Is RCBC Housing Loan Perfect for New Homebuyers?
When you finally decide to buy the very first house you want to own, your head will be filled with many questions about the house. How many rooms do you want? Do you need a big lawn? Would a bungalow just fit your future plans for your family? However, what you must consider first is your housing loan.
A lot of Filipinos can’t buy a house with a huge chunk of cash. Though it is the best option, many just don’t have the money to pay out their homes in just one go. For some, especially since there will surely be cash separation anxiety. Banks have long realized that Filipinos need an option that gives them a chance to afford a home little by little. Thus, housing loans have become popular or not competitive in recent years. One of your best best is RCBC Housing Loan.
RCBC Home Loan Eligibility
RCBC Housing Loan is offered to Filipinos 21 to 65 years old. Those who have changed their nationalities can also be eligible for this housing loan. However, they are subject to the following Batas Pambansa Blg. 185 and Republic Act 8179. This means that former Filipinos by birth but have sworn to become citizens of another country can only acquire residential urban land up to 1,000 sq. meters. They can own residential land in rural areas but only up to one hectare. Foreign nationals married to Filipino citizens can only purchase condominium units.
Required Documents For RCBC Housing Loan
You must be employed for a year as a permanent employee to qualify for the loan. Present your COE, government IDs, proof of tax payment, vicinity map of the property, and residence certificate. Also, you need to provide Building Plans and a Bill of Materials if you plan to use the loan for construction. OFWs must have been working for two years abroad.
If you are an entrepreneur, your business must have been profitable for the last two years. Provide a copy of your ITR for the last two years, bank statements for six months, financial statement for two years, business permits and registration, company profile, property documents, and your list of suppliers and customers.
As you go shopping for a lot, home or condo, ask for the loanable amount you can borrow. RCBC Savings Bank has a minimum loan amount of P300, 000 up to 70% to 80% of the property you are considering since it will be used as collateral. The bank will evaluate your financial capability to pay and your character as a borrower by pulling out your credit report from credit information institutions such as Credit Information Corporation and Credit Management Association of the Philippines Inc.
In addition, you may use an RCBC Home Loan calculator to foresee the estimated loan cash you can borrow. If you can visualize it as early as now, you can definitely manage the payment in the future.
Why apply for Home Loan RCBC?
With RCBC Housing Loan, you can buy a lot, a house and lot, a townhouse, or a condominium unit. You can have your existing house renovated, have a new house constructed, and reimburse the money you have used to pay for the property. Unlike most banks, the RCBC Savings Bank allows you to use this loan to pay off an existing housing loan if you think it can give you financial ease.
Alongside the property’s purchase price, you also have to pay for the Mortgage Redemption Insurance offered by SunlifeGREPA Financial and the Fire Insurance of Malayan Insurance Company. This is to ensure that the bank will still get paid if you pass away before the maturity of the loan.
Benefits of RCBC Housing Loan
RCBC Savings Bank offers MYHOME BUDGETER LOAN and HOME BUDGETER PLUS LOAN for Filipinos with existing homes or real estate properties. They can use their properties as collateral to get a higher loan than unsecured personal loans. They can use the loan for debt consolidation, tuition fees, travel, and other purposes.
The minimum loanable amount is P300, 000, this is lower compared to most housing loans offered by banks in the Philippines. This means you can apply for this loan even if you just want a simple home renovation or repair.
Downsides of RCBC Housing Loan
However, you have another thing to consider as good as it sounds. RCBC Savings bank only finances properties within the service areas of RCBC and RSB branches. If you are looking forward to buying a home or land in a province that does not have either RCBR or RSB nearby, then you would have to consider another housing loan provider.
Another downside is that you have to divulge your list of suppliers and customers if you are self-employed. Most customers are not comfortable when any of their information is being shared with a third party. Also, some suppliers may be keen when dealing with a person who has outstanding debt.
If this is your first time getting a home with a housing loan, take time to shop around for other loans that may best suit your needs and lifestyle. Make sure that you understand all the terms. Also, you know all the fees you have to pay. Know which one is a responsible lender to protect the future of your finances.