Am I eligible for a Metrobank Home Loan?
To qualify, borrower must be:
• At least 21 yrs old at loan application and not older than 65 yrs old upon loan
Maturity
• A Filipino citizen or foreigner with permanent resident visa for the Philippine
• If based in the Philippines:
• A self-employed or fixed income earner
• Employed for at least 2 years with current employer
• Earning at least Php 30,000 for self-employed individuals, or have the same
Gross Monthly Family Income (GMFI) for fixed income earners
If working overseas:
• A land based (technical or administrative staff/officer) or sea based (officer
rank) OFW in active employment, or renewed/signed a contract at loan
application
• For land based OFWs employed less than 2 years: Employed locally in the last
5 years prior to becoming an OFW, or as an OFW with diferent employers,
or a combination of local and overseas employment
• For sea based OFWs: Completed a combined contract duration of 24 months
with current agency, or 48 months inclusive of previous agencies
• Earning at least $1,000 for self-employed individuals (equivalent to
Php30,000), or have the same Gross Monthly Family Income (GMFI) for fixed
income earners.
What do borrower needs to get a loan?
He/She needs an Application Form and a few documents to complete loan application. Here’s are the necessary requirements.
How long do I have to repay my loan?
Loan Purposes and Maximum Term
What are the interest rates?
It refers to the length of time you want your interest rate to remain the same despite whatever movements the interest rate may experience in the future. Within the interest fixing period, if the interest rates move upwards, the interest rate on your loan will not be affected.
The interest rate on your loan will only be reviewed and changed when the fixing period expires. The fixing period may likewise be defined as the period which would determine the re-pricing date of your loan.
Fixing Period
|
New Bookings Rate
|
| 1-year fixing | 5.50% |
| 2-year fixing | 6.25% |
| 3 -year fixing | 6.25% |
| 4-year fixing | 6.88% |
| 5-year fixing | 6.88% |
| 6 – 10 -year fixing | 8.50% |
| 11 – 15 -year fixing | 10.50% |
*Rates are indicative figures only and will be subject to final review and assessment upon application.
How much can I borrow based on my proposed collateral?
Collateral
|
Loan to
collateral ratio
|
Collateral
|
Loan to
collateral ratio
|
House and Lot
|
80%
|
Personal Investment
|
60% -70%
|
Townhouse
|
80%
|
Renovation / Expansion
|
80 %
|
Vacant Lot
|
60% for loan greater than
Php3,500,000
70% for loan equal or less than
Php3,500,000
|
Refinancing
|
70%
|
Condominium with or without
Parking Slot
|
70%
|
Reimbursement
|
80%
|
MetroHome Loan Fees:
Registration Fee | Based on RD schedule / table |
| Notarial fee | P 200 / Document |
| Appraisal fee | P 4,000 (Metro Manila) / P 4,500 (Countryside) |
| Title Investigation Fee | P 1,000 / title |
| Handling fee | P 3,500 |
| Mortgage Redemption Insurance (Standard rating) | (Loan amount x .40)/1,000 x 12 (one-year premium) |
| Property Insurance | Standard rates .09% without Acts of God .125% with Acts of God |
*Rates are indicative figures only and will be subject to final review and assessment upon application.
What is your purpose for the loan?
Lot Purchase / Lot Reimbursement
Minimum loan amount of Php 500,000 and reimburse the amount within 12 months from the date of purchase.
With a minimum Appraised Value (AV) of P1 Million, it is easy to qualify as long as you have proof of purchase of the property. It is also suitable for developer tie-up accounts.
Refinancing/Take-Out
Taking out existing home loan from another bank for refinancing will give access to our low interest rates, flexible payment terms (up to 15 years) and overall better service fot your refinancing options.
Home Purchase
Maximum loan amount of up to 80% of the property’s selling price and low fixed interest rates for up to 10 years that can protect you from sudden rate surges in the real estate market. It also make future home within easy reach with payment options of up to 25 years.
Construction
Minimum amount of P1 Million with an option to pay up to 25 years. Use own lot and proposed improvement as collateral to start construction on new home.
Personal Investment
Avail of a home loan for Personal Investment projects such as renovation or purchase of a second home, personal consumption (travel, education, etc.). It is now common for investors to acquire residential units for lease or small business expansion.
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