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peter_pan30peter_pan30 PEx Rookie ⭐
edited August 2019 in Banking and Finance
Is there a financing option to get a housing loan for about 30 yrs or more? I do have a stable job but sadly, I cannot afford the monthly amortization if the loan is only 15-20 yrs. I'm planning to get an Ayala Property, and I don't think they accept Pagibig loans :depressed:
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Comments

  • jazzyjazzy PEx Veteran ⭐⭐
    Do you know any bank that offers a more competitive rates or schemes on housing loan? Ive already inquired on PSBank and Equitable and they both pretty much the same. Though PSBank can extend payment terms upto maximum of 20 yrs.
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  • mac_bolan00mac_bolan00 PEx Veteran ⭐⭐
    all the banks i surveyed have these basic selection criteria for housing loan applicants:

    1. at least two years regular employment (for paid professionals)
    2. proof of income based on last two months' paychecks
    3. monthly amort must not exceed 30% of gross monthly income or 70% of net monthly disposable income
    4. minimum loan size is Php 500,000

    i didn't get figures on interest since these are based on prevailing and not all banks can match the current price leaders.
  • ^^Hi Mac,

    Does the amount of the downpayment say 40% as opposed to 20% lower the mortgage interest?
  • mac_bolan00mac_bolan00 PEx Veteran ⭐⭐
    interest is determined by the length of the term. so i guess the DP affects it indirectly. but a borrower who's willing to DP a large percentage usually does that in order to reduce the monthly amort amount.

    with regard to our housing borrowers who went past due, is not because their monthly payments went in excess of 30% GMI. it's mostly due to shocks such as unemployment or other family problems (health, education).

    very rarely do we have borrowers who agree to a monthly amort well below the 30% GMI mark. the reason: people will always get the best house their money can buy.
  • My sister and I are planning to have our family house redone,
    possibly up to 3 floors wherein one floor will be alloted for
    rental purposes.


    Is it possible for me to make a loan to Pagibig for this purpose?
    She also plans to do the same.

    The lot is titled under our father's name.

    Hoping for your feedback :)
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    I think it is best to ask Pag-Ibig directly. It looks like your situation might fit, but I see some possible complications: 1) there are multiple members availing of a loan secured by the same property; and 2) the property is not owned by the borrowing members.
  • salamat kuya danny !!!
  • Hello! This is from Pagibig website: http://www.pagibigfund.gov.ph/benpro.aspx

    Also kung interesado ka sa home loan you might find it helpful: https://www.facebook.com/loanrangerofficial :)
  • Hi guys! Napadaan lang ulit. Baka makatulong ito sa inyo guys itong loan calculator :) Hihi
    https://www.facebook.com/loanrangerofficial/app_368276549908407
  • bankerIIbankerII PEx Veteran ⭐⭐
    Basic Rule:

    the registered owner shall be the one to mortgage the property to secure any loan obligation.

    no other can.
  • Question lang yung collateral ba eh yung iloloan mo na bahay o dapat may property ka na gagamitin mon pang collateral?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Can be either, if the lender agrees. For most people, the property being acquired/built is also the collateral.
  • KuyaDanny wrote: »
    Can be either, if the lender agrees. For most people, the property being acquired/built is also the collateral.

    Thanks for the quick reply sir, Do banks require 20 percent down payment? Meaning if the property that I like is priced as 1M the bank will just lend me 800k and I need to pay for the remaining 20 percent in cash.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    The bank will generally not lend you the full value of the property. They want you to be on the hook for part of it. Your share is your EQUITY, and 20% is a little generous by market standards. 30% is more like it.
  • bankerIIbankerII PEx Veteran ⭐⭐
    maximum loan/equity ratio is 90:10
    (depends on individual policy)

    If your purpose is for house construction only,
    your land may be considered as part of your equity.

    If your purpose is for lot acquisition AND house construction,
    maximum loan value is as stated above.

    The bank will not allow your house and lot not to be used as collateral for obvious reason under the above circumstances.
  • Hi, tanong lang po. When can I sell the house and lot that I've purchased? Matatapos pa lang ang equity ko, can I sell it even I haven't finished paying the equity yet?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    You can sell your house anytime you want, but your bank will not release the mortgage unless you pay off the entire loan (charges + interest + principal). Very few buyers will be interested in acquiring a property with an existing mortgage, unless you handle the transaction properly.
  • primera_claseprimera_clase PEx Veteran ⭐⭐
    Hi,

    We're also applying for a loan in Metrobank. The TCP of our prospected house is 1.4m and we're set up to pay the 10% DP in full so we could move in ASAP. I'm wondering how does Metrobank process our loan for approval? My savings account has just around 70k on it do you think I will be approved with a loan amount of 1.26m? My ate is my co-borrower so we have a combined monthly income of around 45k.. Thanks.
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