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Are PSBank Home Loan Products your Most Practical Options?

When you finally found the home you want to call your own, the next thing you have to look for is a fitting housing loan.
With a lot of housing loan from various banks and lending institutions, will the PSBank Home Loan be the most flexible one for you? Do you think you can pass all the PSBank Housing Loan requirements? 

PSBank Home Loan

PSBank offers three types of home loan packages to their clients. A term loan with a specific term and a home credit line can be used for renovation and refinancing. Also, there is a home construction loan that you can use to build your home.
These three may help you achieve your dream home. However, choosing one will depend on your purpose, need, and ability to handle the loan. As you might have known by now, finding a comfortable house of your own is as important as finding the best way to finance it.
When we say financing your home or paying for it, we do not only mean borrowing enough money to purchase the house. What we mean is there are other fees you must consider aside from the house’s price.

Are PSBank Home Loan Products your Most Practical Options?

Let’s take a look at PSBank Home Loan Fees and Charges.

Here is a list of expenses you need to include in your budget for your home purchase. 

Appraisal Fee

PhP3,500 per title

Since you are using the home as your collateral, it is only natural that the bank will want it to be appraised by a professional. You may produce documents on how much of could cost. But there is no way around this fee. Thus, there is an appraisal fee that you have to shoulder.

PSBank Home Loan Processing fee

Fixed fee of PhP4,000 or P5,000 depending on the package

Why is a processing fee if the bank already charges you an interest rate? The processing fee is the fee used by the bank to cover administrative expenses. This is a fixed rate no matter how much you are borrowing.

Documentary Stamp Tax for PSBank Home Loan

P1 for every PhP200 and a fraction thereof

P1 per P200 of the loan! Imagine how much that could be in total if you are borrowing a million pesos. The documentary stamps are the stamps you’ll see in your legal papers.

Credit Life Insurance and Fire Insurance/ Contractor’s All-Risk Insurance

PSBank has yet to disclose its amount. It may depend on your home’s appraised value or other factors.

Late Payment Penalty 

3% per month or a fraction thereof shall be added to each unpaid installment from its due date until fully paid.

Late payment fee is totally avoidable. If you think you will not be able to pay up on time, call the PSBank where you got your loan. Never avoid the bank as it may cause the worst problems.

Attorney’s Fee and Liquidated Damages

25% of all unsettled amounts (but not less than PhP5,000). Also, the further sum of 10% (but not less than PhP1,000) as liquidated damages

Do you keep missing your payment and cannot settle an agreement with the bank? Then, how will you settle your loan in an alternative way? Therefore, legal actions will be commenced against you.
No matter how much the back spends, the fee is fixed. The 25% of the unsettled amount plus the 10% as liquidated damages is a serious matter. Plus, it can drown you in debt. This is why we encouraged you to settle an agreement with the bank. Most importantly, you should not think you cannot repay the loan.

PSBank Home Loan ATM Service

P20.00 fee per transaction

Every time you access your credit line.

  • Request for Checkbook – P165 per checkbook ( for credit line access)
  • Credit Line Renewal Fee – An annual fee of PhP2,000
  • Miscellaneous Fees – Service providers’ fees + notarial fee of PhP500

If you are looking for a loan for a minor renovation costing less than P500,000, this is not your housing loan. You can find more convenient housing loans if you take your time researching. 

Moreover, you can save yourself from borrowing an insufficient PSBank Housing Loan. How? By making use of the PSBank Home Loan Calculator. Enter all the needed figures to estimate the expenses you’ll need. But still, don’t forget to check if you qualify for the loan. Review the PSBank Home Loan requirements.
On the other hand, if you just want a loan for minor home repair or for additional furniture, you can easily get an online loan from Cash Mart.