Financing Schemes in Housing Loan
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Choose your Financing OptionsThere are 3 popular financing options here in the Philippines when a buyer/investor would like to loan a certain amount. These are In-house financing, Bank Financing, and Pag-IBIG Financing.
In-house Financing - you get to borrow money (or loan for your balance) "internally" or from the developer itself
Bank Financing - you borrow money from a bank to pay off your balance from the developer
Pag-IBIG Financing - you borrow money from HDMF (given that you are a member) to pay off your balance from the developer
In-house Financing - you get to borrow money (or loan for your balance) "internally" or from the developer itself
- Advantages - easy approval; no or minimal background check; developers are more flexible/easy to talk with when it comes to late payments
- Disadvantages - shorterm term (usually max is 10 years); highest interest rate (can go as high as 21%)
Bank Financing - you borrow money from a bank to pay off your balance from the developer
- Advantages - longer term than in-house financing (can go upto 15 to 20 years in some banks) ; lower interest rate than in-house financing (usually from 9% to 12%)
- Disadvantages - very strict when it comes to approval and late payments (can foreclose your property easily)
Pag-IBIG Financing - you borrow money from HDMF (given that you are a member) to pay off your balance from the developer
- Advantages - longest term offered (upto 30 years max) ; lowest interest rates (as low as 6% to 11.5%)
- Disadvantages - strict when it comes to approval and late payments (can foreclose your property easily)
Who Are Qualified for a Housing Loan?
Must be Filipino citizen.
For OFW, he/she must not working in a war-torn countries.
- Must be presently working.
- Must not be more than 50 yrs.
- Must be 18 yrs. – 50 yrs. old.
- No pending legal cases.
- No problem with marital status.
- No unpaid credit cards or unpaid loan account
For OFW, he/she must not working in a war-torn countries.
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