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Monday, March 27, 2017

Compare Some of the Best Bank Housing Loan Programs and Interest in the Philippines

Housing Loan Rates Comparison in the Philippines

Below is a list of housing loans available in the Philippines. For quick and easy comparison, see our free online housing loan calculator below. This tool can help you estimate your monthly repayments based on your loan requirement. To assist you further, once you have selected the home loan of your choice, just click ‘Apply’ and you can expect a call from our representatives regarding your housing loan application in 24 hours.


Bank Name           Interest Rate      Monthly                 Min Loan                   Margin of
                            (% per year)       Repayment            Amount                      Finance

HSBC                       4.99%           P 10,602                   P 2,000,000                      80%        

SECURITY BANK    5.25%           P 10,729                   P 1,000,000                        80%

BPI                           5.50%           P 10,853                   P 400,000                           80%

BDO                         5.50%           P 10,853                   P 500,000                          80%

PNB                         5.75%           P 10,977                   P 200,000                           80%

EASTWEST             6.00%           P 11,102                   P 500,000                           80%

METRO BANK         6.50%           P 11,355                   P 500,000                           80%
UNION BANK          6.50%           P 11,355                   P 500,00                             90%

CHINA TRUST        6.75%           P 11,482                   P 500,000                            80%

MAY BANK              6.88%           P 11,549                   P 800,000                           80%

CHINA BANK           7.50%          P 11,870                   P 500,000                            80%

RCBC                      7.70%           P 11,975                   P 300,000                           70%

Buying a house is one of the biggest purchases you’ll ever make. To help you make the best home loan decision, we've compiled a short guide to explain what you need to know before you apply for a mortgage.

What Is A Housing Loan?

To put it simply, a housing loan is a loan used to purchase property. Home loans are also commonly referred to as 'mortgages'. In the Philippines, home loans are available from banks, developers, or the Home Development Mutual Fund, better known as Pag-IBIG. To paint a clearer picture, we suggest that you check out our comprehensive article on the Key Differences Between a Commercial Bank, SSS, and Pag-IBIG Housing Loans. This will provide you with a better understanding on the advantages and requirements of these home loan options. If you already have an existing housing loan and want to change to another product or lender to get better rates, that’s called 'refinancing'.

How Do Home Loans In The Philippines Work?

When you take out a home loan in the Philippines, you enter into an agreement with the lender (usually a bank) and promise to repay your loan over an agreed length of time (also known as the 'loan tenure' or ‘loan tenor’).
Filipinos have two options for housing loans: public, in the form of PAG-IBIG, and private, in the form of banks. Major banks that provide housing loans include BPI, BDO, Metrobank, and Security Bank. And you can compare all their housing loan rates on this site.
Interest rates for housing loans in the Philippines differ from bank to bank. For example, for a 20-year period, the interest of a BDO Home Loan is 5.50% 1 year fixed term, while for Security Bank it’s 5.25%.
In a typical Philippine mortgage, you make monthly payments for the loan tenure until you've fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly payments will be used to repay interest, however, as time passes, a larger proportion of your payments will go into paying down the principal.

Because your interest is calculated based on what you owe on your loan each month, by paying a little bit extra each month, the interest in subsequent months will be lower.
To apply, click here

SOURCE: iMoney