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?
PSBank Home Loan
PSbank offers three types of home loan packages to their clients. there is a term loan with a specific term and a home credit line which can be used for renovation and refinancing. There is also a home construction loan which you can use to build your home.
These three may help you achieve your dream home but 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 that you borrow money enough to purchase the house. What we mean is there are other fees you have to consider aside from the house’s price itself.
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Let’s take a look at PSBank Home Loan Fees and Charges.
- 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 which you have to shoulder.
- Processing fee – Fixed fee of PhP4,000 or P5,000 depending on the package
Why is there a processing fee if the bank is already charging you with an interest rate? 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 – 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 as 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 on 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 worst problems.
- Attorney’s Fee and Liquidated Damages- 25% of all unsettled amount (but not less than PhP5,000) and the further sum of 10% (but not less than PhP1,000) as liquidated damages
If you keep on missing your payment and you are unable to settle an agreement with the bank on how you will settle your loan in an alternative way, then 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 and can drown you into debts. This is the reason we encouraged you to settle an agreement with the bank should you think that you cannot pay up the 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, then this is not the housing loan for you. You can find more convenient housing loans if you take your time researching.On the other hand,
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.