XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Curve
Get Started
Home
Remittance
Services
Global Filipino Card
Promotions
Fees
Agent Application
Loans
Coming Soon
Web Remittance Services
Telephone Remittance
Curve
Own a Philippine Home Loan Program

Own a Philippine Home Loan (OPHL) is a financing program unique to PNB. It allows Filipinos and non-Filipinos residing and working abroad an easy way to purchase residential real estate in the Philippines.

Features:

Purpose
  • Purchase of Lot, House & Lot, Condominium, Townhouse or Rowhouse
  • House Construction or Home Improvement
  • Refinancing of a Philippine Peso home mortgage loan
  • Reimbursement of Acquisition or Construction Cost
      [Back to Top]

Eligible Borrowers
  • Filipinos residing and working abroad who have maintained their Filipino citizenship
  • Natural-born Filipinos residing and working abroad who have lost their Filipino citizenship (limited to a maximum lot area of 1,000 sq.m. only)
  • Foreigners or nationals of foreign countries but limited to the acquisition of condominium units only where the majority is owned by Filipino Citizens or the foreign ownership in the Condominium Corporation should not exceed 40% as required by Philippine Law.
      [Back to Top]

Loanable Amount
  • Loans for lot purchase with proposed/ongoing construction/newly-built house, townhouse or rowhouse and condominium unit will be up to 80% of verified selling price of the property or as per Reservation Agreement/Contract to Sell entered into between the borrower and the seller/real estate developer if the property is acquired from a PNB-accredited project of a PNB-accredited developer or 80% of the appraised value (AV) for non-accredited projects.
  • Loans for house construction will be up to a maximum of 80% of the AV of the lot and house to be constructed. For house improvement, it will be up to a maximum of 80% of the AV of the lot and of the bill of materials of the house to be improved/renovated.
  • Loans for the purchase of lot and existing improvements which are no longer brand new (i.e. house, townhouse or rowhouse and condominium unit) will be up to a maximum of 80% of the AV of the real estate property to be acquired.
  • Loans for lot purchase will be up to a maximum of 60% of the verified selling price of the property or as per Reservation Agreement/Contract to Sell entered into between the borrower and the seller/real estate developer if the property is acquired from a PNB-accredited project of a PNB-accredited developer or 60% of the AV for non-accredited projects.
  • Loans for refinancing/take-out will be up to a maximum of 80% of the AV of the property to be financed or the outstanding principal balance, whichever is lower.
      [Back to Top]

Collateral

The loan shall be secured by any of the following:

  • Real estate mortgage (REM) on the property being financed
  • Standby Letter of Credit (SLC) if the host country’s rules and regulations do not allow a REM on the property to be financed. The SLC shall: (i) expire one month after maturity of the loan, (ii) be issued by PNB Head Office, (iii) be secured by the real estate mortgage on the property to be financed, and, (iv) be as prescribed by the PNB Legal Group
  • Hold-out on deposit maintained with the Bank. The hold-out shall fully cover the outstanding principal and interest for a year and shall be backed by an unregistered REM which will be registered immediately in case of default or a clean exposure.
      [Back to Top]

Interest Rate
  • The following interest rates shall apply under the OPHL program:
  • 7.50% fixed for 1 year
  • 8.50% fixed for 5 years
  • 9.00% fixed for 10 years
      [Back to Top]

Manner of Release

The proceeds of the loan may be released in Philippine Pesos or US Dollars in the following manner:

  • Lump sum release for purchase of property, refinancing or reimbursement
  • Staggered releases for construction or home improvement. There shall be a maximum of 4 drawdowns with the last drawdown upon 90% completion. Construction should be finished within one year.
      [Back to Top]

Repayment Scheme
  • Maximum of 20 years for house construction and purchase of house and lot, townhouse condominium unit, rowhouse or apartment unit
  • Maximum of 10 years for purchase of lot or home improvement
  • Repayment of your loan shall be in US dollars or the local currency where the overseas branch is located. This shall be paid directly to the overseas branch either through submission of post-dated checks or a debit arrangement.
  • Amount of monthly amortization shall be adjusted upward or downward depending on the interest rate charged for a particular interest period.
  • Payments commence one month after a lump sum loan release or one month after the initial loan release for house construction. Monthly amortization for house construction will increase as staggered releases are made.
      [Back to Top]

Insurance
  • Mortgage Redemption insurance equivalent to at least the amount of the loan shall be secured by the principal borrower prior to loan release and shall be renewed every year thereafter at an amount based on the outstanding loan balance.
  • Fire insurance coverage for improvements on properties mortgaged, equivalent to the latest appraised value of the insurable property, shall be procured by the borrower.
      [Back to Top]

Standard Requirements
  • Duly accomplished loan application form
  • Applicable processing/application and/or appraisal fee
  • Photocopy of the Owner’s Duplicate Copy of the Title
  • Lot plan with location/vicinity map certified by a geodetic engineer
  • Latest tax declaration on land, and improvement (if applicable)
  • Photocopy of passport
  • Copy of bank and credit card statements
  • Copy of marriage certificate (if applicable)
  • If employed, copy of payslips and original certificate of employment indicating salary, position & length of employment
  • If self-employed, copy of business registration certificate, income tax returns and audited financial statements for the last 3 years
  • Other documents may be required for the evaluation
      [Back to Top]

back to top

 
Exchange Rates