Guide on UnionBank Home Loan Features & Application Process
UNIONBANK HOME LOAN – The UnionBank Philippines wants to help clients open the door to your own house or residential space.
There are a lot of benefits in living in your own home. That is why many people nowadays are no longer hesitant in applying for home loans to achieve their dream house. Are you one of these individuals who want to move in to his/her own space soon?
One of the trusted entities in the Philippines that you may turn to for a loan that can finance your residential property acquisition is the UnionBank. In fact, the UnionBank Home Loan is open for several purposes such as the following:
- vacant lot acquisition
- purchase of residential units (house and lot, town house, residential condominium)
Under the UnionBank Home Loan offer, there is a wide range of loanable amounts to help you in achieving your goal. Here are the minimum and maximum amounts allowed by the bank for borrowing:
- Minimum Loanable Amount — Php 200,000.00
- Maximum Loanable Amount:
- 60% of the Appraised Value of the Property; or
- up to 90% of the Total Contract Price of the bank’s Accredited Real Estate Developers
With regards to the loan term, the maximum term allowed by UnionBank depends on the type of residential property financed under the offer. In the case of acquiring a condominium unit, up to 20 years repayment is allowed by the bank.
On the financing of a house and Lot and a property under an accredited developer with buyback agreement, UnionBank allows a maximum loan term of 25 years. With regards to the interest rate, the bank implements the prevailing interest rate at the time of the release of the loan with fixing rate options of up to 15 years.
The loan offer is open not only for employed and self-employed individuals but as well as overseas Filipino workers (OFWs). It requires varying documents from the loan applicants based on the nature of the source of income of the aspiring borrower.
