Guide on Landbank Easy Home Loan Offer’s Features & Application
LANDBANK EASY HOME LOAN – You can fast-track your goal for your family through the help of the Land Bank of the Philippines.
Undeniably, there are individuals who prefer availing the offers of government banks over those of the private banks. It is because of the friendly options that the government usually extends even to those who have already gained the benefits of loans.
In the case of a home loan offer, one of the government banks with the said offer is the Land Bank of the Philippines. Its offer is open to finance several purposes including the following:
- acquisition of vacant lot
- purchase of house and lot, condominium unit, townhouse
- house construction on a lot owned by the borrower
- refinancing of an existing housing loan with other banks, financing firms, or in-house financing of developers provided that the account is in a current status
The LandBank Easy Home Loan offer is open for both private applicants and government employees. How much you may borrow under the loan offer? The minimum loanable amount is Php 500,000.00 while the maximum loanable amount varies:
- For Private Applicants — “based on the 30% of the verified Gross Monthly Income for private applicants gross monthly income”
- For Government Employees — “based on the amount as required by GAA, after housing loan amortization”
Under the loan offer, the loan is payable for up to 20 years provided that the combined age of the borrower and the term loan does not exceed 65 years. According to the bank, the loan shall be secured by residential/commercial real estate properties acceptable to it.
The loan offer is open for Filipino citizens who are at least 21 years old upon the loan application but not more than 65 years old at the time of the loan maturity. Also, the borrower must be either gainfully employed or self-employed.
Aside from the Land Bank of the Philippines, the Philippine National Bank or more popularly called PNB also has a Home Loan offer. It was previously a government bank that was privatized in 2007.
