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Home Loan Application Process

IT Support – April 30, 2022

Step 1 – Login or create a Nook account

After selecting the bank you would like to get your loan from by clicking Apply Now button, the system will ask you to Sign Up or Login to your account to proceed. A registered account is required for Nook to validate your Home Loan Application.

Nook Home Loans - Pre-Qualification Results

If you are not sure yet with your home loan application and want to know more about the bank you are choosing, click the Get Help button to book your free consultation call.

Nook Home Loans - Pre-Qualification Results 2

Step 2 – Home loan application wizard

A. PROPERTY INFORMATION

Nook Home Loans - Home Loan Application Wizard 1

Note: most of the fields in the loan application wizard are required by the banks and must be correctly supplied with your information to avoid delay in processing your application.

Fill out this part with your personal information. If you selected a Co-borrower or Married status from the pre-qualification, this page will automatically add fields where you can fill out your Co-borrower or Partner’s personal information..

Click Next to proceed.

B. CONTACT INFORMATION

Nook Home Loans - Home Loan Application Wizard 2

Phone number is an optional field, but will be most likely important for further contact info. Update the Mobile number as necessary, while Email Address can’t be changed anymore as this is drawn from your user account.

Address will be an auto fill field and must be carefully filled out to avoid misinformation, then indicate your Home Ownership and the number of Years of Residency.
You will have to do this for:
Present Address - The present place of residence that you are currently at.
Permanent Address - Mostly this is your own house, in case there is no owned house, then your Permanent address can be the Present address. Tick the ‘Same as Present Address’ if the same.
Previous Address - The residence you lived in before. This will be the address you already lived, but do not live any more. If none, just tick the Same as Present Address.

Click Next to continue.

Note: If you think you need more time to accomplish the loan application form, or requirements are still incomplete. You can always opt to Save for later (click the button to continue editing some other time), so you can always go back to your account and continue editing your home loan application once all information are ready to be submitted.

Tip: If you need to Save for later, you must first accomplish the current page you are in or go Back to the previous accomplished page to enable saving for later. Otherwise, the system will require you to accomplish the current page for the Save for later button to work.

C. LOAN DETAILS

Nook Home Loans - Home Loan Application Wizard 3

On this page, you can still modify your Loan Term and Fixing Period as needed for you to achieve the lowest Monthly Repayments that will best suit your budget.

Click Next to proceed.

D. EMPLOYMENT INFORMATION

Nook Home Loans - Home Loan Application Wizard 4

Fill in your Company Industry, Company Name, TIN, SSS, Office contact details, etc.

Note: If you had selected a co-borrower from the pre-qualification wizard, this is also where you fill up their employment information.

Click Next to proceed.

E. OTHER INFORMATION

Nook Home Loans - Home Loan Application Wizard 5

Some bank might require you for Dependent(s), but always case-to-case basis.

The Property Information, which includes the Address, Contact Person and Contact Number, is the property that you are trying to acquire or the property to be used as collateral.

Click Next to proceed.

F. REQUIRED INFORMATION (Document Upload Section)

Nook Home Loans - Home Loan Application Wizard Document Upload 1

Legal Documents are the standard documents required by the banks like Valid / Government IDs, Marriage or Birth Certificate, etc.

Nook Home Loans - Home Loan Application Wizard Document Upload 2

Income Documents are required to support the borrowers capacity to pay for the loan. This will include Certificate of Employment, Payslips, ITRs Bank Statements, etc.

Nook Home Loans - Home Loan Application Wizard Document Upload 3

Collateral Documents are requirements related to the property to be acquired or to be used as collateral like Property Title, Tax Declaration, Contract to Sell, Map, etc.

Once done, click the Review button to proceed to your loan application summary page and double check before submitting.

Step 3 – Review Loan Application Form

REVIEW APPLICATION PAGE

Nook Home Loans - Home Loan Application Review Page

Click the links provided to read, then tick the boxes to agree and proceed.

- Nooks Terms and Conditions
- Lender’s Data Privacy and Processing Consent - This is the actual undertaking that can be seen at the back of the bank’s physical application form. It is a must that borrowers are well aware of the bank's terms and conditions.

Lender's terms and conitions

Then click Submit Application to finish. You will be given with a reference number for tracking purposes.

Nook Home Loans - Home Loan Application Success Page

Step 4 – Home Loan Application Section

You can always check the status of your application from your Nook account. Go to Home Loan Applications section to see your application's status.

Nook Home Loans - Home Loan Application Dashboard

Home Loan Application Status

Archive - Inactive Loan Application record.
Draft – You have an unfinished application. You can Continue edit and submit when ready.
New – Newly submitted Home loan application.
Nook Review – Nook evaluates your home loan application before submitting to the bank. This might take longer if we still need more information regarding your application.
Waiting on Borrower – Nook is requiring further supporting documents from the user that needs to be submitted for further evaluation.
Referred to Bank – Loan application passed Nook’s evaluation and is now submitted to the bank.
Pending Appraisal – Bank will now be conducting appraisal of the property. Representatives from the bank will now contact the borrower to setup a date for them to visit the property.
Credit Assessment – During this stage, bank will now conduct assessments of your financial histories. This is very valuable to you as this information is used by banks during their decision whether to approve your home loan application.
C​onditional Approval - A bank has accepted the HLA pending employment verification and credit assesment.
A​waiting Seller / Developer - The bank is waiting for the required documents from the seller or developer.
Awaiting Property Construction - If the property acquired is on pre-selling stage or construction not yet started.
A​waiting Seller / Developer - The bank is waiting for the required documents from the seller or developer.
I​nitial Documents Completed - Initial steps are completed including bank opening and/or appraisal fee payment and is awaiting bank advice.
​F​inal Documents Completed - The bank's sales team is reviewing the documents submitted, and once accepted, will issue the LOG. In some cases, additional requirements might be asked from the client.
Application Withdrawn – Borrower voluntarily pulled out the home loan application for personal reasons. This can happen anytime within the process, even if the application is already submitted to the bank but the user decided not to continue with it anymore.
Nook Declined – This can be due to Invalid requirements/application or un-attended application that is not being submitted for a long time.
Bank Approved – Bank reviewed and approved loan application. Bank will then contact borrower for further details.
Bank Declined – Loan application did not passed the bank’s review. Bank will directly liaise with the borrower regarding the loan application issues.

If required, Nook will give you a call for further details about your home loan application.