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Free Legal Advice Philippines » FREE LEGAL ADVICE » OBLIGATIONS & CONTRACTS | CREDIT TRANSACTIONS » USING OTHER PEOPLE'S REAL ESTATE PROPERTY AS MY LOAN COLLATERAL

USING OTHER PEOPLE'S REAL ESTATE PROPERTY AS MY LOAN COLLATERAL

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IAN STEVE


Arresto Menor

I am a government employee and I applied for a business loan from a government cooperative. however, my desired loan amount requires property collateral. I don't have any property but my mother in law does. after talking to her, she agreed to let me use her property as collateral for my loan.

What should I do now? how can I use the property not my own as collateral for my business loan?
Hope to hear from you asap, thank you very much and more power.

IAN STEVE


Arresto Menor

Can anybody here answer my question?

ador


Reclusion Perpetua

i guess you could get a special power of attorney. go to a law office to consult on details.

zyra m. plata


Arresto Mayor

Hi Ian. The bank will require your mother-in-law to issue a Special Power of Attorney (SPA) in favor of you. It is better to talk to a bank representative because there are banks who have their own SPA formats.
There are very few commercial banks who accepts that kind of collateral. However, rural banks are allowed to accept the said collateral. But the interest rates of rural banks are higher compared to commercial banks.
Where are you from? Maybe I can refer you to one of our branches.

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Free Legal Advice Philippines » FREE LEGAL ADVICE » OBLIGATIONS & CONTRACTS | CREDIT TRANSACTIONS » USING OTHER PEOPLE'S REAL ESTATE PROPERTY AS MY LOAN COLLATERAL

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