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Showing posts with label Interest Rate. Show all posts
Showing posts with label Interest Rate. Show all posts

Monday, August 06, 2018

Requirements Needed For Opening A Savings Account in the Top 5 Banks in the Country



According to the Central Bank of the Philippines, the following are the top 5 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country.

1. BDO Unibank Inc. —2,665,307.23 
2. Metropolitan Bank & Trust Co. —1,705,575.78 
3. Bank of the Philippines Island —1,649,267.36 
4. Land Bank of the Philippines —1,633,082.18
5. Philippine National Bank —788,835.37
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According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country.
According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
1. BDO Unibank — There are six types of Peso Savings Account you may choose from;

A. Peso Passbook Savings (with or without ATM)
  • Minimum Initial Deposit — P5,000
  • Minimum MADB Requirements — P10,000
  • Minimum Balance to Earn Interest — P10,000
B. Peso ATM Debit Card (without passbook)
  • Minimum Initial Deposit — P2,000
  • Minimum MADB Requirements — P2,000
  • Minimum Balance to Earn Interest — P5,000
C. Optimum Savings
  • Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business)
  • Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business)
  • Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business)
D. Junior Savers 
  • Minimum Initial Deposit — P100
  • Minimum MADB Requirements — P100
  • Minimum Balance to Earn Interest — P2,000
E. Prime Savers
  • Minimum Initial Deposit — P2,000
  • Minimum MADB Requirements — P2,000
  • Minimum Balance to Earn Interest — P5,000
F. Direct Deposit
  • Minimum Initial Deposit — P0
  • Minimum MADB Requirements — P0
  • Minimum Balance to Earn Interest — P5,000
How to Open a Savings Account in BDO and what are the requirements
  • Visit BDO Branch near you
  • Present the original copy of at least two valid IDs
  • Prepare the minimum initial deposit
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According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank:



A. Passbook Savings Account

  • Minimum initial deposit — P10,000
  • Minimum maintaining balance — P10,000
  • Balance required to earn interest —P10,000

B. Metrobank Debit or ATM Savings Account

  • Minimum initial deposit — P2,000
  • Minimum maintaining balance — P2,000
  • Balance required to earn interest — P10,000

C. Fun Savers Club

  • Minimum initial deposit —P100
  • Minimum maintaining balance — P500
  • Balance required to earn interest —P4,000

D. OFW Peso Savings Account
  • Minimum initial deposit — P0
  • Minimum maintaining balance —P0
  • Balance required to earn interest — P10,000
How to apply for Metrobank Savings Account?
  • Phone Call — +632-8700-700 or 1-800-1888-5775
  • Face to Face — Visit the nearest Metrobank branch!
Requirements:
  • 3 copies of pictures
  • The government issued valid ID card
  • Initial deposit
  • Proof of billing

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According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
3. Bank of the Philippine Island (BPI)

A. BPI Padala Moneyger
  • Required Initial Deposit — P0
  • Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year
  • Required Daily Balance to Earn Interest —P5,000
B. Jumpstart Saver
  • Required Initial Deposit — P100
  • Required Minimum Monthly ADB — P1,000
  • Required Daily Balance to Earn Interest —P2,000
C. Kaya Savings
  • Required Initial Deposit — P200
  • Required Minimum Monthly ADB — N.A.
  • Required Daily Balance to Earn Interest —P1,000
D. Express Teller Savings
  • Required Initial Deposit — P500
  • Required Minimum Monthly ADB — P3,000
  • Required Daily Balance to Earn Interest —P5,000
E. Passbook Savings
  • Required Initial Deposit — P10,000
  • Required Minimum Monthly ADB — P10,000
  • Required Daily Balance to Earn Interest —P25,000
F. BPI Advance Savings Account with Passbook 
  • Required Initial Deposit — P100,000
  • Required Minimum Monthly ADB — P100,000
  • Required Daily Balance to Earn Interest —P100,000
G. Maxi-Saver(4) Savings with Debit Card (ATM Card) 
  • Required Initial Deposit — P50,000
  • Required Minimum Monthly ADB — P50,000
  • Required Daily Balance to Earn Interest —P50,000
H. Maxi-Saver(4) Savings with Passbook
  • Required Initial Deposit — P75,000
  • Required Minimum Monthly ADB — P75,000
  • Required Daily Balance to Earn Interest —P75,000
Requirements and How to Apply for BPI Savings Account
Visit the nearest branch in your area and bring the following;
  • Valid, unexpired, photo-bearing Identification Card (ID) with signature
  • Initial deposit
According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
4. Land Bank of the Philippines

A. ATM Savings Account 
  • Required Initial Deposit — P500
  • Required Minimum Monthly ADB — P500
  • Required Daily Balance to Earn Interest —P2,000
B. Easy Savings Plus (ESP)
  • Minimum Initial Deposit— P20,000
  • Required Minimum Monthly ADB—P20,000
  • Required Daily Balance to Earn Interest — P20,000
C. Regular Passbook Savings Account
  • Minimum Initial Deposit — P10,000
  • Required Minimum Monthly ADB — P10,000
  • Required Daily Balance to Earn Interest — P10,000
Requirements and How to Apply for Landbank Savings Account
  • Visit the nearest Landbank Branch in your area
  • Bring at least one Valid ID
  • Initial deposit
According to the Bangko Sentral ng Philippines, the following are the top 10 Best Performing Banks in the Philippines based on their assets. These banks are not just the best but also the biggest banks in the country. 1. BDO Unibank Inc. —2,665,307.23 2. Metropolitan Bank & TCO —1,705,575.78 3. Bank of the Philippines Island —1,649,267.36 4. Land Bank of the Philippines —1,633,082.18 5. Philippine National Bank —788,835.37 Interested to save in these banks? Here are the following requirements if you are interested in opening a savings account in the top five best bank in the country. 1. BDO Unibank — There are six types of Peso Savings Account you may choose from; A. Peso Passbook Savings (with or without ATM) Minimum Initial Deposit — P5,000 Minimum MADB Requirements — P10,000 Minimum Balance to Earn Interest — P10,000 B. Peso ATM Debit Card (without passbook) Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 C. Optimum Savings Minimum Initial Deposit — P30,000 (Personal); P50,000 (Business) Minimum MADB Requirements — P30,000 (Personal); P50,000 (Business) Minimum Balance to Earn Interest — P30,000 (Personal); P50,000 (Business) D. Junior Savers Minimum Initial Deposit — P100 Minimum MADB Requirements — P100 Minimum Balance to Earn Interest — P2,000 E. Prime Savers Minimum Initial Deposit — P2,000 Minimum MADB Requirements — P2,000 Minimum Balance to Earn Interest — P5,000 F. Direct Deposit Minimum Initial Deposit — P0 Minimum MADB Requirements — P0 Minimum Balance to Earn Interest — P5,000 How to Open a Savings Account in BDO and what are the requirements Visit BDO Branch near you. Present the original copy of at least two valid IDs Prepare the minimum initial deposit 2. Metrobank Savings Account — the following are the various types of Savings Account offered by Metrobank: A. Passbook Savings Account Minimum initial deposit — P10,000 Minimum maintaining balance — P10,000 Balance required to earn interest —P10,000 B. Metrobank Debit or ATM Savings Account Minimum initial deposit — P2,000 Minimum maintaining balance — P2,000 Balance required to earn interest — P10,000 C. Fun Savers Club Minimum initial deposit —P100 Minimum maintaining balance — P500 Balance required to earn interest —P4,000 D. OFW Peso Savings Account Minimum initial deposit — P0 Minimum maintaining balance —P0 Balance required to earn interest — P10,000 How to apply for Metrobank Savings Account? Phone Call — +632-8700-700 or 1-800-1888-5775 Face to Face — Visit the nearest Metrobank branch! Requirements: 3 copies of pictures The government issued valid ID card Initial deposit Proof of billing 3. Bank of the Philippine Island (BPI) A. BPI Padala Moneyger Required Initial Deposit — P0 Required Minimum Monthly ADB — Waived. As long as there are 4 remittance transaction in a year Required Daily Balance to Earn Interest —P5,000 B. Jumpstart Saver Required Initial Deposit — P100 Required Minimum Monthly ADB — P1,000 Required Daily Balance to Earn Interest —P2,000 C. Kaya Savings Required Initial Deposit — P200 Required Minimum Monthly ADB — N.A. Required Daily Balance to Earn Interest —P1,000 D. Express Teller Savings Required Initial Deposit — P500 Required Minimum Monthly ADB — P3,000 Required Daily Balance to Earn Interest —P5,000 E. Passbook Savings Required Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest —P25,000 F. BPI Advance Savings Account with Passbook Required Initial Deposit — P100,000 Required Minimum Monthly ADB — P100,000 Required Daily Balance to Earn Interest —P100,000 G. Maxi-Saver(4) Savings with Debit Card (ATM Card) Required Initial Deposit — P50,000 Required Minimum Monthly ADB — P50,000 Required Daily Balance to Earn Interest —P50,000 H. Maxi-Saver(4) Savings with Passbook Required Initial Deposit — P75,000 Required Minimum Monthly ADB — P75,000 Required Daily Balance to Earn Interest —P75,000 Requirements and How to Apply for BPI Savings Account Visit the nearest branch in your area and bring the following; Valid, unexpired, photo-bearing Identification Card (ID) with signature Initial deposit 4. Land Bank of the Philippines A. ATM Savings Account Required Initial Deposit — P500 Required Minimum Monthly ADB — P500 Required Daily Balance to Earn Interest —P2,000 B. Easy Savings Plus (ESP) Minimum Initial Deposit— P20,000 Required Minimum Monthly ADB—P20,000 Required Daily Balance to Earn Interest — P20,000 C. Regular Passbook Savings Account Minimum Initial Deposit — P10,000 Required Minimum Monthly ADB — P10,000 Required Daily Balance to Earn Interest — P10,000 Requirements and How to Apply for Landbank Savings Account Visit the nearest Landbank Branch in your area Bring at least one Valid ID Initial deposit 5. Philippine National Bank (PNB) Savings Account A. PNB Superteller ATM Initial Deposit — P3,000 Minimum Maintaining Balance — P3,000 Minimum ADB to Earn Interest — P10,000 B. PNB Passbook Savings Initial Deposit —P10,000 Minimum Maintaining Balance—P10,000 Minimum ADB to Earn Interest—P15,000 C. Direct Deposit Program Initial Deposit — P100 Minimum Maintaining Balance—P100 Minimum ADB to Earn Interest— P5,000 D. PNB Prime Savings Account Initial Deposit—P50,000 Minimum Maintaining Balance—P50,000 Minimum ADB to Earn Interest —P100,000 Requirements and How to Apply for PNB Savings Account Visit the nearest PNB Bank in your area Bring at two IDs 2 ID pictures (1x1 or 2x2) Initial deposit Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form Requirements for Opening a Savings Account in BDO, Metrobank, BPI, Landbank, and PNB
5. Philippine National Bank (PNB) Savings Account

A. PNB Superteller ATM
  • Initial Deposit — P3,000
  • Minimum Maintaining Balance — P3,000
  • Minimum ADB to Earn Interest — P10,000
B. PNB Passbook Savings
  • Initial Deposit —P10,000
  • Minimum Maintaining Balance—P10,000
  • Minimum ADB to Earn Interest—P15,000
C. Direct Deposit Program
  • Initial Deposit — P100
  • Minimum Maintaining Balance—P100
  • Minimum ADB to Earn Interest— P5,000
D. PNB Prime Savings Account
  • Initial Deposit—P50,000
  • Minimum Maintaining Balance—P50,000
  • Minimum ADB to Earn Interest —P100,000
Requirements and How to Apply for PNB Savings Account
  • Visit the nearest PNB Bank in your area
  • Bring at two IDs
  • 2 ID pictures (1x1 or 2x2)
  • Initial deposit
  • Accomplished Client Information Form, Account Information Form, Signature Card and Conditions Form
Looking for the best bank in terms of interest rate? Read: 10 Best Banks to Open Savings Account in the Philippines

This article is filed under savings account, best bank to open a savings account, deposit account, bank interest, assets, minimum deposit, bank loans, and interest rate.

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Looking for a house and lot or a vacant lot where you can build your house? Check the following list of foreclosed properties from East West Bank for this month of August 2018. The lowest price of these properties is P70,000. So if you are looking for bankruptcy house or foreclosed house to buy for your family or for investment? Check it on the list below! Note: Jbsolis.com is not affiliated with EastWest Bank and this post is not a sponsored. If you are interested in any of these properties, contact directly with the bank's branches in your area.

If you are the "manager" of remittances sent by an Overseas Filipino Worker (OFW), this savings account is designed just for you. With the BPI Padala Moneyger, you can effectively budget and save for your family's future. Remittances are sent directly into your account in a safe and very convenient way.

According to the World Bank Global Financial Inclusion Database, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes? There are many reasons why Filipinos are not keen on opening a bank account. Few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population.
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Thursday, February 15, 2018

What Is Assumption Of Mortgage And How To Avail From SSS


Social Security System (SSS) has a lending program called Assumption of Mortgage which allows a member with good standing to assume the updated principal balance of an existing SSS housing loan. Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City. The following documents should be submitted upon filing of application: —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse; —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker); —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License; —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate); —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor; —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only. Note: — Present original and submit one (1) photocopy of required documents for authentication purposes — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account. Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed. Appraised value of collateral of at least 70% but not to exceed 90%; Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS. Interest Rate Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a. Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65. Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed. Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance. The insurance premiums shall be shouldered by the borrower. Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan. Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor. Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property. For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you. Advertisements Read More: Things You Need to Know About Senior Citizen's Benefits Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina Senate Approves Bill For Free OFW Handbook Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP) DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon) SSS Monthly Pension Calculator Based On Monthly Donation What You Need to Know For A Successful Housing Loan Application What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It? OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac SUBSCRIBE TO OUR YOUTUBE CHANNEL ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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Social Security System (SSS) has a lending program  called Assumption of Mortgage which  allows a member with good standing to assume the updated principal balance of an existing SSS housing loan.
Social Security System (SSS) has a lending program called Assumption of Mortgage which allows a member with good standing to assume the updated principal balance of an existing SSS housing loan. Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City. The following documents should be submitted upon filing of application: —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse; —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker); —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License; —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate); —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor; —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only. Note: — Present original and submit one (1) photocopy of required documents for authentication purposes — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account. Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed. Appraised value of collateral of at least 70% but not to exceed 90%; Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS. Interest Rate Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a. Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65. Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed. Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance. The insurance premiums shall be shouldered by the borrower. Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan. Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor. Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property. For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you. Advertisements Read More: Things You Need to Know About Senior Citizen's Benefits Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina Senate Approves Bill For Free OFW Handbook Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP) DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon) SSS Monthly Pension Calculator Based On Monthly Donation What You Need to Know For A Successful Housing Loan Application What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It? OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac SUBSCRIBE TO OUR YOUTUBE CHANNEL ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
Qualified Borrowers
—The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application
—Is not more than 60 years old at the time of application.
—He was not previously granted an SSS housing loan
—He has not been granted final SSS benefits
—Borrower and spouse is current in the payment of their other SSS loan(s) if any.
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 How to Apply
The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.

The following documents should be submitted upon filing of application:
—Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse;

—Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker);

—SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License;

—Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate);

—Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor;

—If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and

—Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only.

Note:
— Present original and submit one (1) photocopy of required documents for authentication purposes
— Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS
— SSS reserves the right to require additional documents if deemed necessary
— Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account.
Social Security System (SSS) has a lending program called Assumption of Mortgage which allows a member with good standing to assume the updated principal balance of an existing SSS housing loan. Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City. The following documents should be submitted upon filing of application: —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse; —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker); —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License; —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate); —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor; —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only. Note: — Present original and submit one (1) photocopy of required documents for authentication purposes — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account. Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed. Appraised value of collateral of at least 70% but not to exceed 90%; Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS. Interest Rate Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a. Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65. Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed. Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance. The insurance premiums shall be shouldered by the borrower. Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan. Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor. Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property. For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you. Advertisements Read More: Things You Need to Know About Senior Citizen's Benefits Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina Senate Approves Bill For Free OFW Handbook Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP) DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon) SSS Monthly Pension Calculator Based On Monthly Donation What You Need to Know For A Successful Housing Loan Application What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It? OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac SUBSCRIBE TO OUR YOUTUBE CHANNEL ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Loanable Amount
The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.
Appraised value of collateral of at least 70% but not to exceed 90%;
Borrower's capacity to pay; and
Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.


Interest Rate
Up to P450,000.00 - 8% p.a.
Over P450,000.00 up to P1,000,000.00 - 9% p.a.
Over P1,000,000.00 up to P1,500,000.00 - 10% p.a.
Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.


Term of the Loan
The amortization period shall be in multiples of five (5), but shall in no case exceed:
The remaining term of the old mortgage;
The economic life of the house; and
The difference between the age of the applicant and 65.

Allowable Collateral/s
The collateral shall be the house and lot which is the subject of the mortgage to be assumed.

Insurance
The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.

The insurance premiums shall be shouldered by the borrower.


Loan Release
The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan.


Manner of Payments
The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.

Default in Payment of Amortization
Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.

For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you.

 Source: SSS website
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Friday, February 02, 2018

What You Need to Know For A Successful Housing Loan Application

Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property, everyone must know their way around or at least seek help from those who know about it.
In this article, we are providing you the basic elements of a successful housing loan application.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
1. The Monthly Payment
To get a house loan approval, you must have sufficient income . The monthly payment should be at most one-third of your monthly salary. If you fail to have it, it could make your application process for a housing loan more difficult. Banks generally do not approve loans that the monthly amortization of more than 30 percent of your gross monthly  income.

An amortization schedule is recommended for you to to know how much your monthly payment will be. It could save you more time time and free yourself from the hassles of computations as the  the amount varies with every payment.

An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
2. The Down Payment
Down payment is the amount of money you pay upfront when purchasing a home. It influences the home price you can afford. Generally, the banks require at least 20% of the appraised value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.

Larger down payment makes your monthly payment and the interest you need to pay to shrink. Save and invest to accumulate the money you will need for a housing loan down payment.
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Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
3. The Kinds of Interest Rates
When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates.
1. Variable interest rate- the interest rate varies as the stock market moves.
2.Fixed interest rate- the interest rate is the same from start to finish of the  loan payment. It is always higher than the variable interest rate and looks seemingly attractive.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
4. Loan Tenure
The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it. in this article, we are providing you the basic elements of a successful housing loan application. 1. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. 2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability. A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan. Sponsored Links 3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough. 4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden. You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Read More: Popular Pinoy Stores In Canada 10 Reasons Why Filipinos Love Canada Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
It is very important to read all the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t be shy in asking anything about your home loan application. Check every documents and make sure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Being cautious will keep you away from any trouble that could happen in the future.
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