Philippines (English) – Page 2

Things You Can Do with Home Loans in The Philippines

Posted on April 11, 2022April 11, 2022 by Ohmyhome

Have you ever scanned through real estate website pages and found a really good deal on an affordable house and lot?

You know, the one that supposedly fits your household’s needs, but then you realize that you need an extra source of income to make comfortable monthly payments?

Or maybe you have been itching to start that home renovation project but the funds just aren’t enough?

Frustrating, isn’t it?

If you answered yes to any of these questions, then a home loan may be a viable option for you.

But, what is a home loan, exactly?

A home loan or a mortgage is a financial solution offered by banks and other financial institutions. Basically, money is lent to customers in need of real estate- or property-related support. It is a term loan that is paid in monthly amortizations aka regular payments. And it must be under a fully titled property that is free from any legal problems. Also, its valid title must be under the name of the borrower.

So, how do you go about it?

Home loans in the Philippines are done by borrowing money from a bank, in-house financing from real-estate developers, or from PAG-IBIG. These days, even an OFW housing loan is possible.

Do you need to prepare anything to apply for a home loan?

Yes.

As with any important transaction, there are some requirements that need to be met in order to qualify for a home loan. Aside from filling out an application form, some typical requirements you may be asked to present include the following:

Valid IDs
Income documents like income tax return (ITR), Certificate of Employment (COE), and/or payslips (for employed applicants)
Photocopy of DTI or SEC registration, Articles of Partnership, or Articles of Incorporation, whichever is applicable (for self-employed applicants)
Audited Financial Statements (for self-employed applicants)
Photocopy of Alien Certificate of Registration (ACR) (for foreigners)
Marriage contract, if applicable

Do note that other and additional requirements may still be asked and vary depending on the financial institution that you applied to.

What comes next?

Upon passing all requirements and gaining loan approval, the borrower promises to pay the lender both the principal and the interest, with the property acting as the collateral for the loaned amount.

Collateral, what’s that?

This means that the property acts as a form of security that the financial institution can hold on to, in case a repayment problem arises on your end. Defaulting or failure to repay the home loan grants the lender the right to take and resell the property, as a consequence of non-repayment.

But did you know that while they are fairly common, not everyone secures home loans in the Philippines for the same set of reasons?

Check out these three ways by which you can use your home loans:

Purchasing your own home

Perhaps the most common reason for a home loan, is you can borrow money from banks or financial institutions to purchase your dream abode.

Intent on buying house and lot in Central Luzon but you lack a certain amount of money to complete the purchase?

With a home purchase loan, you can borrow as much as eighty percent (80%) of the appraised value of the unit.

Take a look at this example:

Say you want to buy a house and lot valued at PHP 2,000,000.

Based on a sample bank’s loan scheme, the loanable amount falls at PHP 1,600,000 at 80% appraisal value. This means you would be needing to produce the PHP 400,000 using your own money as a downpayment to pay for the property.

How do you know how much you’d need to pay thereafter?

This depends on a few factors:

The first one is the loan term or loan tenure.

This indicates how long will you be paying the loaned amount. Usually, banks have a minimum of one-year loan tenure, with others giving a maximum loan tenure of as long as 20 years.

Is this the same as the fixing period?

No.

The fixing period or fixed pricing period means that the loan’s interest rate stays the same for a specified period of time.

When does this period start and end?

It starts upon the release date of the loan.

So, if you applied for a loan this April 2022, and you have a one-year fixing period, the same interest rate is applied to your loaned amount until April 2023.

You can set this fixing period for more than a year, depending on your preferences and based on sound advice from the financial institution you are availing the loan from.

Say you chose a fixed period of 3 years, and your loan is for a term of 10 years, this means that for the first three years (out of the ten years) of your home loan, the applicable interest rate would be the fixed interest rate stated in the fixing period.

Picture it this way:

This April 2022, you applied for a home loan and availed of the three (3) years fixed rate at 6.75% interest, for a term of 10 years. That means that from April 2022 until April 2025, the interest rate applicable would be 6.75%.

Now, what happens next?

Finally, there is repricing.

Depending on the fluctuation of bank rates and current loan rates, there is a yearly review and change of interest rate. This is applied after your agreed-upon fixing period.

What does it entail?

During repricing, the interest rate can go higher or lower based on the status of the country’s economy. So after the fixing period, there will be a recomputation of interest rates effective for your existing home loan.

Let’s go back to the earlier example:

If, on April 2022, you loaned PHP 1,600,000, for a term of 10 years, and the interest rate is at 6.25% for a fixing period of one year, then you will be paying a PHP 17,965 monthly amortization until the repricing takes effect on April 2023.

Similarly, if you loaned the same amount (PHP 1,600,000) for a term of 10 years, fixed at three years interest of 6.75%, then your monthly amortization from April 2022 until April 2025 is PHP 18, 372. After which, interest rates will be recomputed again.

Borrowing for construction purposes

Do you want to build your dream home from scratch, on a lot that you own?

With a home construction loan, you definitely can.

Because while some find it convenient to buy an affordable house and lot that’s readily available and awaiting occupancy, others want more control and customization.

And it’s understandable.

So, in times like these, a home construction loan is advisable and can suit your needs. Even home improvement projects and extensions can fall under this loan category for as long as they meet the financial institution’s minimum requirements.

Taking out an existing home loan

Say you found a real estate agent in Manila who initially referred you to a certain financial institution for loan funding, say at a rate of 7.25% fixed at five years.

But, what if, a year after, you found another good deal with yet another financial institution that offers a rate of 5.75%?

In this case, you can still take advantage of the latter’s favorable interest rates through refinancing.

That is, you can take out another loan and use it to pay your existing loan.

That way, you will be paying a loan with a lower interest rate.

So, to conclude:

Home loans in the Philippines may take on different forms. With a valid and legitimate home loan transaction, you may use the money for home purchase, home construction, renovation, or refinancing. Knowing your options for the loan can help you better use it and make better decisions for its use.

Looking to consult for a home mortgage loan?

Click here and we’ll assist you with your consultation needs, free of charge.

Book a free consultation with an Ohmyhome property agent today to get started! For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.

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Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.

Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.

Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.

The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.

Stay connected with Ohmyhome Philippines by following our official Facebook, Instagram, and LinkedIn accounts.

How These Buyers Found Their Dream Homes With Ohmyhome

Posted on March 29, 2022March 29, 2022 by Ohmyhome

“It wasn’t just Ohmyhome that we spoke to, but so many other developers. And it was only with Ohmyhome that I felt most sure.”

All homebuyers, whether they’re retirees, Overseas Filipino Workers (OFWs), or investors, can always benefit from having a straightforward reliable agent service when it comes to their property investment in the Philippines. They want to buy a home in the Philippines with ease.

In Ohmyhome’s case, our agent services are designed to do just that. Our end-to-end services provide end-users with the assurance they deserve when they invest in real estate.

It starts with a free consultation. Take it from Amren Diomar Tabing, a former Ohmyhome client who happens to be an OFW in Poland.

“Working abroad for the longest time now, I always had the vision to at least own a home, a simple one–a property that I can say is truly mine,” says Amren.

The Thai Chef suddenly came across Ohmyhome. “I called customer care, and they introduced me to Ms. Claire (Rivera). I asked about a condo unit first. After that, she suggested some houses to me. That’s when she offered me Bria Calamba…”

He explains that Ohmyhome just made the experience a lot easier. Claire simply listened to Amren’s situation and took to heart his desired budget, location, and property goals. She showed all the requested documents and proof of registration. From there, finding a house and lot for sale in the Philippines became a stress-free journey. “If it was only me, I would’ve never found a home I like. I really don’t know what I would’ve done.”

Likewise, Rosalie Vena was another satisfied Ohmhome client that found her dream home with us. She and her husband, who were first-time homebuyers, had different needs from Amren. They were searching for a bigger space because they felt that this was the best for their growing family.

“It wasn’t just Ohmyhome that we spoke to, but so many other developers. And it was only with Ohmyhome that I felt most sure,” she claims.

She saw Ohmyhome on Facebook and decided to message one of our relationship managers for a house and lot in the Philippines for sale. A Zoom call was scheduled and the rest is history. She was referred to one of our super agents, David Ines, and she finally found a house and lot for sale in the Philippines of her own.

“This was it. There were no hindrances to buying. The timing was also perfect.”

Like them, you can start with a free consultation. From there, our super agents can determine your best options. With our wide property portfolio, we can get you the perfect property. From answering all your queries to financing and presenting the best loan products, our agents customize each service to fit your needs.

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.

Stay connected with Ohmyhome Philippines by following our official Facebook, Instagram, and LinkedIn accounts.

A Landmark Community in Cavite Close to Everything You Need

Posted on March 29, 2022March 29, 2022 by Ohmyhome

After a while, the highly urbanized, population-dense, and congested Metro Manila life can be tiring, especially for those who envision a family life that is more conducive to growth, peace, and recreation. Today, more homebuyers are looking to provinces to find safe community environments.

This is also part of the reason why Colliers International Philippines projects an increase in purchasing power in Bulacan, Pampanga, and Cavite. These provinces have fast-growing economies and offer the stability buyers are looking for in their property purchases. Data from Bangko Sentral ng Pilipinas that the growth rate for residential property prices in areas outside Metro Manila, including Cavite and Laguna, increased by 9.6% in 2020.

Cavite, as a matter of fact, has long emerged as a popular property hotspot outside of the metro. Communities here seem to appeal to those who want to buy a house and lot in Cavite because of their facilities, amenities, and security.

And look no further than PRO-FRIENDS’ flagship community in Imus, Lancaster New City. Buy a house and lot in Cavite here and get to live in a community in close proximity to Metro Manila, CAVITEX (Manila-Cavite Expressway) Kawit Toll Exit. and Soon-to-rise Cavite Laguna Expressway (CALAX). The project even comes with an exclusive transportation system.

For its commitment to a holistic family living experience, Lancaster New City offers a house and lot in Cavite that focuses on access to essentials, comfort, and convenience. Its 24/7 roving security, The Square lifestyle community mall, and St. Edward Schools all ensure a property investment in Cavite that provides a holistic experience.

Look around the community and this property investment in Cavite even gives buyers sustainable employment opportunities and their own church. The Suntech iPark, the first campus-type office IT Business Park in Cavite is part of the master-planned 25-hectare commercial and lifestyle district called “Downtown Lancaster” while the Parish of the Holy Family is available to residents who want to strengthen their faith.

Lancaster New City’s house and lots in Cavite are also tastefully designed. Each build and layout offers homebuyers and Overseas Filipino Workers a modern Asian house and lot that is practical and spacious.

The Aira model, for instance, offers homebuyers around 92 sqm. of lot area, and features three bedrooms plus two toilets and baths. Choose a house and lot in Cavite with stylish earthy color tones and an open layout great for growing families.

Aira units range from ₱5,282,600 to ₱6,781,980. At about ₱24,000/month, buyers can start living in their dream property investment in Cavite here.

At Lancaster New City, buyers get to invest in a house and lot in Cavite close enough to urban life and a neighborhood made for their family’s future.

Interested in buying property from PRO-FRIENDS? Book a free consultation with an Ohmyhome property agent today to get started! For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.Stay connected with Ohmyhome Philippines by following our official Facebook, Instagram, and LinkedIn accounts.

House and Lot for Sale in Silang in Cavite

Posted on March 28, 2022April 21, 2022 by Ohmyhome

Some of the many reasons home buyers in the Philippines look outside Metro Manila for their house and lots or condominiums is primarily because of the stresses of a densely-populated area and, of course, some pretty high property prices.

End-users are always looking at properties either on the outskirts of the city center and in neighboring provinces. A house and lot in Cavite, in particular, appeals to buyers simply because it is significantly less expensive and it has that provincial, laid-back charm. Cavite properties also offer communities that get them access to major road networks and commercial conveniences.

The cost of living for families is manageable, too. According to cost-of-living-database Numbeo, the average price per square meter of a house and lot in Cavite is about 80% less costly than one in Metro Manila’s city centers.

A city in Cavite that first comes to mind for urban dwellers is Tagaytay. Who wouldn’t want to live in a house for sale in Tagaytay, right? The cool climate, access to national road networks, and upland lifestyle are ideal for most families.

Still, properties here can still cost a little too much for the average Filipino buyer. To put things into perspective, to buy an apartment in Manila, a buyer would be paying ₱188,302.92 per square meter in the city center. In Tagaytay, it’s about ₱269,097.76. Yes, a homebuyer would be paying more per square meter for a Tagaytay property.

Imus can be a great place to buy property, too. But for that upland feel, the next best thing might just be Silang. This first-class municipality in Cavite is Tagaytay’s “twin” neighbor. It has that same charm minus the high property costs.

Cavite properties also have good appreciation rates. According to data from Bangko Sentral ng Pilipinas, the growth rate for residential property prices in areas like Cavite and Laguna increased by 9.6% in 2020. This makes buying a house and lot in Cavite a solid long-term investment, as well.

Communities like MetroGate Silang Estates and Verona are perfect for families that want to reside in Silang. With direct access to Emilio Aguinaldo Highway, a house and lot for sale in Silang here comes with ample space and recreational amenities. These projects also provide its residents with open spaces and security for maximum comfort.

The locations are also quite near SM City Dasmariñas, De La Salle University-Dasmariñas, and the DLSU Medical Center. It only takes about a 30-minute drive. Families can spend their free time going to Tagaytay, too. How far are these areas from the South’s premier vacation hub? These communities happen to only be about 20 minutes away from it.

Choose from tastefully curated three-, four-, and five-bedroom house and lots for sale here for ₱4,955,067 to ₱9,267,225.

Interested in buying a house and lot for sale in Silang? Book a free consultation with an Ohmyhome property agent today to get started! For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.

Which is Better: a Condo or a House and Lot?

Posted on March 23, 2022April 21, 2022 by Ohmyhome

A house and lot for sale and a condominium for sale are two of the most common property types for those who want to buy a home in the Philippines. Each has its own advantages and disadvantages for homebuyers.

For those who work in and around the city or financial districts, buying a condo would be ideal for them because of the opportunities and convenience, while for those who want to settle down and start a family, buying a house should offer the space they need to do so.

We all have different lifestyles, budget ranges, and goals for our property dreams, after all. Nevertheless, it would help buyers immensely to know some stark differences between a house and lot or condominium.

And Ohmyhome has compiled a list of them right here.

HOUSE AND LOT		CONDOMINIUM
For most buyers, a house and lot for sale outside the city is the most viable property option they have for their growing families. Communities outside the metro also offer a complete living experience with amenities and access to malls, parks, hospitals, and recreational spaces.	Location	Condos in Metro Manila allow residents easy access to universities and workplaces. Buyers who want to live in and around business districts should take comfort in condos’ accessibility to commercial areas, transport hubs, and more.
In terms of price and property taxes, house and lots are more expensive. They do, after all, have larger spaces. Buyers can still find units that are a little bit more affordable than some condo developments. These can usually be found in fringe cities or provinces outside Metro Manila.	Price Range	Condominiums are generally more affordable than house and lots. Most condos don’t offer the luxury of space the way a house and lot would. Pre-selling units are even more affordable, as well. Developers and financial institutions also offer buyer-friendly financing options.
Ownership applies to the structural property and the land the house and lot in the Philippines is built on.	Ownership	Buyers have sole ownership of their condominium unit. They do have a shared ownership with the other unit owners in the building and when it comes to amenities and common areas.
A house and lot affords owners more autonomy and privacy. Neighboring units have a sensible amount of distance and have boundaries between one another. In terms of security, most communities have the luxury of having 24/7 security. However, this doesn’t apply to every community. Some house and lot for sale in the Philippines are situated in more open neighborhoods. These communities’ residents are mostly responsible for their homes’ protection, as well as local government policy.	Privacy and Security	Apart from the actual privacy of their units, condo owners share all the amenities and more within the property. Meanwhile, for security, condos are usually stricter. These developments have keycards, 24/7 security, and CCTVs.
More autonomy means that house and lot residents are responsible for their property’s sole maintenance.	Maintenance	Most condominiums for sale in the Philippines have staff, property managers, or condo associations for their building’s maintenance. Of course, that comes with the territory because of those association fees.
Most townships and other gated communities have their own set of recreational amenities.	Amenities and Accessibility	Condominiums for sale are usually equipped with a swimming pool, clubhouse, 24-hour security, basketball court, and the like.
A house for sale in the Philippines often have a larger floor area. Most units also have the option to add more storeys.	Size and Space	Condominiums for sale have a modest floor area to them. At the very least, the upkeep is going to be that much of a hassle.

Of course, we’re always going to have our compromises either way. That’s why it’s best to know what you’re getting into when you buy a home in the Philippines. If you’re still undecided, talk to an Ohmyhome property agent today to get started.

For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.

Invest now at House and Lot for sale in Antipolo

Posted on March 22, 2022April 22, 2022 by Ohmyhome

Situated only 26 kilometers from the east of Metro Manila, Antipolo is often remembered for its churches and cathedrals. It is, after all, widely considered as the “Pilgrimage Capital of the Philippines.” But for property buyers, Antipolo offers so much more. For those looking to buy a house and lot in Rizal, Antipolo offers properties that give residents the best of both the urban and provincial feel. And they come at a comparably more affordable price range, too.

For families who are seeking good value for their money, Antipolo can be a good place for growing families looking for an alternative to the metro. Firstly, it offers recreational spaces and lush greenery that should make for good leisure areas. The cost of living, compared to, let’s say Pasig and Quezon City, is significantly lower, as well.

Its laid-back suburban lifestyle is one of the many reasons end-users want to Invest in a house for sale in Antipolo, too. With scenic mountain views, cool weather, and good infrastructure, families may freely explore the best of the city. Residents can go to and from Metro Manila with ease, either through public or private transportation.

Reside in a house for sale in Antipolo and be surrounded by top universities in Rizal. This includes the University of Rizal, De La Salle-College of Saint Benilde, San Beda University, and Our Lady of Fatima University.

The area also offers some safe, secure communities made for those who want to start their new lives here. Communities like Camella Sierra Metro, for instance, offer families a house and lot for sale in Rizal with unparalleled convenience, recreational spaces, and top-notch amenities.

Located 25 minutes away from the Ortigas Central Business District, the project sits right in the middle of commercial areas, schools, malls, hospitals, and the like. This allows families to live in a house and lot in Rizal that has access to all life’s essentials.

Invest in an Antipolo house and lot for sale here and the children get to grow up in an exclusive community made for family life. Amenities like parks, playgrounds, swimming pools, and more.

Amenities:

Entrance Gate
Park and Playground
Clubhouse With Wifi
Basketball Court
24-Hour Security
Swimming Pool
Function Rooms

This eight-hectare residential development offers a wide range of homes, from starter ones to the more grande units. Choose from spacious three-, four-, or five-bedroom models, ranging from ₱4,648,000 to ₱14,133,000.

Interested in buying a house and lot for sale at Camella Sierra Metro? Book a free consultation with an Ohmyhome property agent today to get started! For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps investors like you, visit Ohmyhome.com or download the official Ohmyhome app.

Invest now at Baras, Rizal’s House and Lot

Posted on March 17, 2022August 2, 2022 by Ohmyhome

Everyone loves the metropolis because it provides urban dwellers with a special kind of accessibility only the metro can afford. But at this point, it does get old. This happens when your goals change, especially when you start thinking about your family’s future.

You start looking at a house and lot elsewhere–somewhere at just the right price point. In particular, those provinces on the outskirts of the metro are looking more promising. A house and lot in Rizal, for instance, can be the ideal alternative just close enough to Quezon City but far enough to truly feel that laid-back lifestyle.

Sure, we hear about Antipolo and Taytay a lot and rightfully so. They’re some of the most dynamic cities in Rizal. But some of the province’s other municipalities offer the same convenience at an even lower price point.

Take Baras and Pililla, for example. Property in these areas get homebuyers green communities filled with wide, open spaces and leisure areas made for the family.

Baras happens to only be an hour’s drive away from Pasig and an hour and a half away from Quezon City. Jeepneys and vans are also available en route to Cubao, Ortigas, and Makati. Buy a house and lot in Baras and residents also get to be in close proximity to the best recreational areas in Rizal. This includes Palo Alto Falls, Kinamatayan Falls, Masungi Georeserve and the iconic Baras Church.

Looking for a house and lot in Rizal? Ohmyhome has a few recommendations.

Where to Look

If you’re looking for a house and lot for sale in Rizal, Bria Homes’ projects in Baras and Pililla might be for you.

A house and lot in Bria Baras offers families a peaceful community space situated in between Morong and Tanay. Convenience and an open environment take center stage at this affordable development. It also helps that this project is just minutes away from SM City Masinag or Sta. Lucia Mall. It provides residents with easy access to all life’s essentials. Property prices here range from ₱845,000 to ₱1,420,000.

Amenities:

Covered Basketball Court
Parks and Playground
Guarded Entrance
Perimeter Fence
Shuttle Service
Commercial Area

Alternatively, buying Rizal real estate at Empresa Homes Pililla is a great option, too. This Bria Homes project offers families another gated community situated near the top schools and roadways. Here, residents get easy access to Metro Manila through the Manila East Road or Marilaque Highway. Respected academic institutions like Hulo Elementary and the University of Rizal System are nearby, as well. A house and lot for sale in Rizal here range from ₱832,000 to ₱1,478,000.

Amenities:

Covered Basketball Court
Parks and Playground
Guarded Entrance
Perimeter Fence
Shuttle Service
Commercial Area

For the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps buyers like you, visit Ohmyhome.com or download the official Ohmyhome app.

Home Loans Offered by Philippine Banks in 2022

Posted on March 14, 2022August 2, 2022 by Ohmyhome

The thought of owning a house and lot of your own is everyone’s dream, but of course we can’t just shell out a significant amount of our savings to do so. That’s why it’s best to know where and how you can finance your home. And it all starts with taking out a home loan. Home loans can be used to facilitate the purchase of a vacant lot, house and lot, townhouse unit, or condominium unit. It can even pay for the construction of your home renovation.

To buy a home in the Philippines, we are first taught to go to Pag-IBIG. We are also told to consider financial institutions and, of course, banks.

Banks, in particular, offer programs that make buying a home in the Philippines a whole lot easier because of flexible financing options for every budget. For this blog, Ohmyhome has gathered some of the best home loans our local banks have to offer. This should help homebuyers like you get a proper comparison of what you can expect from each loan.

Home buying Tips | Financing could be this easy!

Home Loan Terms and Amounts

Remember that when you’re applying for a home loan in the Philippines, you should first check out the loan terms. This gives you a clearer picture of how long you’re going to be paying for your house and lot or condo. In general, longer terms mean smaller monthly payments. But this does mean that you’re going to be paying for a larger total sum.

Extended loan terms, meanwhile, are great for homebuyers who don’t have the kind of financing power for an immediate purchase. Although they expect to earn for the foreseeable future.

Loan terms and amounts vary depending on the bank’s specific qualifications and requirements. Here are some of the varying loan terms you might want to consider.

HOUSING LOAN TERMS AND AMOUNTS


BANK	Maximum loan terms	Minimum loan amount	Maximum loan amount
Asia United Bank (AUB)	20 years	P1,000,000	Maximum loan amount of up to 80% of the appraised value
Banco de Oro (BDO)	10 years (Vacant Lot)	P300,000	70% of the appraised value
15 years (Condo Unit)	P500,000
20 years (House & Lot, Townhouse, Construction)	P500,000	80% of the appraised value
Bank of the Philippine Islands (BPI)	10 years (Vacant Lot, Residential Condominium)	P400,000	60% of the appraised value of the vacant lot or residential condominium
25 years (House and Lot)	70% of the appraised value of house and lotor80% of the appraised value of house & lot not to exceed P5M (provided applicant is employed and purpose is for owner occupancy)
China Bank	10 year (Condominium Unit)15 years (Vacant Lots)25 years (House and Lots)
China Bank Savings	15 years (Condominium or Vacant Residential Lot)25 years (House and Lot, House Construction and Renovation, orPurchase of a Townhouse Unit)
China Trust Bank	20 years	P500,000	P25 Million
EastWest Bank	30 years
HSBC Philippines	20 years	P700,000	P30 Million (Home Equity)
P50 Million (Home Loan)
Land Bank of the Philippines	20 years ✓Provided combined age of principal borrower and loan term shall not exceed 65 years	P500,000	For Private Applicants:The borrowing capacity of the individual borrower and his/her spouse (if applicable) shall be based on the 30% of the verified Gross Monthly Income for private applicants gross monthly income
For Government Employees:The borrowing capacity shall be based on the amount as required by GAA, after housing loan amortization
Maybank	10 years (Home Equity)	P500,000	60% of your home’s appraised value or borrow up to P5 million (whichever is lower)
15 years (Loan Refinancing)	P800,000	70% of the appraised value of your house and lot, townhouse, or condominium (up to 60% for a vacant residential lot)
Borrower’s age plus the term of the loan should not be more than 65 years old once the loan matures (Home Acquisition)	P800,000	80% of the appraised value of your house and lot, a condo, or a townhouse (60% for vacant lots)
Metro Bank	25 years	P500,000
Philippine Bank of Communications (PBCom)	20 years	P500,000	P20 Million
Philippine National Bank (PNB)	10 years (Vacant Lot / Home Improvement) 20 years (House & Lot, Townhouse, Condominium Unit & House Construction)	Within Metro Manila: P750,000 (house & lot/ townhouse/ condominium), P500,000 (vacant lot) Outside Metro Manila: P500,000 (house & lot/ townhouse/ condominium), P200,000 (vacant lot)	The maximum loanable amount shall be the lowest of:Actual Need, Paying capacity (up to 30% of gross monthly income can be used as amortization),or Up to 80% of the appraised value of the property for house & lot, townhouse & condominium,or Up to 60% of the appraised value of the property or lot.
Rizal Commercial Banking Corp. (RCBC)	20 years ✓Employed borrowers must be at most 65 years old upon loan maturity ✓Self-employed borrowers must be at most 70 years old upon loan maturity	P300,000 (Home Renovation) P1,000,000(House and Lot, Vacant Lot, Home Refinancing)
Robinsons Bank	20 years (Locally Employed) 15 years (OFW and Self-employed)		Up to 90% of the total contract price (Accredited Developers) Up to 80%of the appraised value (Non-Accredited Developers)
Security Bank	20 years	P1 Million	Up to 80% of the property’s appraised value
Sterling Bank of Asia	25 years, with borrower’s age upon maturity not exceeding 65	P500,000.00	P10 Million or up to 80% of the property’s appraised value
Union Bank	20 years	P500,000
United Coconut Planters Bank	20 years (Construction and Acquisition of House & Lot, Townhouses and Condominium Units)10 years (Refinancing, Multi-purpose Loans, Vacant Lots)	P500,000	Maximum of 70% of the appraised value for house and lot, townhouses, and condominium unitsMaximum of 60% of the appraised value for a vacant lotMaximum of 80% of the contract price for accredited developers
Veterans Bank	20 years	P375,000	80% of the appraised value of the collateral, 60% on vacant lots
These are indicative figures only and actual interest rates will be the prevailing rates during the time of loan availment.

Interest Rates

The Banko Sentral ng Pilipinas (BSP) heavily impacts home loan interest rates in the Philippines. And as of February 17, 2022, the BSP maintains its key policy interest rate of 2%. The BSP did so to encourage economic activity and empower home purchases.

Nevertheless, rates still differ from bank to bank. Fortunately, most of these institutions offer a fixed interest rate at least in the first year. This protects your loan from market instability and fluctuations.

INTEREST RATES


BANK	Loan Type	Interest Rate (based on Fixing Period)
1 year	2 years	3 years	4 years	5 years	10 years	15 years	20 years	25 years	30 Years
Asia United Bank (AUB)		6.00%		6.50%		7.00%
Banco de Oro (BDO)		6.75%	6.75%	6.75%	7.25%	7.25%
Bank of the Philippine Islands (BPI)		6.25%	6.75%	7.25%	9.50%	10.50%	12.00%
EastWest Bank		5.75%	6.75%	7.25%	7.38%	8.25%	9.75%	9.75%	9.75%
Maybank	Home Equity	8.75%		9.50%		10.75%
Loan Refinancing	6.75%		7.75%		8.75%
Home Acquisition	6.75%		7.75%		7.50%
Security Bank	Regular Home Loan	6.25%		6.75%	7.75%
Home Equity Loan	7.25%	7.75%	8.75%
These are indicative figures only and actual interest rates will be the prevailing rates during the time of loan availment.**For interest rates of banks not listed, the bank must be contacted directly.

*While a painstaking effort has been made to summarize the previously mentioned home loan information, these are based solely on what banks have made available on their official websites. For further detail regarding home loan terms and interest rates, requirements, and qualifications, it is best to inquire directly with the banks or their associated loan officers.

*Sources: aub.com.ph, bdo.com, bpiexpressonline.com, cbs.com.ph, chinabank.ph, ctbcbank.com.ph, eastwestbanker.com, hsbc.com.ph, landbank.com, maybank.om.ph, metrobank.com.ph, pbcom.com.ph, pnb.com.ph, rcbcsavings.com, robinsonsbank.com.ph, securitybank.com, sterlingbankasia.com, unionbankph.com, veteransbank.com.ph

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Invest now in low-cost housing in Taytay Rizal

Posted on March 14, 2022August 2, 2022 by Ohmyhome

It’s easy to see why Rizal is one of the most important property hubs outside Metro Manila. After all, it offers homebuyers a house and lot that offer both modern convenience and the easy-going provincial lifestyle.

In the case of Taytay, the “Garments Capital of the Philippines” is one municipality that home buyers should take a closer look at. It’s one of the richest municipalities in the country and is in close proximity to good schools, malls, transportation networks, and more. So it also offers long-term stability for families looking to settle somewhere where they can still experience the perks of urban life without the high cost of living.

Quezon City is only about an hour away from Taytay via C-5, as well. And once the MRT-4 line has been completed, Taytay should become an even more attractive property investment area for end-users.

As the supposed next “Central Business District of the East,” Taytay has gotten some help from local and foreign investors for its local industries. Taytay now happens to have one of the most dynamic economies in Rizal. Its garment, woodwork, commerce, and I.T. industries are flourishing. According to the 2021 Cities and Municipalities Competitive Index 2020 report, the municipality ranks second in local economy structure, fifth in increase of employment, and 40th in terms of cost of living out of 508 first- and second-class municipalities.

Where to Look

If you are looking to buy a home in the Philippines, condominiums in key locations in Rizal can offer you a stable return on your investment. Start-up families and young professionals should check out these developments.

Sierra Valley Gardens is a large master-planned mixed-use development that is self-sustaining and puts residents in the middle of various lifestyle hubs and commercial areas. This RLC Residences project is tucked within Sierra Valley. It’s only situated a few minutes away from the Ortigas CBD. Buy a condo in Rizal here for only ₱13,022.73 a month.

Amenities:

Kiddie Pool
Lap Pool
Outdoor Play Area
Multi-Purpose Court
Drop Off Area
Lobby Lounge

Charm Residences is certainly another viable option for families who want to buy real estate in Rizal. This pre-selling resort-inspired development is located just beside the Sumulong Highway and provides easy access to establishments like SM Marikina. Buy real estate in Rizal here for ₱11,453.56.

Amenities:

Lobby
Lap Pool
Basketball Court
Jogging Trail
Kiddie Pool
Playground

Meanwhile, The Hives Residences offers units in the same price range. This integrated residential condominium community in Rizal is a first of its kind. This flagship development by PH1 World is located along the main business hub of Rizal and offers a boutique modern living experience made for dynamic singles. Shopping centers and schools like St. Paul Pasig and Assumption Antipolo are within the vicinity, as well. Buy a condo in Rizal here for ₱14,581.76 a month.

Amenities: