Own a Philippine Home Loan or OPHL is a financing program unique to PNB. It allows Filipinos and non-Filipinos residing and working in the United States an easy way to obtain a bank financing of residential properties in the Philippines.
OPHL is the most convenient and secured home loan with:
- NO ATTORNEY-IN-FACT
- NO REMITTANCE CHARGES
- NO FOREIGN EXCHANGE RATE RISK
- LOAN BOOKED IN USD
- Purchase of residential lot, House & Lot, Condominium, Townhouse or Rowhouse
- House Construction or Home Improvement
- Reimbursement of acquisition or construction cost
- Refinancing / Loan take out of existing Philippine home loan
- Filipinos residing and working in the U.S.
- Natural-born Filipinos residing and working in the U.S. who have lost their Filipino citizenship (limited to a maximum lot area of 1,000 sq.m. only)
- Foreigners, but limited to the acquisition of condominium units only
|Property to be financed
|Lot and Brand new house
||Up to 80% of the selling price or appraised value (AV)
||Up to 60% of the selling price or appraised value (AV)
|Lot and existing (pre-owned/second-hand) improvement or lot with proposed improvement/construction
||Up to 80% of the AV of the property
|Reimbursement of acquisition/construction cost
||Up to 80% of the selling price or AV
||Up to 80% of the AV of the property
Note: Foreigners are entitled to a maximum loan grant up to 70%.
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.
PLEASE CONTACT PNB NEW YORK FOR THE LATEST INFORMATION AT 212-790-9646 (MR. BERNIE B. PALIGUIN) AND 212-790-9630 (ANNELITA D. APPEL) OR EMAIL AT: firstname.lastname@example.org or email@example.com
Manner of Release
The proceeds of the loan will be released in Philippine Peso for purchase/acquisition transactions or in US Dollars for house construction in the following manner:
- Lump sum release for purchase of property, refinancing or reimbursement
- Staggered loan releases shall have an aggregate amount of up to eighty percent (80%), except on the first release wherein the basis shall be seventy percent (70%) of the AV of the lot. Loan releases shall be up to a maximum of five (5) drawdowns which shall be made at the following stages of completion:
|| Stage of Project Completion
||Start of the construction/improvement (below 30% completion)
||Thirty percent (30%) completion
||Sixty percent (60%) completion
||Ninety percent (90%) completion
||One hundred percent (100%) completion
- Maximum of 25 years for purchase of house and lot, townhouse condominium unit, rowhouse or apartment unit and house construction.
- Maximum of 10 years for purchase of lot or home improvement
- Repayment of your loan shall be in US dollars. This shall be paid through submission of post-dated checks, over-the-counter payment, or a debit arrangement.
- Payment commence one month after the final loan release.
- For staggered releases, interest accruing on the initial release shall be deducted from the proceeds of second release. Additional interest due on the first release and interest accruing on the second release shall be deducted from the third release and so on. Consolidation of staggered PNs (Principal + interest) payment shall commence one month after final release.
- Fire insurance coverage should be equivalent to the latest appraised value of the insurable property or on the contract price as indicated on the Contract to Sell.
Estimated Monthly Payment
||Monthly Payment 10 Years
||APR for 10 year Term
||Monthly Payment 15 Years
||APR for 15 Year Term
||Monthly Payment 20 Years
||APR for 20 year Term
- OPHL Application Form
- Copy of IDs
- Acceptable US FICO Score (at least 650) and credit history (no bankruptcies, past dues, etc.)
- Non-refundable PROCESSING fee of $150.00
- APPRAISAL fee of $150.00
- Photocopy of Income Tax Returns (ITR) with all attachments including W-2 forms for the last 2 years
- If EMPLOYED: Copies of pay-stubs for the last 2 consecutive months
- If SELF-EMPLOYED: Audited Financial Statements of the business for the last 3 years
- Bank statements for the last 2 consecutive months (checking and savings) - same months as pay stubs
House Construction or Renovation:
- Bill of Materials and Estimates of Construction and Labor Cost signed by Civil Engineer or Architect
- Floor and Building Plan and Building Specifications signed by Civil Engineer or Architect