Bank Housing Loans in the Philippines

8/4/2024

Owning a house and lot is a significant milestone for many, but it often requires substantial financial planning. Without careful consideration, achieving this dream can seem unattainable. To bridge the gap between aspiration and reality, most people turn to housing loans.

Housing loans are financial tools designed to assist individuals in purchasing residential or investment properties. By using the property as collateral, borrowers can secure funds to cover mortgage and related expenses. These loans typically offer fixed interest rates and flexible payment terms, making homeownership more accessible.

Banks provide compelling housing loan options with competitive interest rates and tailored terms. Given the numerous banks offering these services, selecting the best fit can be overwhelming.

To simplify your search, we've compiled a list of top bank housing loans in the Philippines:

BPI (Bank of the Philippine Islands)

Minimum loan amount: PHP 400,000
Maximum loan amount:
           - 70% of the appraised value of house and lot
           - 60% of the appraised value of a vacant lot or residential condominium
           - Max of 80% of the appraised value of house and lot (as long as the value doesn’t exceed PHP 5 million)

BPI accepts refinancing with the following rates below:
Fixing Period (Years)
1 year - 7.00%
2 years - 7.25%
3 years - 7.75%
4 years- 8.00%
5 years - 8.25%
10 years - 10.25%
15 years - 10.50%
20 years -12.00%
Rates effective as of November 10, 2022
Rate above are for new loan applications, applicable repricing interest rate will apply for existing borrowers.

Loan Terms:

House and Lot: Maximum 25-year loan term
Vacant Lot, Residential Condominium, Business Loan, Refinancing, or Multi-Purpose Loans: Maximum 10-year loan term

Key Loan Features: Experience swift loan processing with potential approval within five business days of submitting all required documents. Ideal for individuals with stable income and responsible spending habits.
Eligibility for BPI Family Savings Bank Housing Loans

Borrower Qualifications:

Filipino Citizens: Must be of legal age and not older than 65 years old upon loan maturity.
Foreign Nationals: Must be married to a Filipino citizen (subject to documentary requirements).
Foreign Visitors: Must hold a valid visa (subject to documentary requirements).

Loan Application Requirements:

Completely filled out BPI Family Savings Bank Housing Loan application form.
Two valid government-issued identification cards with photo and signature.
Both spouses must sign the application form for married couples.
Additional application form required for co-borrowers or co-mortgagors.

BDO (Banco De Oro)

Loan Features

Loan Amount: Minimum PHP 300,000 for a lot, PHP 500,000 for a house and lot. Maximum of 80% of the property's appraised value.
Interest Rates: Competitive fixed rates for existing BDO clients ranging from 7.00% to 8.25% for terms of 1 to 5 years.
Loan Term: Up to 20 years.
Loan Use: Purchase of a house and lot, land, or condominium unit. Can be used for construction, remodeling, refinancing, or reimbursement of purchase costs.
Approval: Fast five-day loan approval process.

Eligibility

Age: Between 21 and 70 years old at loan maturity.
Income: Minimum monthly income of PHP 50,000.
Employment: At least two years of stable employment or two years of operating a successful business. Overseas Filipino Workers (OFWs) require two to three years of continuous employment.

Requirements

Completed BDO loan application form.
Valid government-issued ID.
Income proof (varies based on employment type):
- Employed: Certificate of Employment, ITR, or latest payslips.
- Self-employed: ITR, business registration, company profile, financial statements, bank statements, or rental contracts.
- OFWs: Remittance proof, crew contract (if applicable), and Consularized Certificate of Employment with Income (COEI) or latest payslips.

Interest Rate:
1 year - 7.00%
2 years- 7.75%
5 years- 8.25%

Metrobank

Metrobank Home Loan Features

Loan Amount:

Minimum: PHP 500,000
Maximum: Up to 90% of the property's net selling price from Metrobank-accredited real estate developers

Loan Term: Up to 25 years

Usage:

Purchase of a house and lot, vacant lot, or condominium unit
Home construction
Residential asset acquisition
Reimbursement of acquisition cost
Refinancing

Metrobank Housing Loan Eligibility
Age: 21 to 65 years old at the time of loan repayment
Income: Minimum monthly salary of PHP 40,000
Employment:

At least two years of consistent employment

For OFWs:

Land-based (technical or administrative staff/officers) or sea-based (officer rank) with renewed or signed contract at loan application
Land-based with less than two years of work: Working in the United States during the last five years before becoming an OFW or having worked for different companies or a mix of both.
Sea-based: With the current agency or previous agencies, having completed a total of 48 months of work.

Requirements for Metrobank Home Loan

Documents:

Completed Metrobank housing loan application form
Clear copy of any government-issued ID

For Employed Applicants:

Certificate of Employment and Compensation, or
ITR, or
Payslips for the last three months

For Self-Employed Applicants:

SEC Registration
DTI Certificate of Registration
Latest ITR
Two years of Audited Financial Statements
Six months bank statement with BOO Certification of "No overdraft charges."

For OFWs:

Land-based: Certificate of Employment with the employer's email
Sea-based: Latest POEA contract

Interest Rate

1 year - 7.00%
2 years - 7.25%
3 years - 7.75%
4 years - 8.00%
5 years - 8.25%

* 1.00% shall be added for Personal Consumption
Rates are subject to change without prior notice

China Bank HomePlus Loan

Home Loan Features

Loan Amount:

Minimum: PHP 500,000

Maximum Loan Term:

10 years for condominium units
15 years for vacant lots
25 years for a house and lot

Additional Features:

Quick processing
Applicable for various types of real estate, including condominiums, house and lot packages, and land
Usable for refinancing, home building, and reimbursement
Affordable coverage through China Bank Insurance Brokers, Inc.
Easy repayment with automatic debit arrangement
No hidden charges

China Bank HomePlus Loan Eligibility

General:

Filipino citizens of legal age who will not exceed 65 years old at loan maturity
Must have a legitimate and profitable business or source of income
Minimum of three years in a management role in a well-known firm
Minimum gross monthly income of PHP 50,000 for Manila and Metro Cebu residents, or PHP 35,000 for those living in other provinces

Credit Standing:

No negative records or credit issues, such as court cases, bouncing checks, canceled credit cards, or defaulted debts

Requirements for China Bank HomePlus Loan

Documents:

Completed China Bank HomePlus Loan application form
Valid IDs (TIN, passport, Community Tax Certificate, driver's license, or company ID)
Resume
Marriage contract (if married)
Bank statements for the last six months

For Employed Applicants:

ITR
Certificate of Employment (COE) stating length of service and monthly compensation package

For Self-Employed Individuals:

Audited financial statements and ITR for the last three years (BIR-stamped)
Business profile
Certificate of Registration of Business Name
Complete list of suppliers and clients

Interest Rates:

1-3 years: 7.50% p.a.
4-5 years 8.00% p.a.

Philippine National Bank (PNB) Home Loan Features

Loan Amount:

Minimum: PHP 500,000
Maximum: Up to 80% of the appraised value for a house and lot, condo, or townhouse, and up to 70% for a lot only

Usage:

Purchase of a house and lot, vacant lot, townhouse, or condominium unit
Home construction
Home improvement
Refinancing

PNB Housing Loan Eligibility

Filipino citizens
Aged 21 to 65 years old upon loan maturity
Both employed and self-employed individuals qualify

Requirements for PNB Home Loan

Documents:

Completed Housing Loan Application Form
Photocopy of 2 valid government-issued IDs
Appraisal fee of PHP 3,500 (non-refundable)
Separate application form for any co-maker, co-borrower, or attorney-in-fact
Data Privacy Client Consent Form

Security Bank Home Loan

Home Loan Features:
Loan Amount:

Minimum: PHP 1,000,000
Maximum: Up to 80% of the property's appraised value

Maximum Loan Term:

20 years

Additional Features:

Quick approval time, as fast as five banking days
Can be used for purchasing a house and lot, vacant lot, or condominium unit
Suitable for new construction, remodeling, or refinancing an existing property

Security Bank Home Loan EligibilityGeneral:

Must be at least 21 years old and not older than 65 at the time of loan repayment
Minimum combined monthly income of PHP 50,000
At least two years of steady employment
For self-employed applicants: at least three years of genuine and profitable business operation

Requirements for Security Bank Housing LoanDocuments:

Completed Security Bank housing loan application form
Valid ID with a photo (same required for spouse or co-borrower, if applicable)

For Employed Applicants:

Certificate of Employment and Compensation
ITR
Payslips for the last three months
Bank statements for the last three months

For Self-Employed Applicants:

ITR
One or more of the following revenue documents:
- A year's worth of audited financial statements
- Bank statements from the last three months
- Rental agreements

Additional:

Mortgage Redemption Insurance (MRI) application form
Special Power of Attorney (for OFWs only)

Interest Rates:

As low as 8.00% fixed for one year
As low as 8.25% fixed for three years
As low as 8.75% fixed for five years

UnionBank

Home Loan Features

Minimum loan amount: PHP 500,000
Maximum loan amount: Up to 80% of the property's contract price
Interest rates: 8% to 11%
Loan term: Up to 20 years
Other Important Housing Loan Features: Allows 10% to 99% down payment. Can be used for the purchase of lot, residential property, or condominium, house construction, refinancing, or renovation. Quick approval time

Union Bank Housing Loan Eligibility

21-65 years of age, but not older than 70 when the loan is due
a Filipino or a former Filipino citizen
Employees with regular contract status
At least two years of profitable company operation for self-employed persons.
OFWs

Requirements for the Bank Home Loan

Accomplished Unionbank Home Loan application form
Copy of Valid ID (SSS, GSIS, TIN ID)
If married, Marriage Contract
Latest income documents for employed applicants:
Certificate of Employment with Compensation
Payslips for the last three months
Income documents for self-employed applicants:

           - SEC or DTI Business Registration Certificate
           - Bank statements for the last six months
           - Financial Statements
           - ITR
           - List of suppliers or customers with contact information

Additional documents for OFWs:

- Valid passport with entry and exit stamps
- Original and Consularized Special Power of Attorney

Maximum Loan Term

20 years - Condominium
25 years - House and Lot and property under accredited developer with buyback agreement

Owning a house and lot is a significant milestone that requires thoughtful financial planning and often, the assistance of housing loans. With various banks in the Philippines offering competitive rates and flexible terms, homeownership has become more accessible to many. Each bank offers unique features, eligibility criteria, and requirements tailored to different financial situations and needs.

By carefully comparing these options, potential homeowners can find the most suitable loan to help them achieve their dream of homeownership. Whether you're looking to purchase, build, remodel, or refinance, there is a housing loan designed to support your journey to owning a home.

Sparx Real Estate is here to assist you with navigating the home loan process. Our team of experts can help you find the best loan option and guide you through every step, ensuring a smooth and stress-free experience. Reach out to Sparx Real Estate to get the support you need in making your homeownership dreams a reality.

Bank Housing Loans in the Philippines

4 BR House and Lot in BF Homes, Paranaque | PHP25,000,000

10 BR Luxury House in Ayala Alabang | PHP398,000,000

FOR SALE: Prime 1BR in Salcedo Skysuites, Makati CBD | PHP14,500,000

FOR SALE: 2BR Loft in Grand Soho Makati, Makati CBD | PHP18,000,000

FOR SALE: Private Resort in Pansol, Laguna | PHP28,000,000

FOR SALE: 2BR in Three Central, Makati CBD | PHP16,900,000

FOR SALE: 2BR in Uptown Parksuites, BGC | PHP25,500,000

FOR SALE: Studio Unit in Kroma Tower, Makati CBD | PHP7,800,000

FOR SALE: Penthouse 2BR Unit at The Gramercy Residences, Makati | PHP18,000,000

FOR SALE: Studio Unit at Greenbelt Hamilton, Makati CBD | PHP8,000,000

FOR SALE: 2BR in Three Central, Makati CBD | 20,000,000

FOR SALE: 1BR in Signa Designer Residences, Makati CBD | PHP7,000,000

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