Some people are lucky enough to be able to purchase a house outright. The vast majority of us, however, need a little help in financing our home purchase.
The good news is that there are many options available to would-be homeowners. Find out which one is right for you!
If you have good credit, you can get very favorable interest rates on your home loan
If you have a solid credit history, a bank loan might just be your best bet. Your good credit standing will usually net you favorable interest rates, which can save you thousands of pesos over the term of your loan.
Please note that banks require a collateral to serve as a guarantee against the loan—in this case, that would be the title to the house itself.
NOTE: The figures and requirements given below are just indicative—please get in touch with your chosen bank for exact details.
Loan Amount: Minimum of P300,000 and up to 90% of the total property value
Loan Term: 5-20 years
Interest Rate: 4.9%-8% per annum
Again, different banks will have different documentary requirements, but most will ask for the following:
Pag-IBIG is currently the biggest home lender in the country with over 13 million clients
Those who want a longer payment period for their mortgage should take a look at Pag-IBIG Housing Loans, which are payable for up to 30 years.
Loan Amount: Up to P6,000,000
Loan Term: 1-30 Years
Interest Rate: 5.5%-10% per annum
Nurtura Land and Home now offers in-house financing for Narra Park Residences
Want hassle-free approval for your home financing? Consider getting in-house financing directly from the real estate developer instead. In this arrangement, you won’t need to rely on third-party institutions or comply with stringent application requirements.
For a limited time only, Nurtura Land & Home will offer in-house financing for Narra Park Residences through its Home Ownership Made Easier (H.O.M.E.) Loan. This promo is open to all house and lot units in Narra Park Residences, except for units in Block 2 and all bundled lots. Check out the details below:
Loan Amount: Up to 95% of the total property value
Loan Term: 5-10 years
Interest Rate: 8-10% per annum
All applicants are required to submit the following:
Before we close this piece, here’s a few tips that will help you get approved for a home loan:
Prepare the down payment
Homebuyers typically shell out a 10%-25% down payment on the property’s total contract price, then make up the difference through home financing options. Having the down payment ready demonstrates your financial capacity to lenders and makes you more likely to be approved for a loan.
Ready all your documents
Countless financing applications have been rejected not because of the lack of financial capacity but due to incomplete paperwork. Before submitting your application, make sure that all documentary requirements are in order—it can save you months of back-and-forth with the lender.
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