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A selection of financial institutions to choose for housing loan

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Housing Loans

  • 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.
  • The Down Payment - It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford, as generally the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment.
  • The types of interest rate - When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. A fixed-rate loan will be a great choice to those who prefer consistent monthly payments, enjoy the predictability and have a personal budget to follow. In a variable interest rate loan, the interest rate varies as market interest rates change.
  • Loan Tenure - The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa.
Your housing loan application might be rejected due to several factors such as -
  • Lenders/banks do not believe you have the ability to pay off the amount you borrow because of your family Income and number of dependents, Stability and continuity of occupation, Credit standing
  • You do not meet the qualification criteria such as age limits of 21 to 65 years
  • You failed to provide the necessary documentation
Pag-Ibig has several requirements for its members to qualify for a loan, but some of the major ones are -
  • If you have been a remitting member of Pag-IBIG for at least 24 consecutive months, you are eligible to apply for a Pag-IBIG housing loan
  • You should not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity
  • You should not have any outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower
To calculate your housing loan interest, first divide your annual interest rate by the number of payments you will make in a year. Then multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
If you are working overseas, you can apply for housing loan in the Philippines. You would need to provide a special power of attorney and possibly, your contract or certificate of employment (COE), which is approved by Philippine Overseas Employment Administration.
You can find the housing loan that is best for your by comparing different loan options. You could apply for a loan from public agencies such as PAG-IBIG and SSS or private institutions such as banks. Taking a loan from government institutions such as Pag-IBIG or SSS fund is considered to be the most flexible and affordable financing option in the Philippines. When it comes to private banks, compare the loans on various parameters such as -
  • Interest rate per year
  • Monthly Repayment
  • Min loan amount
  • Tenure
  • Loan to Value ratio
  • Fees and Charges
  • Early Termination Penalty
Your credit history means a record of responsible repayment of debts. It is built by collating data from a number of sources such as banks, credit card companies, collection agencies, and governments. It is an very important criteria for banks to approve your housing loan. To build a credit history, you could first get a credit card from the same bank and use it regular and pay your bills on time. By doing this, bans will know that you stable source of income and you manage your expenses properly and diligent with your dues.
The processing time varies from bank to bank. For example, for BDO, you could get a housing loan within 5 working days for Metro Manila and 10 working days for provincial areas, upon submission of complete application documents. For BPI Family loans, it might be available within 2 weeks or less after verification and submission of the complete set of requirements for loan application.
Yes, if you are married, you and your spouse can together apply for a housing loan. Since the salary considered is combined gross family income, this will allow your to borrow more. If you are single, apply with a co-borrower who will also be equally liable for repaying the loan. Both borrowers would have to undergo the standard loan application evaluation process.
If you are late in paying your monthly amortization, you will incur late fees, that varies from lender to lender. For example, with Pag-IBIG Fund, the fee charged is about 1/20 of 1% of the amount due for every day of the delay. If you accumulate several months (usually three months) of missed payment, it could lead to your mortgage being placed in default. If your facing financial hardships, explain your situation to the bank and find out your alternatives. The bank might be willing to restructure the loan by lengthening your payment terms, resulting in lower and easier monthly payments (but a larger amount paid for the entire duration of the loan. Or it might refinance your loan by allowing you to take a new loan to repay the older one. If you still cannot pay your monthly amortization, then while you won?t be imprisoned, your property could be foreclosed and auctioned off by the lender to repay your debt.

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