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Best Bank Housing Loan in the Philippines this 2022

11 March 2022
Best Bank Housing Loan in the Philippines this 2022

The pag ibig housing loan is the first option that comes to mind for most Filipinos when considering how to pay for a home loan in the Philippines. This means that banks are only regarded as a last resort in the event that a Pag-IBIG loan does not materialize for any reason.

 

For those who must have their home and land as quickly as possible, getting a bank loan to pay for the purchase is not a terrible idea. It's not always possible to sit on a fantastic real estate opportunity and wait for the right moment to strike. As a result, banks are typically more than happy to give loans that are close to what you'd obtain with a PAG-IBIG loan, and some even offer interest rates that are lower than that.

 

most banks offer the best housing loan terms

most banks offer the best housing loan terms

Even yet, the Bangko Sentral ng Pilipinas (BSP) has hundreds of banks and other financial organizations registered. As a result, choosing a bank from which to get a home loan might be a mental challenge. To ease your burden in choosing the perfect bank for your home loans, we compiled a list of the best banks in the Philippines that can give you the best deal for your lifelong dream home.

 

Where to get the best housing loans in PH

Getting a housing loan from banks could be nerve-wracking if you don't know which one to choose. To guide you for your smooth home buying experience, here are some financial institutions that are great to consider when you want to get home loans.

 

1. BPI Family Savings Bank for monthly payments home loan

The low down payment and low cash out of a BPI Family Savings Bank home loan make it one of the best housing loan options available in the country. BPI has introduced its newest payment option, the Step Up Payplan, which enables borrowers to experience the lowest monthly payments from year one of your monthly payments increase every year.

 

BPI may help you with home finance for various purposes, including purchasing, building, or renovating an existing house. There is also a vast network of BPI and BPI Family Savings Bank locations around the country to aid you with your home loan requirements.

 

Home Loan Features

  • 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)

  • Interest rate:

    • 6.25% fixed for one or two year/s

    • 6.75% fixed for three years

    • 7.25% fixed for four or five years

    • 9.50% fixed for 10 years

    • 10.50% fixed for 15 years

    • 12% fixed for 20 years

  • Loan terms:

    • Max of 25 years for house and lot

    • Max of 10 years for the following: vacant lot, residential condominium, business loan, refinancing, or multi-purpose loans

  • Processing is fast. When you submit your entire requirements, you may anticipate a response back within five business days.

  • Relatively easy to get into for those with steady incomes and limited spending habits.

 

BPI Family Savings Bank Housing Loans Eligibility

  • Filipino citizen

  • The borrower must be of legal age, but no older than 65, at the time of the loan maturity.

  • For foreign nationals, they must be married to a Filipino national (this is still subject to documentary requirements)

  • A foreign visitor with a valid visa (this is still subject to documentary requirements)

 

Requirements for the Bank Home Loan

  • Successfully completed BPI Family Savings Bank Housing Loan application form

  • At least two genuine government-issued identification cards, each must bear a picture and a signature

  • For married couples, the application form must be signed by both of them.

  • Having a co-borrower or co-mortgagor necessitates the completion of a second application form

 

2. Rizal Commercial Banking Corporation (RCBC)

On this list, RCBC has the lowest minimum loan amount. If you want to borrow just a percentage of the home's value and pay back the loan as fast as possible, this is a beneficial option for you.

 

Home Loan Features

  • Minimum loan amount: PHP 300,000

  • Home loan interest rates: 6.38% to 10.5%, depending on the term

  • Loan term: Up to 20 years

  • Fixing option of one to 20 years

  • Uses include house and lot purchases as well as empty lots and home renovations or house construction.

  • Useful for a variety of purposes, including the purchase or refinance of a primary residence.

 

RCBC Housing Loans Eligibility

  • Filipino or dual citizen

  • For foreigners, You must be married to a Filipino citizen in order to apply.

  • When applying for a loan, you must be at least 21 years old.

  • Upon loan tenure, you need to be 65 years old. (For self-employed applicants, you must be 70 years old upon loan tenure.)

  • You must have a cell phone and a landline phone.

  • Minimum of one year of work and a minimum gross monthly income of Php 40,000

  • If the candidate is an overseas Filipino worker (OFW), they must have worked abroad for at least two years in a row.

  • For self-employed, a two-year period of profitability is required.

 

Requirements for the Bank Home Loan

  • Accomplished RCBC Home Loan application form

  • Two government-issued IDs

  • Income documents for employed applicants:

    • Certificate of Employment

    • Latest Income Tax Return (ITR)

  • Income documents for self-employed applicants:

    • DTI Business Registration Certificate

    • Audited financial statements

    • ITR

    • Bank statements

 

3. China bank (HomePlus Loan)

Home Loan Features

  • Minimum loan amount: PHP 500,000

  • Home loan interest rates: 5.75%

  • Maximum loan term:

    • Max of 10 years for condominium units

    • Max of 15 years for vacant lots

    • Max of 25 years for a house and lot

  • Quick processing

  • Can be used to acquire a variety of various types of real estate, including condominiums, house and lot packages, and land.

  • Refinancing, home building, and reimbursement

  • Affordability of coverage since it uses its subsidiary, China Bank Insurance Brokers, Inc.

  • Repayment is simple with an agreement for automatic debit arrangement.

  • No hidden charges

 

China bank HomePlus Loan Eligibility

  • Filipinos of legal age who will not be older than 65 at the time of the loan's maturity.

  • Have a legitimate and profitable business or source of income.

  • Three years or more in a management role in a well-known firm

  • There is a minimum gross monthly income requirement for Manila and Metro Cebu of PHP 50,000 or PHP 35,000 if you live beyond these areas or other provinces.

  • Don't have any negative records or credit findings, such as court cases, bouncing checks, canceled credit cards, and defaulted debts.

 

Requirements for the Bank Home Loan

  • Accomplished Application Form for China Bank HomePlus Loan

  • Valid IDs (TIN, passport, Community Tax Certificate, driver's license, or company ID)

  • Resume

  • Marriage contract (if married)

  • Statements of Accounts for the last six months of deposit

  • For employed applicants:

    • ITR

    • Certificate of Employment (COE) stating the 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 client

 

4. Banco De Oro (BDO)

Home Loan Features

  • Minimum loan amount: PHP 300,000 for lot only and PHP 500,000 for house and lot

  • Maximum loan amount: Up to 80% of the property’s appraised value

  • Interest rate:

    • as low as 6.25% fixed for one to two years

    • as low as 6.75% fixed for three years

    • as low as 7.25%% fixed for four to five years

  • Loan term: Up to 20 years

  • Five-day turnaround time for approval

  • Purchase of a home and land, an empty piece of land, or a condominium unit

  • It may be utilized for house building, remodeling, purchase cost reimbursement, or refinancing.

 

BDO Housing Loans Eligibility

  • With a minimum age of 21 and a maximum of 70 when the loan matures

  • Earning at least PHP 50,000 a month

  • At least two years of stable work

  • Employed by oneself: Must have been running a legal and successful company for the last two years

  • For overseas Filipino workers, a minimum of two to three years of continuous employment is required.

 

Requirements for the Bank Home Loan

  • Accomplished BDO loan application form

  • Photocopy of one valid ID matching the application details

  • Any of the following latest income documents for employed applicants:

    • Certificate of Employment and Compensation

    • ITR

    • Payslips for the last three months

  • For self-employed applicants:

    • Latest ITR

    • Certificate of Business Registration from SEC or DTI, Articles of Partnership or Articles of Incorporation (whichever is applicable)

    • Business Background or Company Profile

    • Any of these income documents: Audited financial statements for the last two years, bank statements for the last six months, or rental contracts

  • For OFWs:

    • Proof of remittance (last three months)

    • Latest crew contract, if sea-based

    • Consularized Certificate of Employment with Income (COEI) or latest three (3) months payslips

 

5. Security Bank

Security Bank home loan was voted the Best Home Loan Product of the Year in 2019 at the Asian Banking and Finance's Wholesale and Retail Banking Awards. An excellent endorsement of the bank's loans and services may be drawn from this.

In addition, Security Bank took home seven honors at the 18th Philippine Quill Awards this year for its CSR activities and communication campaigns.

Home Loan Features

  • Minimum loan amount: Php 1,000,000

  • Maximum loan amount: As much as 80% of the property's appraised value

  • Interest rate:

    • as low as 6.25% fixed for one to three years

    • as low as 6.75% fixed for five years

    • as low as 7.75% fixed for 10 years

  • Maximum Loan term: 20 years

  • Quick approval time for as fast as five banking days

  • It can be used for the purchase of a house and lot, vacant lot, or condominium unit

  • It can be utilized as a loan for new construction, remodeling, or refinancing an existing property.

 

Security Bank Home Loan Eligibility

  • At the time of loan repayment, you must be at least 21 years old but not older than 65.

  • An average of PHP 50,000 combined monthly income

  • At least two years of steady work

  • Three years of genuine and lucrative business operation for the self-employed is required.

 

Requirements for the Bank Home Loan

  • Accomplished application form of Security Bank housing loan

  • Valid ID with picture (if with spouse or co-borrower, must also provide the same)

  • Employed applicants must present any of the following income documents:

    • 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 documents, bank statements from the latest three months, or rental agreements

  • Mortgage Redemption Insurance (MRI) application form

  • Special Power of Attorney (for OFWs only)

 

6. Metrobank

Home Loan Features

  • Minimum loan amount: PHP 500,000

  • Maximum loan amount: Up to 90% of the property's net selling price from Metrobank-accredited real estate developers

  • Interest rate:

    • f5.75% fixed for 1-3 years

    • 6.75% fixed for 4-5 years

  • Loan term: Max of 25 years

  • It can be used for a house and lot, vacant lot, or condominium unit purchase.

  • It can also be used for home construction, residential asset acquisition, reimbursement of the acquisition cost, or refinancing.

 

Metrobank Housing Loan Eligibility

  • At the time of loan repayment, you must be at least 21 years old but not older than 65.

  • Monthly salary of at least PHP 40,000

  • At least two years of consistent employment

  • For OFWs

    • OFWs who are either land-based (technical or administrative staff/officers) or sea-based (officer rank) OFWs who have either renewed or signed a contract at loan application

    • For OFWs worked for less than two years on the ground: Working in the United States during the last five years before becoming an OFW or working for different companies, or a mix of both.

    • OFWs who work on ships: With the present agency or with prior agencies, I've completed a total of 48 months of work.

    • As a self-employed person, you must earn at least $1,000 (equal to Php30,000) or have the same gross monthly family income.

 

Requirements for the Bank Home Loan

  • Accomplished Metrobank housing loan application form

  • Clear copy of any government-issued ID

  • For employed applicants, any of the following latest income documents must be provided:

    • Certificate of Employment and Compensation

    • ITR

    • Payslips for the last three months

  • For self-employed applicants in business:

    • 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 email of employer

    • Latest POEA contract, if sea-based

 

7. AllBank

When you bank with AllBank, you'll have access to a wide range of specialized financial products with extremely competitive interest rates for higher returns and banking locations and teller machines near your house. The customer service improvements that AllBank provides are likewise top-notch. In addition, AllBank's financial services make you feel at rest. This financial institution lives with its slogan, "Work hard, live well, and bank effortlessly."

 

Home Loan Features

Purchase of a house and lot, an empty piece of land, or a condominium unit may be possible with this loan. In addition, it may be utilized for house building, refurbishment, refinancing, or just as a supplementary personal loan investment.

 

AllBank's main location is located at 2/F AllBank Bldg, EDSA cor. Cornell St., Brgy Wack-Wack, Mandaluyong City, Philippines, where you may learn more about the bank's home loan options.

For its other contact details, you may refer to the information below:

 

8. Philippine National Bank (PNB)

A home loan may be used for a variety of things, from the purchase of a new home to the reconstruction of an existing property. In this case, the Housing Loan from PNB is one of the best options in the country.

PNB has one of the best home loan rates and terms in the Philippines, enabling you to buy the house of your dreams at a price you can manage.

Home Loan Features

  • Minimum loan amount: PHP 500,000

  • Maximum loan amount: 80% of the appraised value for house and lot, condo, and townhouse, 70% for lot only

  • Can be used for the purchase of a house and lot, vacant lot, townhouse, or condominium unit

  • Can also be used for home construction, home improvement, or refinancing

 

PNB Housing Loan Eligibility

  • Filipino citizens

  • Minimum age of 21 and maximum of 65 upon loan maturity

  • Employed or self-employed individuals

 

Requirements for the Bank Home Loan

  • Housing Loan Application Form (duly accomplished)

  • Photocopy of 2 Valid Government-issued IDs

  • Appraisal Fee of P3,500 (non-refundable)

  • If with co-maker/co-borrower/attorney-in-fact, a separate application form is needed

  • Data Privacy Client Consent Form

 

9. Maybank

Home Loan Features

  • Minimum loan amount: PHP 500,000

  • Maximum loan amount: As much as 80% of the appraised value for house and lot, condo unit, and townhouse, 60% for lot only

  • Interest rate:

    • 6.75% fixed for 1-3 years

    • 7.25% fixed for 3-4 years

    • 7.5% fixed for 5years

  • It can be used to purchase of house and lot, lot only, or condominium unit

  • It can also be used for home construction, home equity, or refinancing

 

Maybank Housing Loan Eligibility

  • Once the loan has matured, your age and the length of the loan should not exceed 65 years old.

  • At the very least, you should have been working for a respected organization for two years in a row.

  • In the previous two years, your firm has been profitable and registered for at least three years.

  • For overseas workers, a two-year contract is required.

  • A seafarer should have an officer post and have worked for at least two years in a row if they are to be eligible for a job.

  • Overseas workers and seafarer candidates must have an attorney-in-fact present for the signing of any documents.

 

Requirements for the Bank Home Loan

  • Accomplished Maybank loan application form

  • A clear photocopy of government-issued ID

  • CENOMAR (if single) and Marriage Certificate (if married)

  • For employed applicants, the following latest income documents are required:

    • Certificate of Employment and Compensation

    • ITR

    • Payslips for the last three months

  • For self-employed applicants in business:

    • Business Registration/ Permits

    • Latest ITR (last two years)

    • Two years of Audited Financial Statements

    • Company Profile

    • Latest six months Bank Statements/Passbook

  • For OFWs:

    • Contract of Employment / Employment Certificate

    • History of Employment / Latest Crew Contact (if the applicant is a Seafarer)

    • Special Power of Attorney (using Maybank’s format)

    • Latest six months bank statements/proof of remittance

    • Latest ITR (if applicable)

 

10. Unionbank

Attractive financial products are offered by UnionBank to Filipinos as one of the Philippines' fastest-growing banks. At the Asian Banker Financial Technology Innovation Awards 2021, it took home the most trophies out of all the competing financial institutions. At the 2021 Retail Banker International Asia Trailblazer Awards in Singapore, UnionBank was named the Asia Trailblazer Institution of the Year, taking home the top honor.

 

When it comes to getting a house loan, UnionBank may be the best option for you if you're one of the home loan borrowers who are seeking a bank with a strong Asian presence.

 

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
  • 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

 

Unionbank 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

 

For the best housing loan, check our home loan calculator.

For the best housing loan, check our home loan calculator.

Benefits of getting a bank housing loan

Have doubts about choosing bank financing for your home investment? Here are some of the reasons why you must opt for a home loan for your brand new house and lot package:

 

1. Low housing loan rates

For the ordinary Filipino income worker, the house loan makes purchasing a home less of a challenge. You do not need to be a billionaire to buy a house if you meet the minimum standards.

 

Home loans often feature extended payment terms, typically lasting between 15 and 20 years, making the monthly payments less and more manageable. By taking out personal loans, you may enjoy all of the benefits that come with owning your own home.

 

Home loans offer low interest rates.

Home loans offer low interest rates.

For the qualifying process, Lumina uses an 8 percent interim rate. However, after your loans have been issued, there are banks that provide a 5 percent interest rate, so you don't already have to pay their interim financing.

 

2. A suitable means of obtaining a mortgage loan

It's sometimes overlooked that the interest rate on a house loan is lower than the interest rate on other sorts of loans, such as a personal loan or a mortgage. This is due to the fact that the bank uses your home as a kind of insurance against you failing on the loan.

 

A house loan's interest rate is among the lowest of any other sort of loan. However, the interest rates vary widely across banks and between loan products. Make sure you do your homework so you can choose the lender with the most inexpensive interest rate since even a little variation in the interest rate may save you thousands of pesos in the long run. These extra savings can go a long way if you want to make additional investments with your family.

 

3. Your chance for loan approval increases

Creditors will see you favorably as a borrower who is responsible if you make timely payments on your house loan or have previously paid it off in full. Loan eligibility will be increased as a result of this. It is possible to take advantage of this and get a lower loan to value ratio interest rates on other loans.

 

4. Growth in capital

The value of Philippine real estate has significantly increased during the last several decades. In fact, many real estate professionals believe that the growth in the value of your real estate assets will nearly always outweigh the interest you pay on your house loan.

 

It's possible to profit from capital appreciation by taking out a house loan at a 10% interest rate and seeing your property's worth improve by even 20% by the conclusion of the loan term! If you decide to sell your house, the increase in value will allow you to recuperate all of your costs while also generating a nice profit.

 

This is perfectly true if you choose a community that can be found in a strategic location or the key cities and municipalities all over the country-- such as Lumina Homes. The appreciation value of your home investment will continuously go up as time passes and as the area of subdivision in which you invest your brand new house and lot sustain its economic development.

 

5. A way to save money with consistency

When you have money to spend, the urge to do so might be overwhelming. Taking out a house loan may be an excellent approach to save money if you are confident in your ability to keep steady work or another source of income but lack the self-control to do so.

 

You might think of your monthly mortgage payment as an investment rather than a cost. This is due to the fact that if you pay off the loan, you will become the legal owner of the home, which will be worth more at the conclusion of the loan term.

 

Aside from this, you can also have additional income opportunities if you purchase a house and lot package or condo unit from Lumina Homes through a bank housing loan. Since Lumina Homes is located close to various tourist spots and attractions, you can have your space rented as an Air BnB, especially now that different travel destinations are reopening in the country.

 

With Lumina Homes and bank financing, you can turn your secured loan from these banks into an opportunity and have a passive income that you can use to pay your monthly amortization.

 

Learn more about Lumina Homes and its bank house for sale from their official website and make your home reservations now.

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