When we want to buy a new car, or do some home improvements such as a new fridge or tv we often need to borrow money, a personal loan might be the best choice.
Personal loans or unsecured loans are different from credit cards and quick loans because they let you borrow a fixed amount of money over a fixed term and sometimes at a fixed interest rate. This makes budgeting much easier and stable.
Housing loan with bad credit
Securing a housing loan when you have bad credit with banks in the Philippines can be a difficult process because banks are very careful about who they lend money to
Home improvement loans
Are you eager to have more space in your home, or perhaps you would like to install a brand new kitchen? It might be worth considering a home improvement project and upgrading
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We find the latest Loans with best interest rates in the Philippines
Browse banks loans and find the right offer for you
Apply for your chosen loan through the desired lender.
Frequently Asked Questions
What is a housing Loan?
A housing loan is a loan from a bank or lender to a person so that they can purchase or build a home. Most people do not have enough capital to purchase a property entirely with their own cash savings, instead people often borrow money from the bank. A housing loan or mortgage loan enables people to purchase a property by lending money to the buyer. The property then serves as security in case of default of payment. If you want to purchase a home in the Philippines you will most likely need a housing loan. First consider how much you can afford to pay each month, this will help you calculate how much you can borrow and what duration. Remember it's always best to repay your debt quickly, the longer you borrow money the more interest you will pay. Banks usually require a 20% deposit (loan to value = ltv) so if you're going to buy a condo or home for 2.5 million pesos the bank will require you make a down payment of 500,000 pesos towards your loan.
How to get a Housing Loan?
To purchase a home first compare housing loan interest rates using the money monster housing loan comparison tool so you can check which bank or lending provider offers the best deal. Once you have found a suitable loan with low interest rates simply click the apply button and begin the application process. Banks will require that you can provide proof of income and that you are within a certain age, usually 21 years old to 65. To ensure your application is approved fast make sure you submit to the bank all the required documents. Approval time will vary but 3-14 days is the common time period.
What types of housing loans are available?
Banks and lending providers in the Philippines offer housing loans or mortgages for several different purposes. Before applying decide what you will be using the money for.
- Buy a Townhouse
- Buy a Condo
- Buy a lot
- Buy a House & lot
- Build a house
- Home improvement and renovations
- Refinance your mortgage or home loan
How do i repay my housing loan?
The schedule of Payments towards your housing loan are always made monthly, known as monthly amortization, the amount will depend on the loan duration for example 1,2,3,5,10,20 years. Each monthly payment towards your debt will include the principle and interest. You can set up a auto payment or pay manually using any of the following methods... at the banks branch, phone banking, internet banking, sending a cheque in the mail.
What is the maximum time for a housing loan?
For many banks the maximum loan time is 25 years, however this depends on the type of housing loan, what type of property you are purchasing, how old you are and the location of the property. When you borrow money remember the longer you borrow the more interest you will pay.
How much income do i need to apply for a housing loan?
30,000 pesos per month minimum is standard. Banks and lenders will look at the combined household income. This means for example if you earn 20,000 pesos per month and your partner earns 10,000 pesos per month you have a combined household income of 30,000 pesos. Usually the minimum income banks will allow is 30,000 pesos. Banks will also want to know about your disposable income to ensure you are able afford the loan repayments.