Own a Philippine Home Loan
Make all your hard work count by investing in a property or home in the Philippines. No need to go back to the Philippines just to apply. With OPHL, you can avail of a home loan even when you are overseas.
Why apply for Own a Philippine Home Loan
- No co-borrower required
- No need to come to the Philippines to apply
- Up to 80% loanable amount for Filipinos and 70% for non-Filipinos
- No FOREX rate risk
- No remittance fees
- Purchase of residential lot, house & lot, condominium, townhouse or rowhouse
- House construction
- Home improvement
- Reimbursement of acquisition or construction cost
- Refinancing/ loan take out of existing Philippine home loan
- Accomplished OPHL Application Form with spouse signature (can be waived – must show Affidavit of consent)
- Co-borrower (any nationality) – not required
- Income Tax Return (2 Years)
- Payslip for at least 2 consecutive months
- Certificate of Employment with Salary
- Photocopy of 2 Valid IDs
- Marriage Certificate (if married)
- Copy of contract to sell, reservation, or purchase agreement
- Use our OPHL calculator to check how much you can borrow and how much your monthly payment will be
- Schedule a call with our branch officer
- Submit all of the requirements to the branch
- Get a decision on your application in 5-7 banking days upon submission of the complete requirements
- Foreigners are eligible for purchase of condominium units
- 65 years old upon loan maturity
- Natural-born Filipinos residing and working abroad who have lost their Filipino citizenship are eligible for all loan purposes (max lot area of 1,000 s.q m.)
- Filipinos residing and working abroad who have maintained their Filipino citizenship are eligible for all loan purposes
- Good credit score and credit history
- Stable employment
- Sufficient disposable income at 30% average credit ratio
- Without derogatory accounts in the Philippines
How much should my monthly income be to qualify for OPHL?You have to have at least Php 40,000 monthly income to qualify (depending on the acceptable credit ratio)
What are basic documentary requirements to avail an OPHL?Application/Identity Documents
- OPHL Application form, 2 government issued IDs, marriage certificate (if applicable)
- Certificate of Employment / Employment Contract and POEA Contract indicating salary, position and tenure.
- Latest 3 months payslips/pay stubs and/or bank statements where income is credited
- Copy of title (TCT/CTC)
- Copy of Tax Declaration on land and/or improvement
- Payment of appraisal fee
- Acquisition from Accredited Developer
- Contract to Sell; or Reservation Agreement with Computation Sheet / statement of account
- House Construction or Renovation
- Bill of Materials and Estimates of Construction and Labor Cost
- Floor and Building Plan and Building Specifications
How much can I borrow?
- Minimum of PHP500,000.00 or its foreign currency equivalent (USD, JPY, HKD)
- Maximum of 80% of appraised value of the property or contract price
How long is the processing period of my application?The decision to your loan application may be available within 5 to 7 banking days.
What are the acceptable collaterals?
- Accredited housing projects of Bank accredited real estate Developers
- Residential properties owned and/or acquired by the bank
- Acceptable properties under the Policy on Real Estate Offered as collateral/security
How is credit ratio computed?
- CREDIT RATIO = Monthly Amortization (loan applied for) / *Gross monthly salary
- GROSS MONTHLY SALARY = Annual salary + Fixed allowances + Bonuses / 12 months
What are the insurance requirements for OPHL?
- Mortgage Redemption Insurance (MRI)
- Fire Insurance on the Improvement (FI)
- Contractor’s all risk, for construction loan (CARi)
What is MRI?MRI is a term insurance coverage for the borrower with the Bank as beneficiary. Example:
Cecilia Montemayor – Borrower
PNB – bank where the borrower has an existing housing loan
If the borrower dies, PNB will be paid by the insurance company and the loan is considered as paid in full.
How much is my MRI coverage?MRI coverage should be equal to loan amount. Amount of coverage decreases yearly based on a schedule of predetermined/ pre-computed decreasing balance of the loan.
How can I pay for my loan?
- Auto Debit Arrangement (ADA) – payment will be automatically deducted from your PNB Account
- Submission of Post-dated checks (PDC)
How can I pay thru ADA?
- Open an account at PNB Branch
- Enroll the account as your settlement account for your housing loan
How are my payments/amortizations collected?Equal monthly amortization of principal and interest to be collected One (1) month after loan release