fix their houses or even own their own homes through easy and affordable financing terms.
What is the Cebu CFI cooperative?
CFI stands for Court of First Instance, this cooperative was created in the year 1970 with less than 30 members and a shared capital of PHP200. This establishment was initially organized to answer the needs of its members who were mostly judicial employees and court personnel. The cooperative was able to help in improving the lives of its members by providing them with financial assistance and other services that they need.
How to become a CFI Member?
In order to become a member of the Cebu CFI Cooperative, an individual must be 18 years old and above, and he/she must be a Filipino Citizen. If living outside the Philippines, they must be natural-born Filipino with a residence or home in the Philippines. And must be able to comprehend the contract. The interested applicant must submit their application through Cebu CFI’s website and fill out the necessary details like full name, phone number, email, present/permanent address and etc.
Most of us would dream to have our own home. We all want a place we can call our own, a space where we can raise our family and make long-lasting memories. But for most people, buying a house is not an easy accomplishment. It requires a lot of planning and saving, and even then, it may not be enough. This is where housing loans come in.
A housing loan is a type of loan that allows you to finance the purchase of your home. This way, you won’t have to pay the full amount upfront and it can be done in monthly payments over a period of time. There are many different types of housing loans available, each with its own set of eligibility requirements and repayment terms. In this article, we will focus on how a CFI member applies for a housing loan program through Cebu’s CFI Community Cooperative.
The Cebu CFI Housing Loan Program is a type of Financial Assistance
Cebu CFI Coop offers a housing loan program that is open to all members who have been with the organization for at least six months. The program provides an opportunity for members to own their own homes through easy and affordable financing terms. Or complete their house construction or get their homes fixed due to damages and etc.
Also Read: How to Apply CIMB Loan Through Gcash
THE CEBU CFI COMMUNITY IS OFFERING A HOUSING LOAN PROGRAM
The Cebu CFI Community Cooperative is now offering a housing loan program that will enable qualified members to own their own homes. This is a great opportunity for those who have always wanted to own a home but didn’t have the means to do so. With this program, you can finally make your dream of owning a home a reality.
The Cebu CFI Community Cooperative Housing Loan Program is available to all qualified members of the cooperative. To be eligible for the loan, you must be a member of the cooperative for at least one year, must be employed, or have a regular source of income, must be 21 years old and above, and have a good credit score.
Features And Benefits
- The Cebu CFI Community Cooperative Housing Loan Program offers financing of up to P10 million.
- Financing terms are flexible, with a maximum repayment period of 25 years.
- There is no down payment required.
- Loan proceeds can be used for the purchase of new or pre-owned homes, as well as for the construction or renovation of existing homes.
- Interest rates are competitive and fixed for the duration of the loan.
- A member’s share capital serves as collateral for the loan.
- Late payment fees or penalties are acceptable
Qualifications
- You must be a member of Cebu CFI Community Cooperative for at least six months
- Your account record must have no delinquent loans from other loan programs
- Your total monthly income must not exceed P50,000.
- You must be at least 21 years old but not more than 65 years old at the time of loan maturity.
Requirements
- Accomplished housing loan application form
- Latest 1×1 photo
- Photocopy of two valid IDs
- Proof of income (latest ITR, payslip, or bank statements)
- Proof of residency (barangay certificate or utility bill)
- Tax Declaration, Tax Clearance
- Collateral requirements (if applicable)
How to apply for a housing loan
1. Fill out the housing loan application form and submit it to the Cebu CFI Community Cooperative office, along with the required documents.
2. A loan officer will then evaluate your application and determine if you are eligible for the loan.
3. If you are eligible, you will be asked to sign a loan agreement and post-dated checks for the monthly repayments.
4. The loan amount will then be released to you, and you can use it to finance your home purchase or renovation project.
Step-by-Step Application Process
The first step is to gather the required documents. These include a copy of your valid ID, proof of income, and bank statements for the past three months. You will also need to submit a Housing Loan Application form, which you can get from the Cebu CFI Community Cooperative office or website.
Once you have all the required documents, you will need to fill out the Housing Loan Application form and submit it to the cooperative office along with the other required documents. The Housing Loan Committee will then evaluate your application and supporting documents to determine if you are eligible for the loan.
If your application is approved, you will be asked to sign a promissory note and other loan documents. Once all the paperwork is completed, please wait for the approval of your housing loan.
VIDEO: How to Apply a new Loan on Cebu CFI Coop website.
The video talks about how a CFI Coop member can apply for different types of loan programs through their website at www.cficoop.com. It is a step-by-step process or walkthrough on navigating the website on where to go to apply for the loan that you choose. This also serves as a guide on how to renew your existing loans. This guide also shows you what available loans are and where you can download the necessary loan application forms.
Frequently Asked Questions
1. Can I apply for the housing loan program if I’m not a CFI Community Coop Member?
No, you must be a member of the CFI Coop and is active for at least 6 months.
2. What is the maximum loan amount that I can apply for?
The maximum loan amount that you can apply for is P10 million.
3. How long is the repayment period?
The repayment period is up to 25 years.
4. What are the interest rates?
Interest rates are fixed and competitive for the duration of the loan.
5. What do I need to apply for a housing loan?
To apply for a housing loan, you will need to submit an accomplished application form, the latest 1×1 photo, photocopies of two valid IDs, proof of income, proof of residency, and collateral requirements (if applicable).
6. What will happen if I don’t pay my monthly installment of the housing loan?
The membership will be suspended after 90 days of no payment and may incur late payment fees or penalties.
7. When will my loan become past due?
If the borrower has not paid the loan within 30 days from the due date, the loan will become past due.
Summary
This housing loan program by Cebu CFI Community Cooperative is a big help because it has low-interest rates and long-term payment options for those who are eligible. Applying is easy as you just need to submit some requirements like your ID, proof of income, and residency. If you think you are qualified, then don’t hesitate to apply! The Cebu CFI Community Cooperative Housing Loan Program is a great opportunity for qualified members to own their own homes. The program offers financing of up to P10 million, with flexible repayment terms of up to 25 years. There is no down payment required, and loan proceeds can be used for the purchase of new or pre-owned homes, as well as for the construction or renovation of existing homes.
Contact Information
Cebu CFI Community Cooperative
Address: Esperanza Fiel Garcia Bldg., Capitol Compound (Capitol Site), N Escario St, Cebu City, 6000 Cebu
Website: https://www.cficoop.com/
Telephone: (032) 255-2525
Email: info@cficoop.com
Facebook Page: CFI Coop Official Page
Disclaimer
The information posted here is based on the details from the official Facebook Page of Cebu CFI Community Coop. Information may change without prior notice. It is best to contact CFI for updates if you have any inquiries.
