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Tuesday, February 09, 2016

Bank and Government Institution Offering House Loan and Mortgage

The following is a compiled information from banks and government institution that offers financial assistance like housing loan, salary loan, as well as car or auto loan. Most of these institution also offers home mortgage with the loan amount and loan terms provided in the table below. 

The interest rates for each type of loan or mortgage you plan to apply to will vary depending on the value and the term of mortgage/ loan that you are planning to apply for.
Please also have in mind that since the interest rate of  loan or mortgage vary depending on two factors which is the amount and  the term or "years to pay", you may opt to apply for loan refinance or mortgage refinance after few years of paying your loan and mortgage.  Refinanced amount will be of lower loan amount and  will also cut the term offering a lesser interest rate based on new loan term.  If you are looking to refinance your outstanding house loan please contact your creditor/lender for the current rate and terms available for you. 
Loanable Amount
Loan Terms
P500,000 up to 80% of   the appraised value of property
Up to 20 years
Minimum of P400,000

Maximum of 80% of appraised value for house and lot; 60% for vacant lot or residential condominium
Maximum of 25 years for house and lot

Maximum of 10 years for vacant lot, residential condominium
80% of the appraised value
Up to 25 years for a   house and lot; 15 years for a vacant lot; 10 years for a condominium unit
Minimum of P500,000
Up to 30 years
Minimum of P500,000 but not more than 80% of the appraised value of the property
Maximum of 20 years for OFW with co-borrower; 15 years without a co-borrower
PNB (Only for OFWs based in Singapore, Japan, Los Angeles and New York)
up to 70% of verified selling price or appraised value of the property

Minimum of P500,000 for lots and P1 million for house & lot

Up to 60% of the appraised value for vacant residential lot; 80% for residential house & lot, townhouse, rowhouse or condominium unit

New York and Los Angeles:
Up to 80% of verified selling price of property
Up to 20 years

Up to 10 years

New York and Los Angeles:
Up to 20 years for purchase of house and lot, townhouse condominium unit, rowhouse or apartment unit; 10 years for purchase of lot
Minimum of P500,000 up to 80% of the property's appraised value with a cap of P25 million
Up to 10 years for residential lot purchase; 25 years for house and lot, townhouse, duplex or condo
Minimum of P300,000 up to P10 million
Up to 20 years
Up to 80% of appraised value of desired property
Minimum of 1 year

Up to 25 years for house & lot; 20 years for townhouse or duplex; and 15 years for residential vacant lot, or condominium unit
Minimum of P500,000
Up to 20 years for acquisition of house and lot, townhouses and condominium units; 10 years for acquisition of vacant lots
Up to P750,000
Up to 30 years
Up to P450,000 for socialized housing loan; P2 million for low-cost housing loan
In multiples of 5 years up to 15 years

Maximum of 5 years for members who are 60 years old at the time of application

image from Pinoy E-Plans
For more information we encourage you to contact the lending institution/s linked above.