List of Very Affordable Housing Loan in the Philippines

Yes, Philippine banks have risen to the opportunities the growing residential property market represents and offer surprisingly easy and flexible terms for home loans. According to data from the Bangko Sentral ng Pilipinas (BSP), demand for real estate loans is growing at a rate of about 20 percent per year. Competition among the banks and stable interest rates being maintained by the BSP are helping to keep interest rates on home loans relatively low, according to analysts, making now an attractive time to consider buying a new home or investing in improvements to existing property.

To help the prospective home buyer or homeowner considering a loan for renovation, refinancing, or equity for other household expenses, we surveyed the basic lending requirements of eight out of the top 10 largest Philippine banks: Banco De Oro (BDO), Metrobank, Bank of the Philippine Islands (BPI), Philippine National Bank (PNB), Security Bank, Rizal Commercial Banking Corporation (RCBC), Chinabank, and Unionbank. Landbank and Development Bank of the Philippines (DBP) are also among the top 10, but these were omitted; Landbank does offer home loans, but under terms that differ somewhat from other commercial banks, and DBP does not offer home loans at all.

All the banks require an application form while BDO, PNB, BPI, Chinabank, and Unionbank also require that a copy of the borrower’s marriage contract, if applicable, be supplied along with the application form and two government-issued IDs. Only BPI, however, clearly states that the application must be signed by a married borrower’s spouse; this may or may not be required by the other banks, depending on the loan being sought.

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