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BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES

best bank to apply for a housing loan

BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES:

BANKS WITH LOW HOME LOAN INTEREST RATES : Updated 2018

 
Are you planning to buy a house and lot? If yes, it won’t hurt you if you will approach banks beforehand and have your self-preapproved for a home loan before making a commitment. I personally choose banks over Pagibig when it comes to housing loan program for they offer lower interest rates for loans over Php1,000,000.00 (million). However, Pag ibig offers a longer payment term (30) years compare to banks (25) years.

[ TO KNOW MORE ABOUT PAG IBIG HOUSING LOAN CLICK HERE ]

Here is the list of banks where you can apply for a housing loan. I compiled all bank requirements, available interest rates, and application processing time frames of each bank for your comparison to help you choose the right bank for you.
 

YOUR PERSONAL GUIDE IN CHOOSING THE BEST BANK TO APPLY FOR A HOUSING LOAN:

BEST BANK TO APPLY FOR A HOUSING LOAN
 

BPI FAMILY HOUSING LOAN INFO:

BPI FAMILY HOUSING LOAN INTEREST RATES:
Yearly (5.5%)
2 Years (6%)
3 Years (6.3%)
4 Years (6.5%)
5 Years (6.8%)
6-10 Years (7.5%)

BPI FAMILY HOUSING LOAN REQUIREMENTS:
1.Duly Accomplished Application form./ Download it [ HERE ]
-If married, both are required to sign the application form
-If with co-borrower separate application form is required.
2.Valid IDs
3.Income Documents
-Certificate of Employment stating the salary, position, and length of service
-ITR for the last 2 years.
4.Collateral Documents
-Clear copy of Owner’s Duplicate copy of TCT/ CCT
-Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer, Photocopy of Tax declaration
-Tax receipts / Tax clearance,
-Endorsement Letter/computation sheet / Contract to Sell from the developer stating the contract price *for accredited developer/project

BPI FAMILY HOUSING LOAN PROCESSING TIME FRAME:
2 weeks or less (after submitting all the requirements)

BPI FAMILY HOUSING LOAN APPRAISAL FEE: PHP5,000

WHO ARE ELIGIBLE FOR BPI HOUSING LOAN?
Anyone of the following, who are of legal age, but not more than 65 years old upon maturity of the loan:
-Filipino Citizen
-Foreigner married to a Filipino citizen
-Foreigner with issued immigrant/resident visa (for the acquisition of residential condominium unit only)

HOW MUCH CAN I BORROW IN BPI FOR A HOME LOAN?
-Minimum of PHP400,000
-Maximum of 70% of appraised value of house and lot
-Maximum of 60% of appraised value of vacant lot or residential condominium
-Up to 80% of appraised value of house & lot not to exceed P5M (provided applicant is employed and purpose is for owner occupancy)

MINIMUM TOTAL HOUSEHOLD INCOME TO QUALIFY FOR HOUSING LOAN:Php 50,000.00

BPI CONTACT INFO:89-100 for Metro Manila; 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers); and 63 + 2 + 89-10000 for mobile phone and international access.

PSBANK HOUSING LOAN INTEREST RATES
 

PSBANK HOUSING LOAN INFO:

PSBANK HOUSING LOAN INTEREST RATES:
Yearly (6%)
2 Years (6.5%)
3 Years (7%)
5 Years (7.5%)
10 Years (8.5%)
15 Years (9.25%)
20 Years (9.75%)
25 Years (9.75%)

PSBANK HOUSING LOAN REQUIREMENTS:
1. Duly Accomplished Application form. Download it [ HERE ].
2. Non Refundable payment for processing fee
3. Photocopy of TCT/ CCT
4. Contract to Sell
5. Valid ID with photo and signature
6. Marriage Contract (*If married)
7. Latest Certificate of Employment
8. ITR of BIR form 2316 or 2306

PSBANK HOUSING LOAN PROCESSING TIME FRAME: 5 banking days

PSBANK HOUSING LOAN APPRAISAL FEE:
PHP 3,500 (waived if acquiring from an accredited developer of the Bank)

HOW MUCH CAN I BORROW IN PSBANK FOR A HOME LOAN?
-Minimum of PhP500,000 but not to exceed PhP25,000,000
-Up to 80% of the property’s appraised value

PSBANK HOME LOAN TERMS
-Up to a maximum of 10 years for residential lot purchase
-Up to 25 years for house and lot, townhouse, duplex or condo, depending on the loan purpose

PSBANK CONTACT INFO: (632) 845-8888.

BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES:
 
METROBANK HOUSING LOAN INTEREST RATES
 
METROBANK HOUSING LOAN INFO:

METROBANK HOUSING LOAN INTEREST RATES:

Yearly (5.5%)
2 Years (6.25%)
3 Years (6.25%)
4 Years (6.88%)
5 Years (6.88%)
6 – 10 Years (8.5%)
11 – 15 Years (10.5%)

METROBANK HOUSING LOAN APPRAISAL FEE:
P 4,000 (Metro Manila) / P 4,500 (Countryside)
METROBANK CONTACT INFO:
 
CITYSTATE SAVINGS BANK HOUSING LOAN
 

CITYSTATE SAVINGS BANK HOUSING LOAN INFO:
Citystate is offering a max of 30 years Loan Term for house and lot.

HOW MUCH CAN I BORROW IN CITYSTATE FOR A HOME LOAN?
-Minimum of PhP500,000
-80% of the contract price (developer)
-70% of the appraised value (direct)

CITYSTATE SAVINGS BANK HOUSING LOAN [ ACCREDITED DEVELOPERS CLICK HERE ]:

CITYSTATE CONTACT INFO:(63) (2) 470-3333 .
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PNB HOUSING LOAN
 
PNB HOUSING LOAN INFO:
PNB HOUSING LOAN INTEREST RATES:
Yearly (5.75%)
2-3 Years (6.50%)
4-5 Years (6.75%)
10 Years (8.50%)
15 Years (10.25%)
20 Years (10.75%)

PNB HOUSING LOAN REQUIREMENTS:
1. Completely filled out application form. Download here.
2. 2 Valid IDs
3. Appraisal fee payment
4. ITR
5. Certificate of employment and compensation
6. Collateral Documents
-2 sets of photocopy of TCT/ OCT/ CCT
-Lot Plan with Location / Vicinity Map certified by a licensed Geodetic Engineer
-Tax declaration, realty tax receipt, and tax clearance
– CTC or contract to sell

MINIMUM TOTAL HOUSEHOLD INCOME TO QUALIFY FOR HOUSING LOAN:
Minimum of Php 200,000 up to a maximum of Php 10,000,000 per borrower subject to credit policies and guidelines.

PNB CONTACT INFO: (632) 526-3131 to 70 | 891-6040 to 70
 
BDO HOME LOAN requirements
 
BDO HOUSING LOAN INFO:
BDO HOME LOAN INTEREST RATES:
Yearly (5.5%)
2 Years (6.00%)
3 Years (6.25%)
4 Years (6.88%)
5 Years (6.88%)
Annual interest rate repricing for existing Home Loan borrowers is currently at 7.00% p.a. fixed for 1 year.

BDO HOME LOAN REQUIREMENTS:
1. Completely filled out application form.
2. 2 Valid IDs
3. Income Documents
4. ITR
5. Certificate of employment and compensation
6. Collateral Documents
-2 sets of photocopy of TCT/ OCT/ CCT
-Lot Plan with Location / Vicinity Map certified by a licensed Geodetic Engineer
-Tax declaration, realty tax receipt and tax clearance
– CTC or contract to sell
– (SOA) State of Account from the current bank and an official receipt for the last 3 months.

BDO HOUSING LOAN APPRAISAL FEE:
PHP 3,500 (within Metro Manila) / PHP 4,000 (outside Metro Manila)

BDO CONTACT INFO: 631-8000
 
CHINA BANK HOUSING LOAN requirements
 
 
CHINA BANK INFO:
CHINA BANK HOME LOAN INTEREST RATES:
interest rate fixed for one year, five years, or ten years.

CHINA BANK HOME LOAN REQUIREMENTS:
1. Identification Papers (TIN, Community Tax Certificate, Passport, Company ID, Driver’s License)
2. Marriage Contract (if married)
3. Bio-data/Resume
4. Deposit Statements of Accounts (last 6 months)

EMPLOYED APPLICANTS:
-Latest Income Tax Return (ITR)/W-2 Form
-COE stating length of service and monthly compensation package

SELF-EMPLOYED INDIVIDUALS:
-Audited Financial Statements and ITR for the last 3 years (BIR stamped)
-Certificate of Registration of Business Name
-Business Profile
-Complete list of suppliers and clients

COLLATERAL REQUIREMENTS:
-Transfer Certificate of Title
-Current Tax Declaration, Receipts and Clearance
-Location Plan
-BANK FORM

FOR OFWs*:
-Certificate of Employment stating length of service and monthly compensation package
-POEA Contract
-ITR (if any)
-Payslips (last 6 months)
-Special Power of Attorney (Bank Form)
* All documents have to be authenticated by the Philippine Embassy/Consul if issued abroad

MINIMUM TOTAL HOUSEHOLD INCOME TO QUALIFY FOR HOUSING LOAN:
P50,000/mo. for Metro Manila / Metro Cebu
P35,000/mo. for other provincial areas

CHINA BANK HOME HOUSING LOAN APPRAISAL FEE: PHP 3,500

CHINA BANK HOME CONTACT INFO: (02) 88-55-888

[ GUIDE FOR BUYING A HOUSE CLICK HERE ]

best bank to apply for a housing loan
 
 
 
 
BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES:
BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES:
BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES:

BEST BANK TO APPLY FOR A HOUSING LOAN IN THE PHILIPPINES was last modified: June 27th, 2018 by Joyful Mommy

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