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  • Home Loan BYTES FROM OUR KITCHEN

    Philippine National Bank Home Loan

    If you are looking for an affordable and flexible mortgage loan in Singapore, then you might want to check out the unique financing program offered by Philippine National Bank called ‘Own a Philippine Home Loan’. The program offers the provision for both Filipinos as well as non-Filipinos (working and residing aboard) to invest in residential real estate properties in Singapore.

    Home Loans Offered by Philippine National Bank

    • Own a Philippine National Bank

    Interest Rates for Philippine National Bank Housing Loans 

    Interest rate (fixed) Tenure
    7.50% 1 year
    8.50% 5 years
    9.00% 10 years

    Types of Home Loans Offered by Philippine National Bank

    Own a Philippine Home Loan: You can use this financing program for purchasing a rowhouse, townhouse, condominium, house and lot, or a lot. The loan can also be used for other purposes such as home improvement/construction, reimbursement of construction or acquisition cost, or refinancing a Philippine Peso home mortgage loan. This loan may be secured by a real estate mortgage on the property that is being financed.

    Why Take Philippine National Bank Home Loan 

    Features

    • A loan for the purchase of a lot with newly-built/under-construction/proposed house, condominium unit, rowhouse, townhouse (PNB-accredited and non-accredited) will be a maximum of 70% of the selling price (verified) of the property according to the Reservation Contract to Sell/Agreement between the real estate developer/seller and the borrower.
    • The maximum amount of loan for house construction will be up to 70% of the appraised value (AV) of the lot and the house to be constructed.
    • A loan for home improvement will be up to 70% of the appraised value of the lot as well as the Bill of Materials of the house that is to be renovated or improved.
    • A loan for secondary market lots (condominium units, row house, townhouse, house) inclusive of the cost of improvements (planned) will be a maximum of 70% of the appraised value of the property that is to be acquired.
    • Any loans for take-out/refinancing will be up to 70% of the property’s AV or the principal balance outstanding, whichever is lower.
    • A loan taken for the purchase of a lot (PNB-accredited) will be up to 60% of the selling price (verified) of the property or according to the Reservation Contract to Sell/Agreement between the real estate developer/seller and the borrower. If the property is not PNB-accredited, you can apply for a maximum of 60% of the appraisal value.

    Benefits

    • Competitive interest rates render financing affordable and convenient.
    • No Attorney-in-Fact needs to be assigned.
    • You can apply at local Singapore offices.

    Eligibility Criteria 

    • Natural-born citizens of the Philippines working and residing in Singapore who do not hold Filipino citizenship can purchase up to 1,000 square meters of lot area.
    • Citizens of the Philippines who still hold their Filipino citizenship and work as well as reside in Singapore.
    • Nationals of foreign countries or foreigners can acquire condominium units only where a majority is owned by citizens of the Philippines. Alternatively, the ownership of units by foreigners in the Condominium Corporation must not be more than 40% according to Philippine Law.
    • The Total Debt Servicing Ratio of the borrower must not be more than 60% of their Gross Monthly Income.
    • The gross annual salary of the borrower must be a minimum of S$48,000.

    Documents Required 

    Of the applicant

    • Copy of notarized Contract to Sell
    • Latest passport picture
    • Filled and signed OPHL application form
    • Credit Bureau Report (from Credit Bureau Singapore)
    • Marriage contract (if applicable)
    • Processing fee of USD 150 (non-refundable) to be submitted once the loan processing commences
    • Statements of bank deposits and loan accounts (personal/cash loans, credit cards, vehicle loan, housing loan) with outstanding balances for the last three months
    • Certificate of Employment with details of the starting salary rate, duration, and position of your employment
    • Payslips (last two months)
    • Income Tax Return from the Inland Revenue of Singapore (latest two years)
    • Philippine passport (if applicable)
    • Identification card issued in Singapore

    On House Renovation/ Construction

    • Floor plan and other specifications (duly signed) by an architect or civil engineer
    • Bill of Construction Materials (duly signed) by an architect or civil engineer

    On Collateral

    • Tax Declaration for the building and lot (if applicable), Tax Clearance and current Real Estate Tax Receipt for the building and lot (if applicable).
    • Location Plan (with vicinity map) certified by a geodetic engineer
    • Condominium Certificate of Title/Copy of Transfer Certificate of Title

    Repayment Options  

    • You can take the home loan for up to 20 years for purchasing or constructing an apartment unit, rowhouse, townhouse condominium unit, or a house and lot.
    • You can take the home loan for a maximum of 10 years for the purpose of home improvement or purchasing a lot.
    • The loan must be repaid in USD. You can make the payment (directly to the bank) either through an auto-debit arrangement or post-dated checks.
    • Depending on the interest rate being charged for a specific interest period, the amount of amortization (monthly) will be adjusted downward or upward.
    • You need to start making the payments either a month after the loan disbursement (lump sum), or a month after the initial release of the loan amount for home construction. The monthly amortization (for home construction) will keep on increasing with every staged release of the loan amount.

    The fact that it can be used for a wide variety of purposes including the purchase of a property, home construction, and home improvement, makes the Own a Philippine Home Loan financing program one of the most efficient and versatile mortgage loan products in Singapore.

    FAQ’s

    1. Philippine National Bank home loan refinance

      You can apply for the OPHL to refinance an existing Philippine Peso home mortgage loan. Financing up to 70% of the Appraised Value of the property or the principal outstanding balance, depending on whichever of the two is lower, is offered by PNB.

    2. Are there any processing fees associated with the home loan?

      A processing fee of USD 150 will be charged after the loan application process initiates. This charges is non-refundable.

    3. What is the maximum repayment time for a loan availed for house construction?

      A maximum period of 20 years can be availed when repaying the loan amount availed of house construction.

    4. How many drawdowns can happen in case of staggered disbursement of loan?

      A maximum of four drawdowns can happen in case of staggered release of the home loan amount.

    5. What is the rate of interest charged on the home loan for a tenure of 5 years?

      For a tenure of 5 years, a fixed interest rate of 8.50% per annum is charged.

    6. What must be the minimum annual income to apply for the Philippine National Bank Home Loan?

      The annual income (gross) must be at least S$ 48,000 for the applicant.

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