Guide on RCBC Home Loan Amount for Clients
RCBC HOME LOAN AMOUNT – Here is a guide on how much you may borrow under the Rizal Commercial Banking Corporation’s Home Loan offer.
Are you looking for an entity that can finance your residential property acquisition or construction? In the Philippines, one of the entities that you may turn to is the Rizal Commercial Banking Corporation or more popularly called RCBC.
The RCBC is one of the trusted and reputable banks in the country since 1960. It has several offers including multiple loans under the personal category. Aside from the Personal Loan which is a multi-purpose cash loan, the bank also offers a Home Loan.
The RCBC Home Loan offer is open for application for the purpose of financing any of the following:
- acquisition of house and lot / condominium unit
- acquisition of a vacant lot
- house construction / home renovation
- refinancing of existing home loan
- loan for multipurpose
Under the RCBC Home Loan offer, the minimum loanable amount is P1 million. The bank requires a downpayment of 20% of the cost of the project.
For example, if the house construction needs P1 million to push through for a complete finish, the downpayment should not go below P200,000 which is the 20% of the project cost.
The loan is payable from one (1) year up to 20 years. Who are qualified to apply for the loan offer? The loan is open for both salaried and non-salaried individuals but there are different sets of eligibility requirements for application.
For Locally-Employed Individuals:
- Filipino Citizen or Dual Citizen
- If foreigner, must be married to a Filipino citizen
- at least 21 years old upon loan application
- at most 65 years old upon loan maturity
- must have a mobile number and a residence or office landline
- with a minimum employment tenure of 1 year and minimum gross monthly income of Php40,000
- If OFW, must have worked abroad for at least 2 consecutive years
For Self-Employed Individuals:
- Filipino Citizen or Dual Citizen
- If foreigner, must be married to a Filipino citizen
- at least 21 years old upon loan application but at most 70 years old upon loan maturity
- must have a mobile number and a residence or office landline
- business must be in profitable operations for the past 2 years
Although the total process may take a few weeks, by following the application steps, there is a way to ensure a smooth flow and avoid waisting time, money, and energgy.