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Housing Loan

If you are planning to apply for a housing loan in the Philippines, you should be between 21 to 65 years old upon loan maturity. You must be a resident of the Philippines.
  1. Conventional Housing Loan
  2. A conventional housing loan enables you to make fixed payments every month for a certain amount of time. Conventional housing loans in the Philippines have a tenure of up to 20 years for a minimum of P500,000.

  3. Flexi Loan
  4. Flexi loans are loans connected to a current account. You may decrease the interest rate charges with this type of loan by depositing cash to your current account. You are also allowed to withdraw excess payments you have made without bank authority. Flexi loans also allow you to start principal repayment any time you want.

Securing a house loan is an important step towards meeting your dream of owning a home. Here are some things to keep in mind when applying for a housing loan:

Make sure you have have all the housing loan requirements.

Different banking institutions have different housing loan requirements. Make sure that you have this information handy since this is one of the crucial steps on getting your housing loan approved.

Apply for a housing loan on time

If you plan to buy a home, you should apply for a housing loan early. By early, factor in the amount of time the application process would take, the documentation needed, the evaluation period of the bank, the issuing of bank checks, and all the other details. Keep in mind that a home loan is not just about picking the location and designing the house, but also involves a lot of red tape and other tasks. Housing loan processes in the Philippines can take 1 to 2 months.

Consider all the other expenses of your home

In applying for a house loan, don't just think in terms of the cost of the house, but rather consider all the other necessary expenses such as title transfer fees, taxes, housing loan interest and other fees you need to pay in the completion of your home. It is important to include all the necessary expenses you will be paying to avoid non-payment of the additional costs which can result in the postponement of your loan process and prevention of banks from providing a mortgage on the property, and ultimately, preventing loan disbursement.

Apply for insurance

Another requirement of applying for a housing loan is to get two types of insurance for the property: fire insurance to be used on the house and a mortgage redemption (MRI) insurance that you may use to cover the amount of the loan proceeds in the event of your death, and to put the bank as the beneficiary for such an event. Both types of insurance are required for the disbursement of the loan proceeds. It is essential to apply for these two types of insurance on time so that your loan will not be delayed.


A housing loan is something that you will be paying for a long time. As such, it is essential to negotiate the cost of your house as well as the loan's interest rate, to enable you to save money in the long run. If a lending facility is not willing to budge, you can always look for other options that could work with your negotiations.

Declare finances accordingly

Do not omit anything when banks require you to declare all your existing loans, expenses and sources of income. The wrong kind of information can cause the bank to deny approval of your loan when they verify your information and find that it's not accurate. This may also affect the housing loan tax that should be computed with transparency to avoid any delays on processing.

We hope that these tips helped you prepare for a housing loan application. Now that you are ready to choose the best housing loan in the Philippines, why don't you try comparison tool to give you a quick scan at the latest housing loans available?

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