Options for Home Loans in the Philippines

If you are planning on financing or renovating your own home, but is short on the money to meet the costs, be sure that there are plenty of available options which will suffice your need. The terms and repayment rates for home loans usually vary and depend on the purpose of the loan and the duration of loan repayment, but to give you an idea of your options, there are at least two companies that are providing loan services for home financing; HSBC and Banco de Oro. The following is a brief detailing of what they offer home loan applicants.

HSBC's home loan program offers loan amounts from Php 700,000 for home loans, and Php 500,000 for home improvement loans, and the repayment terms are flexible; you also have the option of repaying the loan either on fortnights or on a monthly basis, as long as you meet these basic requirements: you must be a current resident of the Philippines; you have a minimum annual income of Php 600,000; and you are above 25 years old. HSBC offers appraisal of loan prequalification application within three workdays after submission. Perk services include a free counseling on professional loans, through a simulated home appraisal program which is available online.

Banco de Oro's Super Value Home Loan program offers fixed interest rates of up to five years on an approved applicant's current home loan rate. Approval of loan applications with minimum amounts of Php 500,000 are determined after or within an appraisal period of ten days, and the funds which come from the loan may be used for a variety of available purposes. Payment terms vary, from twenty years for townhouse homes, to ten years for vacant lots. Eligibility for the loan necessitates that you have a minimum monthly income of Php 50,000, you are either Filipino, or are Filipino married to a foreigner, or is currently carrying a dual citizenship.