INFOGRAPHIC: Comparison of home loans offered by banks

MANILA, Philippines –A booming economy, rising wages, and aggressive property development are expected to further drive consumer spending for houses and condominiums.

Developers are exercising great efforts in promoting and meeting the growing demand for residential properties, but challenges remain as roadblocks to realizing the great potential of the Philippine housing market.

Most Filipinos who have the buying power or are qualified to avail of home loans have limited knowledge on the requirements, processes, terms, and interest rates. There are also a handful of Juans who hold substantial information about loans yet fail to live a debt-free life because of poor financial management.

If you are thinking about applying for a home loan, begin with a personal assessment of your employment, obligations, and lifestyle. By doing so, you will have an overview of your financial capacity to pay the monthly amortization throughout the loan term.

The next step is to understand your qualifications. If you meet the following requirements, then you are qualified to apply for a home loan.

 Your gross monthly income is ₱40,000 and above
 You are of legal age and not more than 65 years old before the maturity of the loan
 You are a regular employee for at least two years or self-employed with a business that has been running for two years
 If you are Filipino working overseas who meets the aforementioned criteria
 If you are a foreigner, you can only apply a home loan for a condo unless you are married to a Filipino or if he/she was previously a Filipino citizen
 Familiarize yourself with the home loan process, necessary documents, interest rate options, loan terms, and some offerings in the country.

Here’s an infographic provided by MoneyMax.ph to quickly guide you on home loan application in the Philippines (Click the infographic to zoom):

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