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Showing posts with label Bank Loan. Show all posts
Showing posts with label Bank Loan. Show all posts

Monday, September 17, 2018

RCBC Offers TeleMoney Savings Account for OFWs: No Initial Deposit, No Maintaining Balance!






As Overseas Filipino Workers (OFWs), it is very important that we have a savings account where we can put our money for the future. It could be your emergency fund, savings for your dream business, for future investments or for your retirement. For OFWs, going to the bank to check your money is a bit hassle. This is the reason why Rizal Commercial Banking Corporation (RCBC) is offering a savings account to OFWs that is hassle-free at all times. This is called TeleMoney where global Filipinos including OFWs can save their money by opening a TeleMoney Savings Account. According to its website, this savings account is easy and convenient. It comes with RCBC ATM Card and or a passbook. TeleMoney ATM account holders can also request for their quarterly Statement of Account. Product Feature: Minimum Initial Deposit Peso ATM Savings Account — 0 USD Passbook Savings Account — USD100 Minimum ADB Requirement* Peso ATM Savings Account — 0 USD Passbook Savings Account — 0 Minimum ADB to Earn Interest Peso ATM Savings Account — P10,000 USD Passbook Savings Account — USD1,000 Interest Rate Peso ATM Savings Account — 0.15% USD Passbook Savings Account — 0.125% Both accounts can be accessed through the over-the-counter transaction and RCBC Online Banking. Note: Zero maintaining balance status can be maintained with at least one remittance a year. Requirements for Opening an Account: One valid photo-bearing government-issued identification card and proof of address List of acceptable IDs Passport Driver's License Professional Regulations Commission (PRC) ID National Bureau of Investigation (NBI) clearance Police Clearance Postal ID Voter's ID Tax Identification Number (TIN) Barangay Certification GSIS e-Card SSS Card Senior Citizen Card OWWA ID OFW ID Seaman's Book Government Services and Insurance System (GSIS) e-Card Social Security System (SSS) Card Philippines' Unified Multi-Purpose ID Senior Citizen Card Philhealth Health Insurance Card ng Bayan Overseas Workers Welfare Administration (OWWA) ID
As Overseas Filipino Workers (OFWs), it is very important that we have a savings account where we can put our money for the future. It could be your emergency fund, savings for your dream business, for future investments or for your retirement. For OFWs, going to the bank to check your money is a bit hassle. 



This is the reason why Rizal Commercial Banking Corporation (RCBC) is offering a savings account to OFWs that is hassle-free at all times.

 Read: Filipinos Can Soon Open A Bank Account With Less Than P100
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This is called TeleMoney where global Filipinos including OFWs can save their money by opening a TeleMoney Savings Account. According to its website, this savings account is easy and convenient. It comes with RCBC ATM Card and or a passbook. TeleMoney ATM account holders can also request for their quarterly Statement of Account.

 Read: 10 Best Banks to Open Savings Account in the Philippines
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Product Feature:

Minimum Initial Deposit 
  • Peso ATM Savings Account — 0
  • USD Passbook Savings Account — USD100
Minimum ADB Requirement*
  • Peso ATM Savings Account — 0
  • USD Passbook Savings Account — 0
Minimum ADB to Earn Interest 
  • Peso ATM Savings Account — P10,000
  • USD Passbook Savings Account — USD1,000
Interest Rate
  • Peso ATM Savings Account — 0.15%
  • USD Passbook Savings Account — 0.125%
Both accounts can be accessed through the over-the-counter transaction and RCBC Online Banking. 

Note: *Zero maintaining balance status can be maintained with at least one remittance a year.

Read: Open Metrobank OFW ATM Savings Account With No Deposit and Zero Maintaining Balance
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Requirements for Opening an Account:

One valid photo-bearing government-issued identification card and proof of address

List of acceptable IDs
  • Passport
  • Driver's License
  • Professional Regulations Commission (PRC) ID
  • National Bureau of Investigation (NBI) clearance
  • Police Clearance
  • Postal ID
  • Voter's ID
  • Tax Identification Number (TIN)
  • Barangay Certification
  • GSIS e-Card
  • SSS Card
  • Senior Citizen Card
  • OWWA ID
  • OFW ID
  • Seaman's Book
  • Government Services and Insurance System (GSIS) e-Card
  • Social Security System (SSS) Card
  • Philippines' Unified Multi-Purpose ID
  • Senior Citizen Card
  • Philhealth Health Insurance Card ng Bayan
  • Overseas Workers Welfare Administration (OWWA) ID
Read: PNB's OFW Savings Account/Special ATM for Beneficiary Zero Opening & Maintaining Balance!

 If you are interested in this savings account, visit the nearest RCBC branch in your area. 



This article is filed under savings account, best bank for savings account, bank loan, saving account interest, RCBC, banking, and online banking. 

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Starting September 11, 2018, the implementation of Saudization to 12 different jobs in Saudi Arabia will come into effect. Under the Saudization, Saudi nationals will replace expatriate workers in 12 occupations within five months period starting this month. According to Saudi Press Agency (SPA), the first phase of the latest Saudization drive will cover the following sectors; 1. Car and motorcycle shops 2. Clothing stores and children's clothing 3. Men's accessories 4. Home and office furniture and household utensils Implementation of the Saudization program to the above mention sector will take effect on September 11, 2018, as the first phase. The second phase that will be implemented two months later, presumably in the month of November will include the following; 5. Watch shops and eyeglass shops 6. Electrical Appliances 7. Electronic shops The third phase that will be implemented in mid-January will target the following; 8. Medical Equipment Store 9. Construction Materials Shops 10. Auto-spare parts shop 11. Carpet Shops of all kinds 12. Confectionary shops Saudization of these 12 jobs was first announced in January base on a decree from Minister of Labor and Social Development that limit work in these fields to Saudi men and women in the start of New Hijri Year. Saudization aims to empower men and women citizens of the Kingdom through employment opportunities and boosting their participation in the private sector.

The Kingdom of Saudi Arabia wants to open more job opportunities for its local citizen with an aim to cut down unemployment and create more jobs for their qualified residents. According to Shoura Council member Saeed Bin Qasim Al-Khaldi Al-Maliki, there is a need to open more job opportunities for their own nationals and lessen the expat-dependency especially in health and education sector where there are 60,000 jobs occupied by expats! "We should not depend on these jobs on the non-Saudis forever while we have qualified Saudis who are capable of doing perfectly the jobs not only in these two sectors but in all other fields," he said. With this, he is pushing for nationalization of educational jobs in Saudi Universities. He added, there are many Saudis with Masters and Ph.D. degrees who can take over the jobs of many foreigners. According to Al-Maliki, there were 60,000 jobs in the sector of education and health currently occupied by foreigners. These jobs he said, is open for nationalization. Aside from this, he said that there are 41,000 non-Saudis being employed by the government and the Kingdom should not depend on expats in terms of its local employment. Al-Maliki confirms that there are a large number of qualified Saudis who are capable of working in the health sector. This plan is a part of Saudi's Vission 2030 that seeks to reduce the overall unemployment rate from 11.6% to 7%, overhaul the education system and increase the female participation rate from 22% of the workforce to 30%. Part of this is to create 450,000 new jobs for Saudis by 2020.

Good news to all retired pensioners of Social Security System (SSS). You can now apply for affordable loans under Pension Loan Program (PLP) of SSS. The PLP was launched last September 3, 2018! According to SSS President and Chief Executive Officer Emmanuel Dooc PLP is a response to the clamor from senior citizens who wants for a more affordable loan for their short-term needs such as emergency medical expenses. Aside from this, the program aims to end the increasing number of pensioner victimized by some financial institution that offers a loan with the high-interest rate. Who Can Apply? Qualified retiree pensioners that are 80 years old and below at the end of the month of the loan term Pensioners with no outstanding loan balance and benefit overpayment payable to SSS Pensioners who have no advance pension under SSS Calamity Package and have been receiving their regular monthly pensions for at least six months How much is the loanable amount? The minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly pension and the additional P1,000 benefit. The maximum loanable amount is six times their basic monthly pension plus the additional P1,000 benefit, not exceeding a total of P32,000 How much is the interest rate? 10% per annum until fully paid, computed on a diminishing principal balance, which shall become part of the monthly amortization Payment Scheme The loan repayment term of the loanable amount will be payable in three, six, or 12 months depending on the multiple of the loan amount and will be deducted from the monthly pension of the borrower. What branches accept loan applications for PLP? 20 SSS Branches will initially accept PLP applications Diliman, Kalookan, Pasig-Pioneer (Shaw), New Panaderos (Mandaluyong), Manila, Makati-Gil Puyat, Alabang, Naga, Dagupan, Baguio, Ilagan, Bacoor, Binan, Cebu, Tacloban, Iloilo Central, Cagayan de Oro, Davao, General Santos, and Zamboanga. How to Apply? To apply, the borrower must apply for the PLP personally at any SSS branch and bring his Social Security Card or Unified Multi-Purpose Identification Card, or any two valid identification cards both with signature and at least one photo. Upon submission of the identification requirements, the SSS will verify the information provided by the pensioner and if he is eligible to avail of the loan program. SSS allocate P10 billion as an initial budget for the program. According to Dooc, there are 1.5 million retirees who can avail of the program starting September 3.




In spite of earning big while working abroad, there are times that Overseas Filipino Workers (OFWs) fall short financially due to the many expenses they need to paid or provide for family back home. With Personal Loan from different banks in the Philippines, OFWs may have additional support for the financial needs of the family aside from their monthly salary. OFW's personal loan may serve many purposes in life. It is a big help if you are doing some upgrades or home renovation. You can also use the money to pay for your children's tuition or education. Other's apply personal loan for a family's dream vacation or for a medical emergency. Whatever your purpose in applying, here are five best bank in the Philippines that offers a personal loan for OFWs including seafarers. 1. BDO OFWs can apply for BDO personal loan thru its Asenso Kabayan Program. Qualifications: At least 25 years old but not more than 65 years old upon the maturity of the loan At least 2 years employed abroad for skilled workers (3 years for domestic helpers/seaman/unskilled workers) Gross monthly income must be P20,000 or its US$ equivalent Loanable Amount — P10,000 Loan Term: Minimum of 6 months Maximum of 36 months Requirements: Photocopy of the latest BIR Form 2316 Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation Photocopy of last full month payslip Photocopy of at least two (2) valid IDs How to Apply: You may submit your application at any of BDO branches nationwide. For OFWs abroad, you may download the forms from bdo.com.ph 2. Bank of the Philippine Island (BPI) If you are an OFW, BPI has a Personal Loan for you! Qualification: Must be 21 years old and above to apply and not more than 60 years old upon loan maturity Working abroad for at least two years and earning a minimum of P30,000 per month Loanable Amount — P20,000 to P2 million Loan Term: Minimum of 12 months Maximum of 36 months Requirements: 1. Two (2) valid government-issued photo-bearing IDs 2. Proof of income documents: Agency-based: - Latest and unexpired signed POEA contract; OR - Employment contract with boarding date For Direct Hire - Latest 3 months Proof of remittance - Latest and Unexpired POEA Validated Information Sheet; OR - Latest POEA Overseas Employment Certificate (OEC) AND latest Employment Contract (In lieu of OEC print-out: OEC Exemption Screenshot with OEC BM Online Profile); OR - Consularized COE (If remitter is a permanent resident in the country) How to Apply Completely fill out the application form Scan and email your documents to personal_loan@bpi.com.ph Wait for the email verification that the bank receives your application

 ©2018 THOUGHTSKOTO
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Monday, April 09, 2018

PNB Auto Loan for OFWs in Hong Kong & Saudi Arabia

Aside from having a house, another dream Overseas Filipino Workers (OFWs) wants to achieve is having a car. Be it for the business of personal use for the comfort of the family. 
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Attention to all Overseas Filipino Workers (OFWs) in Hong Kong and Saudi Arabia! Don't you know that there is an auto loan program in Philippine National Bank (PNB) specially made for you? This is through Global Filipino Auto Loan, a financing facility for car buyers! The following are units eligible for financing; Sedan Sports Utility Vehicle (SUV) Passenger Vans Asian Utility Vehicle (AUV) Light Commercial Vehicles (LCV) Am I qualified? Here are the requirements for eligible borrowers; Should be at least 21 years old, and will not be more than 60 upon loan maturity. Must have been working abroad for the last two (2) years. The documentary requirements are: Signed application form with ID picture;* Special power of attorney (SPA), duly authenticated by the embassy Authenticated contract of employment or Authenticated pay slip Certified statement of income and expenses * Important: Applicant has to fill out the application form completely and accurately in order for expedient application processing. You may submit your applications through PNB offices in Hong Kong and Saudi Arabia only. What is the maximum loan term? The maximum term of the loan is sixty (60) months How much is the amount of loan and required down payment? The minimum amount of loan is P 400,000.00. The maximum loanable amount for brand-new vehicles is up to 80 percent of the cash list or purchase price. What is the interest rate? The interest rate is set by management and is computed using the add-on interest method. How long is the processing time? The approval process is three (3) to five (5) days upon receipt of complete basic documentary requirements. What are the miscellaneous fees? Chattel mortgage fees – Chattel mortgage fees are determined by the bank based on the PN amount. Comprehensive insurance – Comprehensive insurance coverage on the motor vehicle financed is procured from PNB General Insurers Company, Inc. Insurance coverage is equivalent to the selling price of the unit. Succeeding insurance coverage will be in accordance with the existing policy on insurance coverage on bank-financed undertakings. What is the mode of payment for monthly amortization? Auto debit arrangement Issuance of post-dated checks (PDCs)
Well this dream, will not stay a dream is an OFW is hardworking and has a savings enough to apply for an auto loan or car loan in Philippine National Bank (PNB).  Oops don't get excited yet because this auto-loan is not open for all OFWs but only those who are working in Hong Kong and Saudi Arabia!



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This is through Global Filipino Auto Loan, a financing facility for car buyers! The following are units eligible for financing;

  • Sedan
  • Sports Utility Vehicle (SUV)
  • Passenger Vans
  • Asian Utility Vehicle (AUV)
  • Light Commercial Vehicles (LCV)



 Am I qualified? Here are the requirements for eligible borrowers;

  • Should be at least 21 years old, and will not be more than 60 upon loan maturity.
  • Must have been working abroad for the last two (2) years.

The documentary requirements are:

  • Signed application form with ID picture;
  • Special power of attorney (SPA), duly authenticated by the embassy
  • Authenticated contract of employment or
  • Authenticated pay slip
  • Certified statement of income and expenses
Applicant has to fill out the application form completely and accurately in order for expedient application processing.

You may submit your applications through PNB offices in Hong Kong and Saudi Arabia only.

 Read: Steps on How To Open Metrobank OFW ATM Savings Account With No Deposit and Zero Maintaining Balance

What is the maximum loan term?
  • The maximum term of the loan is sixty (60) months
  • How much is the amount of loan and required down payment?
  • The minimum amount of loan is P 400,000.00.
  • The maximum loanable amount for brand-new vehicles is up to 80 percent of the cash list or purchase price.

 What is the interest rate?

The interest rate is set by management and is computed using the add-on interest method.

How long is the processing time?

The approval process is three (3) to five (5) days upon receipt of complete basic documentary requirements.

What are the miscellaneous fees?
  • Chattel mortgage fees – Chattel mortgage fees are determined by the bank based on the PN amount.
  • Comprehensive insurance – Comprehensive insurance coverage on the motor vehicle financed is procured from PNB General Insurers Company, Inc. Insurance coverage is equivalent to the selling price of the unit. Succeeding insurance coverage will be in accordance with the existing policy on insurance coverage on bank-financed undertakings.
What is the mode of payment for monthly amortization? 
  • Auto debit arrangement 
  • Issuance of post-dated checks (PDCs)


There you go Kabayan! If you are interested please visit PNB branches in your area in Hong Kong and in Saudi Arabia!

Note: This is not a sponsored post and jbsolis.com is not connected or affiliated with PNB Bank. The sole purpose of this article is to give information especially for OFWs who are looking for a car or auto loan. All transaction you may enter with the bank is at your own risk and account. Thank you.

©2018 THOUGHTSKOTO
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Tuesday, July 04, 2017

Need Money? Here are 12 Banks that Offers Best Personal Loan Rates


There are times in our lives that we need money for important expenses but we do not have savings or our savings is not enough to compensate the need. This is a reason we seek for a loan. There are government institutions that offer loan but it takes few weeks and some are months to get approved. But don't you know that some banks are offering a personal loan that can be approved in just 24 hours? A personal loan is a loan for any personal use, be it a tuition fee for your children, hospital bills, to purchase a piece of land or for pleasure like travel.



There are times in our lives that we need money for important expenses but we do not have savings or our savings is not enough to compensate the need.

This is a reason we seek for a loan. There are government institutions that offer loan but it takes few weeks and some are months to get approved. But don't you know that some banks are offering a personal loan that can be approved in just 24 hours?

A personal loan is a loan for any personal use, be it a tuition fee for your children, hospital bills, to purchase a piece of land or for pleasure like travel.


The personal loan comes in two types:

First, the secured personal loan that requires collateral, such as land titles, house, car, or anything that is valuable to back up the loan.

Second, the unsecured personal loan when you do not need any kind of collateral.

When you take a personal loan, you enter into an agreement with the bank or the lender and promise to repay your loan over an agreed length of time or loan tenure.

Loan rates vary from bank to bank so make sure to compare the interest rates.


The following are 12 bank or financial institution where you can apply for a personal loan.
























We are not affiliated in any of the above-mentioned banks. All information is for general purpose only. If you are interested, transact directly to the bank to avoid being scammed.

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Wednesday, March 29, 2017

If You Borrow Money Without Agreeing On Interest, Do You Still Need To Pay Any Interest?

If you have agreed to lend (or borrow) money without ever agreeing on the interest rate, how much interest can be collected? A PERSON ONCE ASKED A LAWYER REGARDING A LOAN. “IF I TOOK A LOAN WITHOUT EVER AGREEING ON INTEREST RATE, CAN THE LENDER COLLECT INTEREST ON THE MONEY I OWE?” THE SIMPLE ANSWER IS YES. A SPECIFIC CASE TAKEN UP BY THE SUPREME COURT OF THE PHILIPPINES ANSWERS THIS VERY QUESTION. THE LEGAL RATE OF INTEREST ON LOANS, FORBEARANCES OF GOODS, MONEY OR CREDITS IS FIXED AT 6% PER YEAR. THE CASE Nacar vs. Gallery Frames , AFFIRMS THE VALIDITY OF BSP CIRCULAR NO. 796 DATED MAY 16, 2013. “In the absence of stipulation, the rate of interest shall be 6% per annum to be computed from default, i.e., from judicial or extrajudicial demand under and subject to the provisions of Article 1169 of the Civil Code.” THIS IS ONLY APPLICABLE IF THERE IS A WRITTEN CONTRACT OR AGREEMENT THAT WAS MADE AT THE TIME OF THE LOAN, AND THE CONTRACT DOES NOT STIPULATE ANY INTEREST RATE. (Article 1956 of the New Civil Code) THE INTEREST RATE CAN GO HIGHER THAN 6% AS LONG AS IT IS AGREED UPON IN WRITTEN FORM OR CONTRACT. ADDITIONAL RULES APPLY LIMITING THE INTEREST.
If you have agreed to lend (or borrow) money without ever agreeing on the interest rate, how much interest can be collected?

A PERSON ONCE ASKED A LAWYER REGARDING A LOAN. “IF I TOOK A LOAN WITHOUT EVER AGREEING ON INTEREST RATE, CAN THE LENDER COLLECT INTEREST ON THE MONEY I OWE?”


THE SIMPLE ANSWER IS YES.
A SPECIFIC CASE TAKEN UP BY THE SUPREME COURT OF THE PHILIPPINES ANSWERS THIS VERY QUESTION.

 THE LEGAL RATE OF INTEREST ON LOANS, FORBEARANCES OF GOODS, MONEY OR CREDITS IS FIXED AT 6% PER YEAR.


If you have agreed to lend (or borrow) money without ever agreeing on the interest rate, how much interest can be collected? A PERSON ONCE ASKED A LAWYER REGARDING A LOAN. “IF I TOOK A LOAN WITHOUT EVER AGREEING ON INTEREST RATE, CAN THE LENDER COLLECT INTEREST ON THE MONEY I OWE?” THE SIMPLE ANSWER IS YES. A SPECIFIC CASE TAKEN UP BY THE SUPREME COURT OF THE PHILIPPINES ANSWERS THIS VERY QUESTION. THE LEGAL RATE OF INTEREST ON LOANS, FORBEARANCES OF GOODS, MONEY OR CREDITS IS FIXED AT 6% PER YEAR. THE CASE Nacar vs. Gallery Frames , AFFIRMS THE VALIDITY OF BSP CIRCULAR NO. 796 DATED MAY 16, 2013. “In the absence of stipulation, the rate of interest shall be 6% per annum to be computed from default, i.e., from judicial or extrajudicial demand under and subject to the provisions of Article 1169 of the Civil Code.” THIS IS ONLY APPLICABLE IF THERE IS A WRITTEN CONTRACT OR AGREEMENT THAT WAS MADE AT THE TIME OF THE LOAN, AND THE CONTRACT DOES NOT STIPULATE ANY INTEREST RATE. (Article 1956 of the New Civil Code) THE INTEREST RATE CAN GO HIGHER THAN 6% AS LONG AS IT IS AGREED UPON IN WRITTEN FORM OR CONTRACT. ADDITIONAL RULES APPLY LIMITING THE INTEREST.

THE CASE Nacar vs. Gallery Frames , AFFIRMS THE VALIDITY OF BSP CIRCULAR NO. 796 DATED MAY 16, 2013.

 “In the absence of stipulation, the rate of interest shall be 6% per annum to be computed from default, i.e., from judicial or extrajudicial demand under and subject to the provisions of Article 1169 of the Civil Code.”

If you have agreed to lend (or borrow) money without ever agreeing on the interest rate, how much interest can be collected? A PERSON ONCE ASKED A LAWYER REGARDING A LOAN. “IF I TOOK A LOAN WITHOUT EVER AGREEING ON INTEREST RATE, CAN THE LENDER COLLECT INTEREST ON THE MONEY I OWE?” THE SIMPLE ANSWER IS YES. A SPECIFIC CASE TAKEN UP BY THE SUPREME COURT OF THE PHILIPPINES ANSWERS THIS VERY QUESTION. THE LEGAL RATE OF INTEREST ON LOANS, FORBEARANCES OF GOODS, MONEY OR CREDITS IS FIXED AT 6% PER YEAR. THE CASE Nacar vs. Gallery Frames , AFFIRMS THE VALIDITY OF BSP CIRCULAR NO. 796 DATED MAY 16, 2013. “In the absence of stipulation, the rate of interest shall be 6% per annum to be computed from default, i.e., from judicial or extrajudicial demand under and subject to the provisions of Article 1169 of the Civil Code.” THIS IS ONLY APPLICABLE IF THERE IS A WRITTEN CONTRACT OR AGREEMENT THAT WAS MADE AT THE TIME OF THE LOAN, AND THE CONTRACT DOES NOT STIPULATE ANY INTEREST RATE. (Article 1956 of the New Civil Code) THE INTEREST RATE CAN GO HIGHER THAN 6% AS LONG AS IT IS AGREED UPON IN WRITTEN FORM OR CONTRACT. ADDITIONAL RULES APPLY LIMITING THE INTEREST.


THIS IS ONLY APPLICABLE IF THERE IS A WRITTEN CONTRACT OR AGREEMENT THAT WAS MADE AT THE TIME OF THE LOAN, AND THE CONTRACT DOES NOT STIPULATE  ANY INTEREST RATE.
(Article 1956 of the New Civil Code)

 THE INTEREST RATE CAN GO HIGHER THAN 6% AS LONG AS IT IS AGREED UPON IN WRITTEN FORM OR CONTRACT. ADDITIONAL RULES APPLY LIMITING THE INTEREST.





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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.




SHOWING ‘12’ RESULTS FOR P1,000,000 LOAN FOR 10 FIXED TERM FOR 1 YEAR.

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

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