Housing Loan Guide in the Philippines
Housing Loan Guide in the Philippines Owning a home is every Filipino’s dream. It is the ultimate security blanket. However, not all Filipinos are capable of a one-off payment. Most people resort to obtaining a housing loan since it is the only way to get hold of their dream home. A housing loan is 100% okay, but you need to understand the process before you dive right into it. This housing loan guide in the Philippines tackles what every future homeowner needs to know. What is a housing loan? A housing loan is a financial instrument used to fund any or a combination of the following purposes: • Purchase of a residential house and lot or townhouse • Purchase of a condominium unit • Purchase of a fully developed lot • Home improvement • Renovation of an existing residential property • Refinancing of an existing home loan Who are eligible to apply? Several factors affect the eligibility of a borrower including qualifications, income, age, credit standing, and employment. ...