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Need a Help on your Housing Loan Application

thirdy101thirdy101 Member PEx Rookie ⭐
Applying for a housing loan in a Bank is easy if you have completed all the requirements, but it also can be difficult in some cases.

As a former Bank Employee, i have encountered alot of applications that need special cases for approval. I can help you by giving advise on how to go through with your application and increase your chances to get it approved.

Post to this thread for your questions and I'll answer it.
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Comments

  • aucielauciel JoongBo lover PEx Veteran ⭐⭐
    Hi. Gusto sana naming mag loan sa bank kaso sabi nila pag seaman madalas daw mahirap ma approve or kung minsan mababa lang ang makukuha. Kasi naka pag down na kami sa isang townhouse and yung 80% sana ang i loan namin. Paano ba. Me nakuha na kaming flyers sa mga bank like BDO and HSBC pero yun na nga ang concern ko.
  • yenz96yenz96 Member PExer
    Hi, I'm planning to file a housing loan through bank and they are offering 8.88% for 4-5 years fixed rate approximately how much will be my monthly dues if my loan term is 15 years to pay? ty
  • thirdy101thirdy101 Member PEx Rookie ⭐
    auciel wrote: »
    Hi. Gusto sana naming mag loan sa bank kaso sabi nila pag seaman madalas daw mahirap ma approve or kung minsan mababa lang ang makukuha. Kasi naka pag down na kami sa isang townhouse and yung 80% sana ang i loan namin. Paano ba. Me nakuha na kaming flyers sa mga bank like BDO and HSBC pero yun na nga ang concern ko.

    yes, usually nga mahirap mag-apply ng loan kapag seaman ang applicant. pero may chance naman ma-approve yung loan basta may mga documents kayo to support. 1st, kung wala naman kayo any deliquent record (closed credit card, bad debts, etc) wala dapat kayo i-worry. 2nd, mas maganda kung hawak niyo lahat ng previous employment contracts niyo as well as yung seaman's passbook kasi dadaan kayo sa employment verification kasi important sa bank ang continuous employment. The reason why binabaan ng bank ang loan is because of appraisal value at income capacity. to be honest, bank appraisal mababa talaga and kahit saan bank halos parehas lang sila magbigay ng appraisal value. sa income capacity dapat mataas ang monthly salary, fixed OT, and number of months in service (based sa present contract) para magrant kayo sa gusto niyong loan. ang computation ng bank po jan is (monthly salary plus fixed OT x nos. of months divided by 12 months = annual monthly salary) syempre convert into PESO.

    i also suggest, kung san kayo meron bank deposits doon kayo mag-apply kasi nakakatulong rin kung maganda deposits o ADB ninyo (average daily balance).

    oo nga pala, hingi rin kayo sa bank ng Special Power of Atty (SPA) format nila kasi under OFW po ang seaman.
  • thirdy101thirdy101 Member PEx Rookie ⭐
    yenz96 wrote: »
    Hi, I'm planning to file a housing loan through bank and they are offering 8.88% for 4-5 years fixed rate approximately how much will be my monthly dues if my loan term is 15 years to pay? ty

    hi, magkano po ba inaaplyan niyong loan? di po kasi kita mabibigyan ng estimate figure eh kapag walang principal. anyway, you also ask the bank kung iniincorporate nila sa monthly payment ang MRI because there are some banks who do that. para atleast may idea kayo kung magkano budget niyo for that.
  • ryan_lone04ryan_lone04 Member PExer
    Hi. Meron kaming lot na nabayaran na namin in full recently pero wala pa sa amin ang land title, hindi pa namin alam kung kailan ma release ng developer. Pwede ba akong mag loan (for construction) using the lot as collateral pero wala pa sa amin ang land title? If yes, anong documents ang kailangan nila as replacement?
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Hi. Meron kaming lot na nabayaran na namin in full recently pero wala pa sa amin ang land title, hindi pa namin alam kung kailan ma release ng developer. Pwede ba akong mag loan (for construction) using the lot as collateral pero wala pa sa amin ang land title? If yes, anong documents ang kailangan nila as replacement?

    Yes, pwede naman po i-apply sa bank for house construction kahit di pa naka-transfer sa name niyo yung title. for the mean time, hingi ka muna xerox copy ng owner's duplicate title (under developer's name) for appraisal purposes. magpakita rin po kayo proof na fully paid na rin yung lot (deed of sale, OR, certificate from developer)para di kayo maquestion kung bakit iba pangalan sa title. ito po ang aking suggestion para makapag-start na yung application niyo.

    Pero once may bank approval ka na, be informed na kailangan pa rin i-submit sa Bank yung title na nasa pangalan niyo na. requirement po kasi yun, kailangan po kasi i-annotate ng bank yung mortgage sa title. kaya i-pressure niyo na yung developer para bilisan ang processing ng transfer of title.
  • ryan_lone04ryan_lone04 Member PExer
    thirdy101 wrote: »
    Yes, pwede naman po i-apply sa bank for house construction kahit di pa naka-transfer sa name niyo yung title. for the mean time, hingi ka muna xerox copy ng owner's duplicate title (under developer's name) for appraisal purposes. magpakita rin po kayo proof na fully paid na rin yung lot (deed of sale, OR, certificate from developer)para di kayo maquestion kung bakit iba pangalan sa title. ito po ang aking suggestion para makapag-start na yung application niyo.

    Pero once may bank approval ka na, be informed na kailangan pa rin i-submit sa Bank yung title na nasa pangalan niyo na. requirement po kasi yun, kailangan po kasi i-annotate ng bank yung mortgage sa title. kaya i-pressure niyo na yung developer para bilisan ang processing ng transfer of title.

    Salamat sa pagsagot! So ibig sabihin pwedeng i approve lang yung loan ko pero wala pa rin i release na pera for construction ang bangko hangang hindi ko naibigay yung land title in my name?
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Salamat sa pagsagot! So ibig sabihin pwedeng i approve lang yung loan ko pero wala pa rin i release na pera for construction ang bangko hangang hindi ko naibigay yung land title in my name?

    yes. basta sabihin mo lang sa bangko yung situation mo para atleast isasama nila yan sa approval.
  • Hi thirdy,

    may current loan ako sa bank. I still have 2 years to go. Bale lupa ito na binabayaran ko. Gusto ko ng magpatayo sana ng house. Sabi ng bank eh pwede naman daw i-top up ang loan. Pero ang gusto ko sana eh 100% house construction loan. Pwede daw yun pero mas maganda kung bayaran ko daw muna yung existing loan ko para maapprove daw ang 100%. Ang tanong ko, gaano dapat kalaki ang sweldo ng applicant para ma approve ng 100%. Good credit naman ako at nurse ako dito overseas. I can say na capable naman ako magbayad. Gusto ko lang kasi mapagawa na house agad kasi umaandar ang taon. Malaki ba chance na maapprove ng 100% for house construction?
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Hi thirdy,

    may current loan ako sa bank. I still have 2 years to go. Bale lupa ito na binabayaran ko. Gusto ko ng magpatayo sana ng house. Sabi ng bank eh pwede naman daw i-top up ang loan. Pero ang gusto ko sana eh 100% house construction loan. Pwede daw yun pero mas maganda kung bayaran ko daw muna yung existing loan ko para maapprove daw ang 100%. Ang tanong ko, gaano dapat kalaki ang sweldo ng applicant para ma approve ng 100%. Good credit naman ako at nurse ako dito overseas. I can say na capable naman ako magbayad. Gusto ko lang kasi mapagawa na house agad kasi umaandar ang taon. Malaki ba chance na maapprove ng 100% for house construction?

    Hi pinayluv2travel,

    please give me your email address para send ko sayo yung calculator na ginawa ko para mas madali mong malaman kung kaya ba ng current salary niyo para sa loan amount na gusto niyo.

    also, ang house construction loan kasi binebase yung loan amount depende rin sa binigay niyong cost estimates. usually 70% of cost estimates ang pinapaloan sa inyo. sa tingin ko kaya sinabi sa inyo ng bank na pwede kayo magloan ng 100% (if fully paid ang lot) para makita na capable kayo magbayad. plus point kasi rin yung nakikita nila nag-aadvance payment ka or full payment.

    btw, if you're planning to pay-off your existing loan asked the bank kung meron sila prepayment penalty. may mga ibang bank kasi na nagchacharge nun if not fully paid on anniversary date (date kung kelan narelease ang loan mo, in short parang birthday)

    again please send me your email para send ko calculator. thanks
  • tubong_batasantubong_batasan JustMyOpinion PEx Influencer ⭐⭐⭐
    Pa join sa discussion.

    Parang kailangan naming magloan ng 2.8M sa bank para sa housing.
    Basa sa website ng PAG-IBIG, 39,366.72 ang monthly for 10 years, excluding MRI and fire insurance.

    Kung sa bank, magkano kaya aabutin?

    Anong advantage at disadvantage ng loan thru bank sa loan thru PAG-IBIG?
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Pa join sa discussion.

    Parang kailangan naming magloan ng 2.8M sa bank para sa housing.
    Basa sa website ng PAG-IBIG, 39,366.72 ang monthly for 10 years, excluding MRI and fire insurance.

    Kung sa bank, magkano kaya aabutin?

    Anong advantage at disadvantage ng loan thru bank sa loan thru PAG-IBIG?

    Hi,

    Honestly speaking sa PAGIBIG po kasi more on socialized / low cost housing sila. ang interest rate magdedepende sa loan amount na hihiramin ninyo. sa computation of amortization ninyo na 39,366.72 is based on 11.50% interest rate. pero kung 400K below ang loan nasa 6% or 7% ang interest (check pag-ibig for their present rates). in short mura ang interest kapag maliit lang ang hinihiram.

    Sa bank po kasi, depende sa fixing of interest ang gusto ninyo regardless kung magkano loan amount. nasa 9-9.5% fixed for 1 year ang rates ng mga banks ngayon. check niyo po websites ng bank for their rates ngayon para mas accurate.

    Karamihan ng banks minimum of P500,000 ang pwede niyo i-loan. sa pag-ibig kung hindi ako nagkakamali parang 100K po ata minimum.

    In terms of documentation, halos parehas lang ang hinihingi.
  • gabriel_14gabriel_14 Member PExer
    Hi!

    Question lang po, may existing housing loan po ako sa Pag-Ibig and balak ko na po sanang ipagawa na yung bahay. Ang tanong ko po, pwede po ba akong magapply ng housing loan sa bangko for renovation or sa pag-ibig ko din po iaapply ulit un? Mga magkano po kaya ang pwedeng iloan for home improvement?

    Salamat!
  • YoyomasterpupsYoyomasterpups Member PExer
    Hi Thirdy,

    My home loan application for both BDO and UCPB were approved. I need help on choosing which would be the best for me:

    Loanable amount: 2.5M

    BDO - 6% fixed for 1 year. Term is 15 years. Year 1 monthly is 21.5K.

    UCPB - 7.25% fixed for 2 years. Term is 20 years. Year 1 & 2 monthly is 20K.

    Offhand, it seems like BDO is the better choice because in the long term, mas mura lumalabas dahil 15yrs lang yung term. But what is important to me now eh yung first few years of payment dapat mababa cos me and my husband are just starting out.

    My worry is if I choose BDO, pano kung sobrang tumaas naman on the 2nd year yung rate? At least with UCPB, fixed na upto 2 yrs, hindi na ko kakabahan. But then again, sabi ng officemate ko yung sa BDO hindi **** daw tumataas ng sobrang taas yun. tumaas man mga 7-8% lang. yung car loan nga daw nya bumaba ang rate eh.

    Is this true? It's ok kung tumaas ng 7-8% yung sa BDO at least nakatipid na ko on the 1st year kasi 6% lang. What do you think??
  • thirdy101thirdy101 Member PEx Rookie ⭐
    gabriel_14 wrote: »
    Hi!

    Question lang po, may existing housing loan po ako sa Pag-Ibig and balak ko na po sanang ipagawa na yung bahay. Ang tanong ko po, pwede po ba akong magapply ng housing loan sa bangko for renovation or sa pag-ibig ko din po iaapply ulit un? Mga magkano po kaya ang pwedeng iloan for home improvement?

    Salamat!

    Hi, sorry for the late response. anyway, i suggest na i-apply niyo sa pag-ibig yung loan for home improvement kasi in the first place dun nakamortgage ang bahay. kung -iaapply niyo sa bangko mas magiging magastos dahil may loan take-out pa na mangyayari at magbabayad uli kayo ng panibagong mortgage fees. mukhang minor renovations lang naman yata ang pagagawa ninyo kaya mas ok kung sa pag-ibig nalang.

    usually for home improvement humihingi ng house plan at cost estimates para makita kung magkano aabutin ang gastos. based po doon, 70% ang pwede pa-loan sa inyo.
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Hi Thirdy,

    My home loan application for both BDO and UCPB were approved. I need help on choosing which would be the best for me:

    Loanable amount: 2.5M

    BDO - 6% fixed for 1 year. Term is 15 years. Year 1 monthly is 21.5K.

    UCPB - 7.25% fixed for 2 years. Term is 20 years. Year 1 & 2 monthly is 20K.

    Offhand, it seems like BDO is the better choice because in the long term, mas mura lumalabas dahil 15yrs lang yung term. But what is important to me now eh yung first few years of payment dapat mababa cos me and my husband are just starting out.

    My worry is if I choose BDO, pano kung sobrang tumaas naman on the 2nd year yung rate? At least with UCPB, fixed na upto 2 yrs, hindi na ko kakabahan. But then again, sabi ng officemate ko yung sa BDO hindi **** daw tumataas ng sobrang taas yun. tumaas man mga 7-8% lang. yung car loan nga daw nya bumaba ang rate eh.

    Is this true? It's ok kung tumaas ng 7-8% yung sa BDO at least nakatipid na ko on the 1st year kasi 6% lang. What do you think??

    Hi,

    in my opinion mas okay if you choose BDO. kasi sa totoo lang di naman ganun kataas ang increase ng mga rates come next year. usually mga 0.5-1% ang increase kung meron. okay nga ang naging rate mo kasi 6% lang, ang baba na nun. pero be prepared na dahil fixed for 1 year yung rate, yearly ang repricing rate mo at depende sa magiging rate for the next 15 years.

    katulad nga nung nabaggit mo, since nagsisimula palang kayo kelangan mababa muna mga gastusin para tipid muna. madali lang kasi kung interest rate mo is fixed for 15 years para wala nang hassle mag-isip kung tataas o hindi ang amortization mo. pero ang mahirap rin po jan mataas rin po ang rate.

    tip lang po, always prepare extra money for your MRI and Fire Insurance Fees kasi yearly po yan.:)
  • purplemommypurplemommy Member PExer
    @Yoyomasterpups, tanong ko lang, gaano katagal ang processing sa BDO from the time na nagsubmit ka ng complete requirements? marami kasi akong nababasa na ang tagal daw ng processing sa BDO eh

    @thirdy101, please advise naman po which bank to choose pa... currently in process ang transfer ng title ng lot sa pangalan namin ng husband ko, I have the complete house plan and bill of materials with me already at pwede na akong mag-submit sa banks for loan application. since concern ko din ang appraisal fee, i plan to submit to 2 banks lang sana, one for sure is Chinabank... naghahanap pa ako ng isa pang bank na mabilis mag-approve, maliit ang interest rate and mahaba ang term. please recommend one po, and it would really help if you could recommend a contact person para mabilis po. gusto ko sana simultaneous lahat ang processing eh (transfer of title and loan application).

    thanks!
  • thirdy101thirdy101 Member PEx Rookie ⭐
    @Yoyomasterpups, tanong ko lang, gaano katagal ang processing sa BDO from the time na nagsubmit ka ng complete requirements? marami kasi akong nababasa na ang tagal daw ng processing sa BDO eh

    @thirdy101, please advise naman po which bank to choose pa... currently in process ang transfer ng title ng lot sa pangalan namin ng husband ko, I have the complete house plan and bill of materials with me already at pwede na akong mag-submit sa banks for loan application. since concern ko din ang appraisal fee, i plan to submit to 2 banks lang sana, one for sure is Chinabank... naghahanap pa ako ng isa pang bank na mabilis mag-approve, maliit ang interest rate and mahaba ang term. please recommend one po, and it would really help if you could recommend a contact person para mabilis po. gusto ko sana simultaneous lahat ang processing eh (transfer of title and loan application).

    thanks!

    Hi purplemommy, i suggest try to apply at PSBank kasi they also offer low rates and give fast approval. I'm sorry pero wala po kasi akong kilala sa PSbank na humahawak ng home loan. try to call their customer service at 944-1595
  • thirdy101thirdy101 Member PEx Rookie ⭐
    Hi Guys!

    There's gonna be a Buyer's Night for Avida Towers Centera on May 14, Saturday at Shakey's El Pueblo, Ortigas Center (back of SM Megamall and near Metrobank). Program will start at 4pm and ends at around 8pm.

    No Entrance Fees! FREE DINNER!

    For Reservations or Inquiries, please contact me at 09175875205.

    See You There!
  • aucielauciel JoongBo lover PEx Veteran ⭐⭐
    hello, sent you a message. can you please answer on what can I do re the housing loan T_T ( disapproved)

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