HOUSING LOAN AGREEMENT
This agreement made this ______________ (date) between -
_________________________________________, having its registered office at
__________________________________ as the first party AND
__________________________ (Name of Employee) as the second party.
WHEREAS the Applicant is an employee of ________________ and has applied for
a Housing Loan Agreement for the purchase of motor vehicle under
________________’s Housing Loan Policy. ________________ has approved the said
application by the Employee subject to the terms and conditions hereinafter
provided:
NOW IT IS HEREBY AGREED AND DECLARED as follows:
1. In accordance with the said Housing Loan Policy, ________________ at the
application of the Employee, will loan the amount of
_______________________________ (Php _________________) to the Employee
to be used for the purchase of a new house or for purposes of house
renovation.
2. The price shall be paid by the Employee to ________________ as shall be
mutually agreed between the parties in the amounts, at the times and in
the manner specified in the First Schedule.
3. The term of this contract shall be for a fixed period of ________ (__) years
beginning __________ and expiring on _____________, unless sooner
terminated by reason of early settlement by the Employee of the
outstanding loan amount.
4. In the event that the Employee ceases to be in the employment of
________________ either by resignation or by termination of his service or his
dismissal by ________________ before the whole of the loan amount or any
part thereof as shall be outstanding has been fully paid in accordance with
the First Schedule hereto, the outstanding loan amount shall become due
and the Employee authorizes ________________ to withhold the remaining
balance from the former’s final paycheck without prejudice to other
manner of collection from ________________ in case the same remains to be
unsatisfied after such deduction.
5. In the event that the Employee fails to pay to ________________ the whole
of the loan amount or any part thereof as shall be outstanding,
________________ may at its discretion recover the said outstanding balance
from the Guarantor or Guarantors in any manner ________________ deems
fit.
6. An employee may not apply for nor shall he/she be granted another loan
under this policy or under another policy during the period in which a
housing loan is outstanding.
7. For so long as the Purchase Price or any part thereof has not been fully
settled the Employee hereby agrees with ________________ as follows:
a. To pay the annual property tax of the house.
b. To pay for the repairs and maintenance of the house.
c. To not sell, offer for lease, or use the house purchased with the loan
proceeds as collateral to cover for any obligation outside of the
Company during the term of the loan.
8. The employee has the option of settling the outstanding loan amount
before the expiration of the loan period by paying off the outstanding
obligation with ________________.
9. In case of non-payment by an Employee of the outstanding obligation,
________________ has the management prerogative to buy back the house
from the employee.
10. No relaxation, forbearance, delay or indulgence by ________________ in
enforcing any of the
terms and conditions of this Agreement nor the granting of time by
________________ to the
Employee shall prejudice, affect or restrict the rights and power of
________________ hereunder nor shall any waiver of any breach thereof
operate as a waiver of any subsequent breach thereof.
11. This Agreement shall be binding upon the personal representatives,
successors, executors and administrators of the Employee, and the assigns
and successors of ________________.
12. The First Schedule hereto shall be taken, read and construed as essential
parts of this Agreement.
13. The invalidity or unenforceability of any provision hereof shall in no way
affect the validity or enforceability of any other provision hereof.
IN WITNESS WHEREOF the parties have hereunto executed this Vehicle Loan
Agreement at _____________ this ___ day of _________ 2018.
ACKNOWLEDGEMENT
Republic of the Philippines)
_________________________) S.S
BEFORE ME, personally appeared:
Name CTC Number Date/Place Issued
Name of Employer
Name of Employee
Known to me and to me known to be the same persons who executed the
foregoing instrument and acknowledged to me that the same is their free and
voluntary act and deed.
This instrument consisting of ____ page/s, including the page on which this
acknowledgement is written, has been signed on each and every page thereof
by the concerned parties and their witnesses, and and sealed with my notarial
seal.
WITNESS MY HAND AND SEAL, on the date and place first above written.
Notary Public
Doc. No. ____;
Page No. ____;
Book No. ____;
Series of 20___.
