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___.