Jefanie Genilla
Who doesn’t want a nice and cozy home, right? The best thing is, you can build or buy your dream home as soon as you can with the range of home loan products on the market today. Whether you’re planning to buy, refinance or build a house for your family, you can rely on the following banks for financing:
- Pag-Ibig – As the government-mandated housing program for employees, Pag-ibig boasts of its low interest rate.
a. Interest Rate – Starts at 4.5% and may reach up to 10% for long term loans payable for 30 years.
b. Loanable Amount – Varies by income range and area of residence. Cluster 1 (NCR Region) can borrow at most PHP 400, 000 and Cluster 2 (other regions) can have at most PHP 750, 000.
c. Tenure – 3 to 30 years
2. Philippine National Bank (PNB) – This government owned bank is known for its Sure Home Loan
a. Interest Rate – 5.25% to 10.75%
b. Loanable Amount – Qualified applicants can borrow at least PHP 200,000 for the purchase of lot, condominium, house & townhouse to up to 80% of the appraised value of the property.
c. Tenure – 1 to 20 years
3. HSBC – Enjoy this provider’s reasonable rates and fast approval time of just 7 banking days.
a. Interest Rate – Starts at 5.5% but may increase or decrease based on the term and amount borrowed.
b. Loanable Amount – Minimum loanable amount is PHP 700,000 to up to PHP 30 Million max.
c. Tenure – Starts at 12 years to up to 240 months for Home Mortgage Loan and 120 for Home Equity.
4. PSBank – This bank offers 3 types of home loan: 1) Home Loan with Rebate, 2) Home Credit Line (for renovations and refinancing) and 3) Home Construction Loan.
a. Interest Rate – Starts 6.00% to up to 9.75% for the long term, 25-year tenure.
b. Loanable Amount – PHP 500,000 to up to 70% of the appraised value of the property.
c. Tenure – 1 to 25 years.
5. Banco De Oro – BDO offers a 60-Day grace period, allowing borrowers some leeway should they miss payments.
a. Interest Rate – 7.0% to 11.50%
b. Loanable Amount – Ranges from PHP 500,000 to up to 80% of the property’s appraised value.
c. Tenure – 1 to 20 years
6. RCBC – RCBC offers its home loan to those who wants to purchase a house and lot, townhouse, condominium, as well as those who like to renovate, refinance or construct a house.
a. Interest Rate – 8% to 11.50%
b. Loanable Amount – Individuals can borrow for as low as PHP 300,000.
c. Tenure – 1 to 20 years
7. Metrobank – Offers one of the country’s most flexible and low-cost housing loans.
a. Interest Rate – 6.0% to 11.00%
b. Loanable Amount – Metrobank can finance up to 80% of the appraised value of the property
c. Tenure – 1 to 15 years
Can’t decide which of these to call one? Contact our financial consultants here at Loansolutions PH to help you choose the right product. Follow our 3-Step Online Application form to start your application now.
