*This article is a Guest Post from Vistaland International
When it comes to housing loan option, the PAG-IBIG housing loan sounds like the most feasible thing that comes into our mind. Indeed, this program is an incredible choice for aspiring home buyers, with its low rates that caters to low-income and minimum wage earners, coupled with flexible payment terms.
But, aside from the PAG-IBIG fund, there are various home loan options that will surely fit your housing needs, whether you are eyeing for a house and lot, a vacant lot, or you just want to refurnish and give your home an eye-popping transformation!
Take a peek at this comprehensive list of online bank housing loan options and start achieving and building that dream house, all in the comfort of your home!
Banco De Oro (BDO)
Having the largest distribution network of over a thousand of operating branches and offices in the Philippines and 16 international offices, you BDO is surely finding ways to make your dream house come to life whether you are here or abroad!
What are the Basic Requirements?
- At least 21 years old but not exceeding 70 years old at the end of the loan term
- Filipino citizen or Foreign Nationals
- Minimum gross income of Php50, 000/month or its equivalent in US Dollars
- With stable source of income from employment or business
For Employed Applicants
- At least 2 years with current company
For Self-employed Applicants
- At least 2 consecutive profitable years of operation
For Employed Applicants Abroad
- 2 to 3 years of consecutive employment
- Assignment of Beneficiary as Loan Administrator if not in the Philippines at the time of application.
It will only take 5 working days upon submission of complete requirements to receive a loan approval!
Related Read from Vistaland International : Where to Find Affordable House and Lot for Sale in the Philippines
Security Bank
Anchoring to their tagline, “You deserve better,” Security Bank is one of the most decorated financial institutions over the couple of years. You can rest assured that applying for a home loan in Security Bank will give you the fulfilling, better life you and your family deserves with their loans and services of high-quality.
The minimum loan amount is 1 million pesos with payment terms of up to 20 years. It can take up to ten (10) business days for a loan approval upon submission of complete documents.
Who are Eligible to Apply?
- At least 21 years old, but not more than 65 years old upon loan maturity
- Earning a combined monthly income of P50,000
- Has been continuously employed for at least 2 years
- For the self-employed, must be operating a legitimate and profitable business for the last 3 years
Related Read from Vistaland International : Why Filipinos Should Have Real Estate as Their First Investment
UnionBank
One of the Asia’s leading companies and the country’s leading digital bank, UnionBank is proven to be constant utilizing the powers of the modern-day technology, committed in delivering top-quality customer service.
Who are Eligible to Apply?
- At least 21 years old upon loan application
- At most 65 years old upon loan maturity
- Filipino citizen or former Filipino citizen eligible under BP 185 guidelines; foreign nationals are eligible if purchasing a unit covered by CCT
- Individuals who are gainfully employed and with permanent status.
- If self-employed, business must be at least 2 years in profitable operations
What are the Requirements?
For locally-employed applicants:
- Duly filled out Application form
- Photocopy of Marriage Contract (if applicable)
- Photocopy of any government-issued ID with picture and signature
- Certificate of Employment
- 3 months latest pay slips
For OFWs:
- Duly filled out Application form
- Photocopy of Marriage Contract (if applicable)
- Photocopy of any government-issued ID with picture and signature
- Original Consularized Special Power of Attorney (SPA)
- Passport with entry and exit stamps
For self-employed applicants:
- Duly filled out Application form
- Photocopy of Marriage Contract (if applicable)
- Photocopy of any government-issued ID with picture and signature
- Business Registration
- Latest 6 months Bank Statements
- Financial Statements
- ITR
- Top 3 list of suppliers/customers with contact numbers (landline)
Related Read from Vistaland International: Advantages of Buying a Pre-selling Condo in the Philippines
Philippine National Bank (PNB)
Within Metro Manila, the minimum loanable amount for the purchase of house and lot, townhouse, & condominium is P750, 000 and P500, 000 for outside of the Metro. If you want to purchase the lot only, the least you could borrow is P500, 000 for within and outside Metro Manila.
Who are Eligible to Apply?
- Filipino Citizens
- At least 21 years of age, but not more than 65 years of age upon loan maturity
- Employed or self-employed individuals
What are the Requirements?
- Housing Loan Application Form (duly accomplished)
- Photocopy of 2 Valid Government-issued IDs
- Appraisal fee of P3,500 (non-refundable)
- If with co-maker/co-borrower/attorney-in-fact, separate application form is needed
- Data Privacy Client Consent Form
RCBC
Start building your dream home with RCBC’s home loan assistance. With a starting price of P300, 000—the lowest in this list, you can avail for a house loan with fixing option and loan period of one to 20 years.
Who are Eligible to Apply?
For employed Applicants:
- Filipino Citizen or Dual Citizen
- If foreigner, must be married to a Filipino citizen
- At least 21 years old upon loan application
- At most 65 years old upon loan maturity
- Must have a mobile number and a residence or office landline
- With a minimum employment tenure of 1 year and minimum gross monthly income of Php40,000
- If OFW, must have worked abroad for at least 2 consecutive years
For Self-employed Applicants:
- Filipino Citizen or Dual Citizen
- If foreigner, must be married to a Filipino citizen
- At least 21 years old upon loan application
- At most 70 years old upon loan maturity
- Must have a mobile number and a residence or office landline
- Business must be in profitable operations for the past 2 years
What are the Requirements?
- Accomplished RCBC Home Loan Application Form
- Copy of TCT and Tax Declaration (Land & Improvement)
- Bill of Materials (Construction)
- For Employed applicants: Certificate of Employment (COE) or latest ITR, 2 valid government-issued IDs, TIN, Utility bill
- For Self-employed applicants: Business Registration with DTI, Audited Financial Statements, ITR or bank statements
These websites are all equipped with a home loan calculator so you can accurately estimate how much you’ll pay depending on your budget and needs.
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*This article is a Guest Post from Vistaland International