Having our own home is one of the greatest achievements we wanted to attain. That is why many Filipinos are working hard so that they can save money to build their own house. However, building a house is very expensive. Depending on the size and design of the house. The bigger it is, the larger the amount will cost. Usually, even a small house will cost you hundreds of thousands due to material cost that is continuously increasing. That is why banks created a way to help people who wanted to build their own houses. Many banks are now offering housing loans. All you need to do is to choose the best banks that offer Housing Loans.
Housing loan that was offered by banks can be paid by terms. Depending on the amount you wanted to loan or depending on the size of the house you wanted to build. Both parties will agree about the terms and condition of the payment. So it is very important that you choose the best banks that offer housing loans so that you will be at peace while your house is under construction. If you wanted to know what bank are the best, this might help you.
Here’s the list of Best Banks That Offer Housing Loans:
RCBC Home Loan
- Who can apply?
- 21 years old and above
- Filipino citizen or dual citizen
- Minimum gross monthly income of Php 40,000
- If you’re a foreigner, you must be married to a Filipino citizen
- For self-employed, must have a business that is profitable for the last 2 years
- For OFW, must work abroad for the last 2 years
- Loan Features
- Php 300,000 loan minimum amount
- Pay the loan up to 20 years
- The interest rate is 6.38% to 10.5% (depending on the term you prefer)
- It can be a multi-purpose loan or used for refinancing a home
- You can use it to purchase a vacant lot, house and lot, and home renovation
BPI Family Savings Bank
- Who can apply?
- Legal age but not above 65 years old
- Filipino citizen
- If you’re a foreigner, you must be married to a Filipino citizen
- Loan Features
- Php 400,000 loan minimum amount
- Loan up to 80% of the appraised value of house and lot (must not exceed 5 million)
- Pay the loan up to 25 years
- The interest rate is 12% up to 25% (depending on the term you prefer)
- Quick to process
UnionBank
- Who can apply?
- 21 to 65 years old
- Filipino citizen or dual citizen
- Permanent status employees
- For self-employed, must have a business that is profitable for the last 2 years
- OFWs
- Loan Features
- Php 500,000 loan minimum amount
- Loan up to 80% of the appraised value
- Pay the loan up to 20 years
- The interest rate is 8% up to 11% (depending on the term you prefer)
- You can use it to purchase a vacant lot, house and lot, and home renovation
- Quick to process
China Bank
- Who can apply?
- 21 to 65 years old
- Filipino citizen or dual citizen
- Minimum gross monthly income of Php 35,000 up to Php 50,000
- Must have a steady source of income
- Must have a managerial work position
- No adverse records
- Loan Features
- Php 500,000 loan minimum amount
- Pay the loan up to 25 years
- The interest rate is 5.7%
- You can use it to purchase a vacant lot, house and lot, and home renovation
- No hidden charges
Security Bank
- Who can apply?
- 21 to 65 years old
- Filipino citizen
- Must be earning a combined monthly income of PHP 50,000
- Continues employment for at least 2 years
- For self-employed, must be operating business for 3 years
- Loan Features
- Php 1000,000 loan minimum amount
- Pay the loan up to 20 years
- The interest rate is 6.25% to 7.75%
- You can use it to purchase a vacant lot, house and lot, and home renovation
The banks that were listed above was just a few, there are so many banks out there that offers a home loan. So it is very important that before you apply for a loan, you must conduct a research about which bank will be perfect for you.
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