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Is UnionBank Home Loan the Best Choice for Self-Employed?

Filled under: Borrow Lifestyle 
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(Updated May 17, 2017)

A home loan gives a Filipino the easiest way to buy a home despite having constrained savings. We all know that quality homes do not come cheap. It is hard enough to save up for a car, what more for a house and lot or a condo?

With a home loan, the bank will pay for the remaining balance after you took care of the downpayment. Of course you have to repay the bank every month topped with the agreed interest rate. Home loans usually take years. If you are self-employed, can UnionBank Home Loan be convenient for you?

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UnionBank Home Loan Eligibility

UnionBank Home Loan is for Filipinos who are 21 to 70 years old and have been employed as a regular worker. This is also open for foreigners who can provide a Filipino guarantor, provided that they have the legal documents. If you are self-employed, your business must be operating profitably for the last 2 years.

Above all, applicants must have a good credit standing. This means that your credit history must be good enough to make you creditworthy. If you have no credit history, then start building it now before you apply for any major loans in banks.

UnionBank Home Loan Required Documents

As a self-employed who is applying for a housing loan, you need to provide your necessary business registration papers along with your latest 6 months bank statements. The bank needs to know if there is a consistency with your income and if you are able to balance your finances well enough. You also need to submit your financial statements, Income Tax Return and a list of your suppliers and customers.

On the other hand, if you want to use a collateral, you also have to provide the Contract to Sell or Reservation Agreement and statement of account

UnionBank Home Loan Interest Rate 

Since you have your own business, you are not new to interest rates. The longer the term, the higher the interest rate is. While it may seem that the monthly amortization is smaller, you will be surprised how much more you have paid in the end. Choose the right term by considering your current financial responsibilities.

Should you choose a short term, you will have to pay a higher monthly amortization, but you will also settle the loan in a short time. Can you handle the huge monthly chunk off from your income? If you choose a longer term, you will have a hard time getting any other major loan such as a business loan or a car loan.

UnionBank Home Loan Amount and Purpose

You can borrow at least P500, 000 up to up to 90% of the property’s selling price. This will depend on your creditworthiness, the property you want to purchase and the downpayment you want to handle in cash. You can buy a vacant lot, a house, and lot, a residential condominium, or a town house from a long list of most sought after developers.

UnionBank Home Loan Fees and Charges

Make sure to ask about the other fees you have to settle aside from the interest rates. The appraisal fee for properties in Metro Manila is P3, 500. If you are eyeing to buy a property outside the Metro Manila, you have to pay P4, 000.

UnionBank Home Loan Calculator

Home loan calculators are meant to help borrowers to have an idea on how much they have to pay every month based on the chosen loan amount, loan tenure, and interest rate. With this, you can easily see if you can handle to pay the monthly installments at ease.

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UnionBank Home Loan Benefits

Unionbank Home Loan takes at least 5 days before you can get an approval. Compared to other home loans, this is faster. Also, you are allowed to make at least 10% downpayment for certain properties based on your financial capability and the bank’s evaluation.

UnionBank Home Loan Downsides

Unionbank requires the self-employed applicants to provide a list of clients and suppliers. You need to ask their permission if it is fine to share their information with the bank. Here in the Philippines, people are very wary in dealing with banks. Also, Unionbank will check your credit history just like any other prominent banks. If you don’t have a good credit report, then you better build it up first before applying.

On the other hand, if you just need a short-term loan for a minor repair or you just want to buy some new furniture, you can simply get a personal loan at Cash Mart today.

 

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