Guide on LandBank Easy Home Loan Features & Application
LANDBANK EASY HOME LOAN – You don’t have to wait for years to be able to save money for the purchase or building of your dream house.
Having a house of your own is really different. Truth be told that most of the property rentals nowadays cost as much as like paying for a house purchase under a loan on monthly terms. Thus, it is really an advantage to be paying for a property that you can call your own someday.
Nowadays, there are several banks and lending companies that offer housing loans. There are also government agencies that have crafted their own housing loan offers that benefit countless Filipinos.
In the Philippines, one of the banks that you can turn to for a housing loan is the Land Bank of the Philippines. More popularly called LandBank, the government banking entity has three (3) housing loan offers which include the LandBank Easy Home Loan.
The Easy Home Loan was crafted to help Filipinos acquire their target residential properties. It is ready to finance any of the following:
- acquisition of a vacant lot
- purchase of a residential unit
- house and lot
- condominium unit
- townhouse
- house construction
- refinancing of existing home loan
The LandBank Easy Home Loan is open for both private applicants and government employees who are Filipino citizens and at least 21 years old at the time of the loan application. The borrower must not be more than 65 years old at the end of the loan term.
Furthermore, the loan applicant must be gainfully employed or self-employed. There is a variation with regards to the maximum loanable amounts by private applicants and government employees.
- Minimum Loanable Amount — Php 500,000
- Maximum Loanable Amount:
- Private Applicants — based on the 30% of the verified Gross Monthly Income
- Government Employees — based on the amount as required by GAA, after housing loan amortization
With regards to the loan term, the government bank allows a repayment of up to 20 years. The loan shall be secured by residential/commercial real estate properties acceptable to the government banking entity.
