What you need to know about Bank Financing for a Housing Loan?

What you need to know about Bank Financing for a Housing Loan?

If you're taking a Housing Loan you can consider getting a Bank Financing.  The loan term are relatively shorter than that of a Pagibig Financing but the interest rates are usually lower.  However, there are certain factors that you need to consider such as bank service charge which is usually at 3% depending on the bank.  Furthermore, there is a certain minimum required income/salary for you to avail the loan.

Please see table of comparison below of Five (5) Banks that offer housing loan.

Taking into consideration this table, because of minimum salary requirements, for an affordable house and lot, in my opinion, it is better to avail Pagibig Financing especially if you're salary does not exceed P30,000 per month.

But if you're qualified for the bank financing, the Developer of the Project usually have a tie-up bank for the housing loan which make you convenient on applying such a loan.