Welcome back, mga kabahay! Today, I prepared another informative vlog for all you aspiring homeowners out there. Today, we're going to discuss the ins and outs of home loans through bank financing in the Philippines.

Whether you're a first-time homebuyer or looking to upgrade, this video will guide you kung PAANO MAG-APPLY NG HOME LOAN THRU BANK FINANCING.

There are 3 MAIN KEYPOINTS that we will discuss in this video:
1. Definition
2. Eligibility
3. Criteria

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WHAT IS BANK FINANCING?

Before you even think about applying for a home loan, it's crucial to understand kung ano ang ibig sabihin ng Bank Financing and how the whole process works. This is important for first time homebuyers para mawala ang fear/takot ninyo na mangutang in a long term basis.

Bank Financing is the process where a bank lends money to clients in order to purchase a real estate property.

✓ LENDER = BANK
✓ BORROWER = CLIENT/BUYER
✓ COLLATERAL = REAL ESTATE PROPERTY (house, condo, lot, etc.)


WHEN WILL I GET THE ORIGINAL PROPERTY TITLE?

Once you finish paying for your month amortization or once you finish paying your loan with the bank, that’s the time that you can get the original property title from the bank.

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ELIGIBILITY

After you understand the definition of bank financing, the next question is, AM I EILIGIBLE FOR BANK FINANCING? Qualified ba ko or ma-approve ba ako ng home loan?

Let's break down the 5 BORROWER'S ELIGIBILITY para ma-approve for Bank Financing:

1. AGE: Most banks in the Philippines require borrowers to be between 21 and 65 years old at the time of loan maturity.

2. INCOME: You need a stable source of income. Banks usually prefer borrowers with a steady job or business income.

Required Income = Monthly Amortization divided by 30%
2,000,000 x 80% Loanable Amount = P 1,600,000
MA 20yrs to pay = 12,400
Req. Income = 12,400 / 30%
Req. Income = 41,333 (minimum)

3. CREDITWORTHINESS: A good credit score is essential. Banks want to know you're responsible with your finances. Paying bills on time and having a clean credit history can boost your chances.

4. CITIZENSHIP: Typically, only Filipino citizens or dual citizens can apply for home loans. If you're a foreigner, you may have different options.

5. LEGAL CASE: You must not have any ongoing legal case (criminal or civil case) when you apply for home loan. Annulment, child custody, etc. Legal Separation is not accepted as permanent separation of property – only Annulment is accepted.


FOR INQUIRIES, QUOTE OR TO SCHEDULE HOUSE VIEWING
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Contact us now so we can send you the complete information for this property! Plus, let us help you get Pre-qualified on your preferred financing. Click the link below:

SEND INQUIRY HERE 🔗 [ Ссылка ]


THE REAL ESTATE BROKER
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Hi! Welcome to my channel. I'm a licensed real estate broker based in Imus Cavite and thank for watching my vlogs! 😊

LESLIE LAZARTE
Real Estate Broker
PRC License No. 0013570
PRC ID: 19-3177356
PTR: 1515512 valid until Dec. 31, 2022
HLURB DHSUD Reg. No. NCR-B/005031 12/31/22

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