Guide on PNB Housing Loan Offer Features & Application
PNB HOUSING LOAN – You do not have to wait long for your dream house to turn into reality as you may avail the Philippine National Bank’s offer.
In the Philippines, there are government banks that have remained under the state until now while there is also at least one that was privatized after a few years of operating under the government. One of these banks is the Philippine National Bank.
More popularly called PNB, the Philippine National Bank is operating since 1916 with its main headquarters in Escolta, Manila. In 2007, the bank was fully privatized. It is one of the biggest banks in the country with a wide array of choices.
One of the loans offered by the Philippine National Bank is the Housing Loan offer. It can finance several purposes related to the residential property acquisition such as the following:
- purchase of vacant lot, house and lot, condominium unit, townhouse
- house construction
- home improvement
- refinancing / take-out of existing loan
Who are qualified to apply for the PNB Housing Loan offer? Here are the qualifications set by the bank under the loan offer:
- Filipino citizens
- at least 21 years old at the time of the loan application
- not more than 65 years old upon the loan maturity
- employed or self-employed individual
With regards to the loanable amounts under the PNB Housing Loan offer, here are the minimum and maximum amounts allowed for borrowing under the offer:
Lot Purchase
- Minimum Loanable Amount — PhP 500,000
- Maximum Loanable Amount — up to 70% of the appraised value of the property
Purchase of house & lot, townhouse & condominium unit
- Minimum Loanable Amount:
- within Metro Manila – PhP 750,000
- utside Metro Manila – PhP 500,000
- Maximum Loanable Amount — up to 80% of the appraised value of the property
With regards to the loan term, for lot purchase and home improvement purposes, the loan is payable for up to 10 years. For the purchase of house & lot, townhouse, and condominium unit, and house construction, the loan is payable for up to 25 years.
Aside from the Philippine National Bank, in the country, another bank that you can turn to for a home loan offer is the UnionBank.
