Home loan with a different property as collateral + family seller?
Anyone here naka-try ng home loan with a different property as collateral + family seller?
Need advice sana if may naka-experience na ng ganitong setup and which bank ang okay.
Story:
We want to purchase a house and lot from my mother (she needs cash, and instead of selling to someone else, kami na lang bibili).
However, different property ang gagamitin naming collateral a residential property under my husband’s parents’ name, and willing naman sila maging co-mortgagors.
We are based in the Philippines and both here naman.
I’m self-employed/business owner.
Questions:
May naka-approve na ba ng ganitong setup? (family member ang seller + ibang property ang collateral)
Which bank was easier to deal with? PSBank, BPI, BDO, Security Bank, RCBC, Chinabank, etc.?
Ano usual issues or additional requirements na hiningi sa inyo?
Red flag ba sa banks if mother ang seller or normal lang basta complete documents?
Would really appreciate real experiences. Thank you!