Are you dreaming of finally owning your own home in 2024? With the right Philippine home financing, your dream can become a reality.
I understand that saving enough money can be challenging, so opting for one of those 2024 home loans in the Philippines is a smart move. Banks provide flexible programs, making home buying more attainable for every budget.
When applying, first check the loan terms to determine the duration over which you’ll be paying for the house or condo. Longer terms generally result in smaller monthly payments but higher overall costs.
Home Loan Terms and Amounts
As an example, 30-year 2024 condo loans in the Philippines allow for purchasing now while gradually paying over time. This option is suitable if you anticipate income growth in the future to manage potentially high mortgage rates.
Amounts, terms, rates, and qualifications differ across banks depending on income, debt, credit history, etc. However, given the rising rates, adjustable loan term lengths help control costs.
I would compare multiple bank loan offers, considering housing loan terms and conditions across different terms. This process aims to pinpoint the most suitable 2024 home buying loan for your situation.
HOUSING LOAN TERMS AND AMOUNTS
| BANK | Maximum loan terms | Minimum loan amount | Maximum loan amount |
| Asia United Bank (AUB) | 20 years | P1,000,000 | Maximum loan amount of up to 80% of the appraised value |
| Banco de Oro (BDO) | 20 years | P500,000 | 80% of the appraised value (Purchase of House and Lot, Condominium, or Townhouse) |
| Bank of the Philippine Islands (BPI) | 10 years | P400,000 | 80% of the appraised value of the vacant lot or residential condominium |
| China Bank | 25 years | P500,000 | 80% of property’s appraised value |
| China Bank Savings | 25 years | P1,000,000 | P10 Million |
| China Trust Bank | 20 years | P500,000 | P25 Million (House & Lot, Condominium Unit, Townhouse, Lot Only (for future construction of primary home), Lot with house construction) |
| EastWest Bank | 30 years | P500,000 | P10 Million or up to 80% of the property’s appraised value (House & Lot, Condominium, House Construction, Purchase of Lot, Refinancing, House Renovation or Expansion, Reimbursement) |
| HSBC Philippines | 20 years | P700,000 | P50,000,000 or 70% of your property’s current value |
| Land Bank of the Philippines | 20 years | P500,000 | For Private Applicants:The borrowing capacity of the individual borrower and his/her spouse (if applicable) shall be based on the 30% of the verified Gross Monthly Income for private applicants gross monthly income For Government Employees: The borrowing capacity shall be based on the amount as required by GAA, after housing loan amortization |
| Maybank | 10 years (Home Equity) | P500,000 | 70% of your home’s appraised value or borrow up to P5 million (whichever is lower) |
| Metrobank | 25 years | P500,000 | 80% of the appraised value of your house and lot, a condo, or a townhouse 60% for vacant lots |
| Philippine Bank of Communications (PBCom) | 20 years | P500,000 | P20 Million |
| Philippine National Bank (PNB) | 20 years | P200,000 | 80% of property’s appraised value |
| Rizal Commercial Banking Corp. (RCBC) | 20 years | P300,000 | 80% of property’s appraised value |
| Robinsons Bank | Up to 90% of total contract price (Accredited Developers) Up to 80% of appraised value (Non-Accredited Developers) | ||
| Security Bank | 20 years | P1 Million | 80% of property’s appraised value |
| Sterling Bank of Asia | 25 years | P500,000 | P10 Million or up to 80% of the property’s appraised value |
| Union Bank | 20 years | P500,000 | 90% of the appraised value of the collateral |
| United Coconut Planters Bank (UCPB) | 20 years | P500,000 | 80% of appraised value of property being mortgaged 70% of appraised value of property being mortgaged for multi-puprose loan |
| Veterans Bank | 20 years | P375,000 | 80% of appraised value of the collateral Up to 60% on vacant lots |
| Welcome Bank Condominium | 10 years | P1 Million | P20 Million or up to 80% of the property’s appraised value |
Interest Rates
Rates have increased with the BSP key rate at 6.5% in January 2024, making borrowing and mortgages more expensive. However, higher rates can encourage long-term economic expansion.
Even with high mortgage rates in 2024, a longer loan tenure suits Filipino home buyers lacking instant purchase capacity but expecting future earnings growth. Checking market predictions helps strategize timing.
INTEREST RATE (Based on Fixing Period)
| BANK | 1 year | 2 years | 3 years | 4 years | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years |
| AUB | 7.00% | 8.00% | 8.25% | |||||||
| BDO | 7.00% | 7.75% | 8.25% | |||||||
| BPI | 7.00% | 7.25% | 7.75% | 8.00% | 8.25% | 10.25% | 10.50% | 12.00% | ||
| China Bank | 7.50% | 7.50% | 7.50% | 8.00% | 8.00% | |||||
| EastWest Bank | 5.50% | 6.25% | 6.25% | 6.75% | 8.50% | |||||
| HSBC Philippines | 6.15% | 7.67% | 8.04% | 8.78% | ||||||
| Maybank | 6.75% | 7.25% | 7.50% | |||||||
| Metrobank | 7.00% | 7.25% | 7.75% | 8.00% | 8.25% | |||||
| PBCom | 9.25% | 10.50% | ||||||||
| PNB | 6.40% | |||||||||
| RCBC | 5.25% | 5.25% | 5.25% | 6.25% | 6.25% | |||||
| Robinsons Bank | 7.00% | 7.25% | 7.75% | 8.25% | 8.25% | 9.25% | 10.00% | |||
| Security Bank | 7.00% | 7.25% | 7.75% | |||||||
| UCPB | 5.25% | 6.25% | 6.75% | |||||||
| Veterans Bank | 7.25% | 7.75% | 7.75% | 8.25% | 8.25% |
*While a painstaking effort has been made to summarize the previously mentioned home loan information, these are based solely on what banks have made available on their official websites. For further detail regarding home loan terms and interest rates, requirements, and qualifications, it is best to inquire directly with the banks or their associated loan officers.
*Sources: aub.com.ph, bdo.com, bpiexpressonline.com, cbs.com.ph, chinabank.ph, ctbcbank.com.ph, eastwestbanker.com, hsbc.com.ph, landbank.com, maybank.om.ph, metrobank.com.ph, pbcom.com.ph, pnb.com.ph, rcbcsavings.com, robinsonsbank.com.ph, securitybank.com, sterlingbankasia.com, unionbankph.com, veteransbank.com.ph, welcomebank.com.ph
If you need help with financing, get in touch with an Ohmyhome real estate agent today to get started. For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps buyers like you, visit Ohmyhome.com or download the official Ohmyhome app.
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Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
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