All Articles With Category : Loans

The latest and the best financial news, tips and tricks.

What You Should Watch Out for When Applying for a Housing Loan

Before the house-hunting begins, it is good to know your affordability and eligibility for the housing loans in The Philippines. When it comes to housing loans, one of our main concerns is to find out which banks offer the most reasonable and affordable interest rates. However, there are many criteria that should be given the utmost consideration since the house-purchasing is one of the biggest decisions we make in our life. Don’t be lured by the low interest rate of a housing loan, there’s no such thing as a free lunch, and a good lunch is not going to be cheap! Table of ContentsWhat Are Your Concerns When Applying For A Housing Loan1. The Monthly Payment2. The Down Payment3. The types of interest rate4. Loan TenureWhat Else to Consider for a Housing Loan Application? What Are Your Concerns When Applying For A Housing Loan If you are ready to purchase a house, let’s see what you need to watch out to apply for a housing loan. 1. The Monthly Payment When applying for a housing loan, you must not only have income but have a sufficient one to get the loan approval. The monthly payment should be at most one-third of your income and anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended to…

Read the Article

Let’s Have a Break with the BPI Family Housing Loan PayBreak

Home is where the heart is. The ownership of a house gives us a great sense of comfort and security. However, when we are still young, it is a mission impossible for most of us to earn enough money to buy our own house. Thus, applying for a housing loan is an important financial decision that must be made with the utmost consideration. Apart from the interest rates and payment terms, we must also be aware of the benefits offered by each loan product in the market to make the best decision. In this article, we will be discussing BPI Housing Loans Table of ContentsWhat are the Best Features of BPI Family Housing Loan?The BPI Family Housing Loan PayBreakThe Month You Need a Paybreak the MostWhy Go for BPI Family Housing Loan? What are the Best Features of BPI Family Housing Loan? Due to its low interest rate and the BPI Family Housing Loan PayBreak, the BPI Family Housing Loan is now one of the most popular loan products in the Philippines. Among the great variety of benefits offered by the BPI Family Housing Loan, the one-month PayBreak is the first feature that most people will notice. The BPI Family Housing Loan PayBreak With the BPI Family Housing Loan PayBreak, the borrowers have the privilege of skipping one monthly payment every year without having to incur any penalties. The “one month no-payment, no-penalty” scheme by the BPI Family Savings Bank allows the borrowers to choose a particular month each year in which they need the payment break the most. It…

Read the Article

The Interest Rates of BPI Family Housing Loan

We should not rely solely on the advice of the banker to choose a loan product. Though the interest rates are always an important criterion when it comes to home loans, we should never underestimate the effect of our choice on the loan tenor. Before we scratch our head wondering which tenor to choose from, let’s have a look at the interest rates of the BPI Family Housing Loan.

Read the Article

BPI Family Housing Loan: With a One-Month Paybreak

If you are still on the lookout for an affordable and reasonable housing loan, you may want to pause and have a look at the BPI Family Housing Loan. The BPI Family Housing Loan is not only for purchasing a new house, it is also available for the constructions, improvements and renovations of homes. At the same time, the borrowers can skip a one-month payment every year without any penalties. Table of ContentsWhat are the Types of BPI Family Housing Loans?Am I Eligible for the BPI Family Housing Loan?How Much can I Borrow from BPI Family Housing Loans?What Payment Terms are Available with BPI Family Housing Loan? What are the Types of BPI Family Housing Loans? Apart from the housing loans, the BPI Family Housing Loan also offers the property equity loans. The housing loan serves for several purposes such as: The acquisition of vacant lot, house and lot, a townhouse and residential condominium House constructions Home improvements Home renovation On the contrary, property equity loans use the equity in your home (the value of your home deducts the amount you owe on the property) as collateral. You can use the loan for any purposes other than purchasing houses. Am I Eligible for the BPI Family Housing Loan? Any Filipino of legal age is eligible to apply for the BPI Housing Loan. However, the borrower must not be more than 65 years old upon the maturity of the loan. At the same time, a foreign national also can avail of the BPI Housing Loan but his or her application is…

Read the Article

UnionBank Auto Loans

For those who’d like the convenience and comfort of having their own vehicle but have a dilemma in the payment process, the UnionBank Auto Loans can offer a hand. Table of ContentsAttractive Features of the LoansHow Can I Make My Payments?The Interest RatesThe Standard Interest Rate versus OMAThe Basic Requirements Attractive Features of the Loans The UnionBank Auto Loans offer financing for brand-new vehicles as well as used vehicles. The minimum down-payment rates for brand-new vehicles and used vehicles are respectively 20% and 30% of the loan amount. At the same time, the minimum loan amount starts at P200,000 while the maximum loan amount is up to 80% of the selling price of the vehicles. Borrowers can enjoy the flexible loan payment terms of UnionBank Auto Loans. The payment options are 12, 18, 24, 36 and 48 monthly terms if you will buy a used car. Those who plan to buy new cars can also benefit from the payment options, and they are given additional choice of 60 monthly payment terms. How Can I Make My Payments? There are three modes of payments available for the UnionBank Auto Loans borrowers. They can choose to pay their monthly amortization loans over the counter at any UnionBank branches or by issuing post-dated checks to UnionBank. A third option is the Auto Debit Arrangement (ADA) facility, borrowers simply have to nominate their accounts as well as specify the amount and schedule of payments. On a monthly basis, the payments will automatically be deducted from their UnionBank savings or checking accounts. The Interest Rates The…

Read the Article