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Braulio Giron Jr

Braulio Giron Jr

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Similar to earning a college degree, getting married, or having children, buying a home is the mark of an exciting, new chapter in life. However, no matter how “par for the course” homeownership seems, it is something that is easier said than done.

Buying a home is likely the single largest purchase almost anyone can make and, unfortunately, gone are the times when one can buy a home in full with savings alone. Unless you are significantly wealthy with liquid finances, you–like most of us–will likely buy your first home by way of a housing loan. Sadly, also gone are the times when a housing loan in the Philippines covers the entire cost, as a downpayment now is almost always needed as well.

Homeownership is indeed a huge responsibility yet while buying a home is a whole lot more daunting now than in the past, a well-thought-out savings plan can help you still get your dream home.

Establish Your Price Range

When establishing your price range for a home, consider a realistic amount for your current and foreseeable financial situation. By recognizing how much you can afford, you can better establish the rest of your budget, as well as narrow down your home options.

Financial advisors all over the world often recommend a supposed “2.5 rule”, where you multiply your annual net income by 2.5, with the result being what you can theoretically afford. For example, if your net income with your spouse is around Php120,000 per month or Php1.44 million per year, the ideal property for you to purchase can cost as much as Php3.6 million.

Set a Downpayment Goal

Once decided on a price range, it’s time to set a property downpayment goal. A key number to remember? Twenty percent. Twenty percent of the property’s price to be specific.

This is the widely accepted minimum amount downpayment. Of course, you’re not limited to this number, as paying more than a fifth of your chosen home’s price would mean you’ll borrow less to cover the rest and might even get approved for a lower interest rate because of it.

Based on the previously mentioned example, if your family were to buy a Php3.6 million property, the downpayment would likely be Php720,000. This would be repaid on a monthly basis across 12 to 50 months, depending on the developer.

A good way to get a better understanding of what your projected loan, downpayment, and subsequent monthly payments could be is to explore these values by using the online loan calculators by trusted home loan providers like the Bank of the Philippine Islands (BPI).

Cut Down Spending

Like with any attempt at saving money, you can reach your downpayment goal sooner when you cut down on unnecessary spending. This means being mindful of the expenses that you can avoid or don’t need to make, and opting for lower-cost alternatives if possible when you do have to make them.

From foregoing expensive beverages to painstakingly preparing home-cooked meals instead of ordering or dining out, every effort becomes increasingly significant as the savings accumulate.


Read: How to Turn Unnecessary Spending Into Real Estate Investments


Augment Your Income

In this era of numerous digital platforms and solutions, it is a little easier to find ways to augment your income. So whether it’s holding another work-from-home job or two, selling items online, or investing in the money market, or establishing a stock portfolio, there are many ways to expand your wealth and eventually afford your dream home.

When you have disposable income, experts suggest investing is the ideal way to go, as it will allow you to grow the money saved from the different ways you earn. Financial institutions offer different time deposit and investment programs with short terms that can be rolled over several times over, making it ideal for you if you happen to already have a timetable for the purchase of a home. 

Look for the Best Home and Home Loan Options

Your home savings goals become easier to reach when most–if not all–aspects of your property acquisition are in your favor.  It will be important to not feel compelled to take the first supposedly good deal you are presented with and look into as many different property options as possible.

The same can be said about the housing loans you apply for. To better obtain your business, some banks might offer to approve you for a loan amount that is more than what you need. In these instances, don’t get too excited, and stick to your original price range. While being able to buy a costlier place may seem exciting, the novelty will wear off quickly once the bills arrive.

The key is to find a housing loan that not only will help you buy the home you want but also be in terms and with interest rates that are favorable to you.

Knowing how making a downpayment is in itself a large undertaking, BPI offers housing loans that help property seekers successfully acquire their dream homes while giving terms and rates that also favor their financial recovery.

The first bank in both the Philippines and Southeast Asia offers one of the lowest home loan interest rates on the market at 6.25% for a fixed term of one to two years, and one of the longest total terms at 25 years for houses and lots. BPI also offers an exclusive Step Up Pay Plan where the amount of the monthly loan payment is going to be significantly lower than the monthly amortization of a regular BPI housing loan.

Buying a house and lot or condo via Ohmyhome? Connect with an Ohmyhome agent for assistance completing your BPI loan application! 

For convenient access to the latest properties for sale in the Philippines and comprehensive real estate services and information, visit Ohmyhome online or download the Ohmyhome app, today!


Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.

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.

Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.

The company’s Real Estate agents help in the shortlisting of options and provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates. 

Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.
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get an agent

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FOR OFWS

Buy a Property in the Philippines

Come home to the property of your dreams.

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While you’re away, we take care of your property investment.

Buying for Home Ownership

We help OFWs find their forever home.

DO IT YOURSELF​

Prefer to do-it-yourself?

Check out how our platform can help

Browse Resale Listings

Connect with sellers through our app

ARTICLES​

Steps for First Time Buyers

Like any new experience, buying a home for the first time is daunting.

Home Buying for Your Family

Make sure you’ve thought about these things before you decide to buy a house.

Get The E-Book

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get an agent

Sell with an Agent

Dedicated experts at your service

do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Post a Listing for Free

Connect with buyers through our app

Articles

Factors Affecting Home Value

Know the factors that affect property value before you buy a home.

Mistakes to Avoid in Selling

Make sure you’re not committing any of these fairly small, common mistakes.

Passive Income from Real Estate?

Real estate generally appreciates in value and can also be rented out.

Sell Your Property Fast

This is how you can attract more homebuyers.

Get The E-Book

For Tenants

get an agent

Rent with an Agent

Dedicated experts at ayour service

ARTICLES

Renting vs. Owning

Either way, it’s much easier outside Manila.

House or Condo?

Both have advantages and limitations. Everyone has different preferences.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with landlords through the app

For Landlords

get an agent

Lease with an Agent

Dedicated experts at your service

ARTICLES​

Assessing Property Value

Of course, knowing your property’s true value is key to any great investment.

Home Staging Tips

With this checklist, you get a better chance of finding a long-term tenant.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with tenants through the app

Our Properties

By Developer

SMDC

Properties from the good guys.

Robinsons Land

Raise, live, and connect.

Moldex Realty

The gateway to ideal community living.

PIK

Russia and Europe's largest homebuilder

For Ofws

What we do for OFWs

Safely secure your dream home from overseas.

Buying for Homeownership

Connecting you with the top developers nationwide.

Buying for Investment

For a seamless and stress-free property investment.

LOCATION GUIDES​

Life in SYNC is a Life Well Balanced

A good home gives good shelter, but a...

Quezon City Community Guide: Why Invest in Property in ‘QC

Quezon City is the Philippines’ second...

Break from the Metro: Why Buy a 
Home in Antipolo

While some seek their faith in Antipolo...

Buy a Home in Lipa for a Break from the Big City

Lipa continues to emerge as a good...

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Employees sign-up and stay with the...

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With how high property prices are, ho...

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Manila has always been one of the co...

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