Details about the Landbank Housing Loan Amount for Clients
LANDBANK HOUSING LOAN AMOUNT – Here is a guide on how much you may borrow under the Landbank of the Philippines loan offer.
In the Philippines, there are several banks that are functioning based on their variety of types. One of the giants in the banking field in the country is the Landbank of the Philippines which is a government banking entity.
The Landbank has several loan offers for the public as well as loans for specific groups of people like the farmers and the fisherfolks. One of the loans that is open to the public is the Easy Home Loan.
The Easy Home Loan is open for application for several purposes and has helped countless Filipinos acquire residential properties in affordable ways. The repayment of the loan is up to 20 years thus there is really an option should the borrower wants light monthly amortizations.
The Landbank Easy Home Loan offer is open to finance several purposes. You may apply for it to fund any of the following:
- acquisition of a residential property
- vacant lot
- house and lot
- townhouse
- condominium unit
- other residential unit
- house construction
- refinancing of existing home loan with other banks, financing firms, or properties under in-house financing
The loan offer is open for Filipino citizens who are at least 21 years old at the time of the loan application but not more than 65 years old upon the loan maturity. The borrower must be either employed or self-employed with a lawful and profitable business.
With regards to the Landbank housing loan amount clients may borrow, the government banking entity has set a minimum loanable amount but the maximum loanable amount varies.
According to the bank, the minimum Landbank housing loan amount is Php 500,000. The maximum borrowing amount it allows depends on the following:
- For Private Applicants:
- borrowing capacity of the individual and his/her spouse, if applicable, will be based on the “30% of the verified Gross Monthly Income for private applicants gross monthly income”
- For Government Employees:
- the loanable amount shall be based on the “amount as required by GAA, after housing loan amortization”
There are requirements to apply for Landbank Housing Loan that you must gather should you decide to make an application. The maximum loan term is 20 years provided that a combination of the loan term and the current age of the client will not exceed 65 years.