|Periods||Year(s) / monthly|
Eligibility requirements vary from bank to bank. Most of the banks require the following:
Overseas and former Filipino citizens are also eligible. Foreigners are restricted to buying condominiums.
Homebuyers can apply for a housing loan at bank branches or online at the bank’s website. Some of the banks that offer housing loans are:
Housing loan applications can be submitted online at the bank’s website or via printed forms to be submitted at bank branches.
Foreigners can apply for a housing loan in the Philippines. However, they are only eligible to purchase condominiums so long as foreign ownership in a single development does not exceed 40 percent.
Married couples can apply for joint housing loans in the Philippines. In that case, a marriage certificate will be required as a part of the application.
In the Philippines, a housing loan can be approved in as few as five to 15 days or as many as 90, depending on immediate needs. Approvals are usually valid for up to six months.
The amount that homebuyers can borrow varies from bank to bank. Loan amounts typically depend on the borrower’s monthly income and/or the value of the property. Usually they are anywhere from 50 to 80 percent of the property’s value.
Interest rates for housing loans in the Philippines vary from bank to bank and depend on:-
That said, interest rates can range from approximately 6 to 15 percent.
Although the procedure for loan repayments varies from bank to bank, payments are due on the first of the month. Typically, there is a 15-day grace period after which, the payment is considered late.
Loan payments can be made by:-
These options can vary from bank to bank.