Planning to buy your dream house and lot? If you have cash, then there should not be any problem at all. But why use cash if you can finance it via bank loan?
I've been searching around for the lowest rate in the market. Generally, all commercial banks offer housing loan. Rates may vary depending on term of the loan or fixed rates for a certain period.
My friend's existing loan is with RCBC Savings Bank. Their current interest rate is at11% p.a. subject to yearly repricing thereafter. Longest loan term is 15 years. But since the downturn of the economy, their business was affected so a loan take-out is a good decision wherein they can transfer their loan to another bank which offers lower interest and longer payment term.
She told me about Landbank which is a government owned bank. Landbank only offers 9% p.a. and longest payment term is 20 years. Aside from that, Landbank's computation is based on diminishing balance. For a P2M loan, monthly amortization is only around P17,995 based on a for a 20 year term.
For additional information on how to secure a housing loan, you may visit their website at http://www.landbank.com .
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