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Best Home Loans In The Philippines – Interest Rates Comparison Chart (June 2015)

With so many banks and lending institutions out there, it would be nice if you can easily know which one offers the best home loans in the Philippines.

This has been a challenge for me when I’m asked which bank has the cheapest mortgage rates (and whether it is better to get a loan from a bank or Pag-IBIG) and I couldn’t give a straight answer. Not anymore!

After much research and effort, we finally have our very own mortgage and home loans in the Philippines with interest rates comparison chart which compares all available home loans and mortgage rates here in the Philippines (this is a work in progress… more on this later), including Pag-IBIG and other lending institutions (coming soon).

Finding the best home loans in the Philippines just got easier

If you want to know where to get the cheapest mortgage rates and lowest home loan rates, just click on the “Lowest Interest Rate” column header below to sort from the lowest to the highest.

Go ahead, try it out. You can also click on the details to enlarge.

Home Loans In The Philippines Interest Rates Comparison Chart (as of June 04, 2015)

Bank / Lending InstitutionLowest Interest RateDetailsWhere to get more info
Allied Bank6.0%
Fixing PeriodInterest Rate
1 year Fixed6.00%
2 - 3 years Fixed7.50%
4 - 5 years Fixed8.00%
10 years Fixed10.00%
15 years Fixed10.50%
20 years Fixed11.00%
Updated as of February 11, 2015

Source: Allied Bank Website
Banco De Oro (BDO)7.0%
Fixing PeriodInterest Rate
1 to 3 years7.00% p.a.
4 to 5 years8.00% p.a.
6 to 10 years10.00% p.a.
11 to 15 years  11.25% p.a.
16 to 20 years  11.50% p.a.
Updated as of February 11, 2015

Source: BDO Website
BPI6.0%
Tenor (Housing Loan)Interest Rates
1-2 years6.00%
3 years6.25%
4-5 years6.88%
7-10 years8.50%
Over 15 years11.55%
Updated as of February 11, 2015

Source: BPI Website
EastWest Bank7.5%1st year fixing at 7.5%, 30 year tenor,
for loans starting at P1.5M
Source: EastWest Bank Flyer
HSBC5.5%
5.50% per annum1-year re-pricing
7.75% per annumfixed for the first 5 years
Updated February 11, 2015

Source: HSBC Website
Metrobank6.00
Metrobank Regular Rates
Fixing PeriodNew Bookings RateRepricing Rate
1-year fixing6.00%6.50%
2-year fixing7.00%7.50%
3-year fixing7.00%7.50%
4-year fixing7.50%8.00%
5-year fixing8.00%8.50%
6-10 year fixing9.50%10.00%
11-15 year fixing10.50%11.00%
Source: Metrobank Acropolis Branch as of February 2015

Note: According to the bank officer that gave this to me, these are regular rates for loans booked on or before October 30, 2014, but the rates were still applicable. However, just like all the rates on this page, they are all subject to change without prior notice.
Pag-IBIG4.5%Pag-IBIG Affordable Housing Program Interest Rates (HDMF Circular 312)
Fixed PeriodInterest Rates
3-Year6.500%
5-Year7.270%
10-Year8.035%
15-Year8.585%
20-Year8.800%
25-Year9.050%
30-Year10.000%
Applicable to End-User Financing Program (Effective June 1, 2015)
For more details, please refer
to the following Pag-IBIG
circulars:
Philippine National Bank (PNB)5.25%
Interest Rate (Welcome rates*)Fixing period
5.25%fixed for 1 year
6.25%fixed for 2-3 years
6.75%fixed for 4-5 years
9.50%fixed for 10 years
10.25%fixed for 15 years
10.75%fixed for 20 years
*Promo rates only
Updated February 11, 2015

Source: PNB Website
Philippine Veterans Bank8.25%8.25% per annum, fixed for five (5) years, thereafter
subject to re-pricing for every five (5) years
Added on May 6, 2014

Promo Period: March 1 to May 31, 2014

Source: PVB Home Loan, Free Home Flyer
PSBank6.0%
CycleHome Loan Acquisition or ConstructionRefinancing
1 year fixed6.00%6.00%
2 year fixed6.50%6.50%
3 year fixed7.00%7.00%
5 year fixed7.50%7.50%
10 year fixed8.50%8.50%
15 year fixed9.25%9.25%
20 year fixed9.75%N/A
25 year fixed9.75%N/A
Updated February 11, 2015

Source: PSBank Website
RCBC Savings Bank8%RCBC Savings Bank Home Loan Interest Rates as of March 2013Source: RCBC Savings Bank,
G/F, Pacific Place Building,
Pearl Drive, Ortigas Center,
Pasig City
Security Bank5.25%
Fixing Period (Years)Interest Rate
15 .25%
2 to 36.25%
4 to 57.00%
6 to 108.00%
11 to 159.00%
Source: Emy Arceo of Security Bank

Note: We will update our amortization factor rates accordingly to ensure it includes all interest rates quoted above. Alternately, you can also use our mortgage calculator.

Are the lowest interest rates the best interest rates?

It depends. If you have played around with the chart above, you will notice that Pag-IBIG has the lowest interest rates for housing loans up to Php400,000, which is just 4.5% per year. However, what if you need a housing loan that’s more than that? Based solely on the interest rates, a number of banks beat Pag-IBIG for loans above Php400K. So it really depends on the loan amount, among other factors.

You need to check the details of what they are offering like fixing terms and corresponding interest rates (see the “Details” column), or just visit their website for more information (see the “Where to get more info” column).

Reminders about the quoted interest rates above

Please take note that the interest rates quoted in the chart above are indicative rates, which means they are subject to change without prior notice, and the actual interest rate will be the prevailing rate during the time of loan availment.

While getting the cheapest mortgage or home loan rates sounds great, there are things you should be aware of. The lowest rates usually come with yearly repricing, while fixed interest rates are often higher, but can help give you peace of mind that you won’t be affected by the next financial crisis. Learn more by reading the following article:

Updated home loan interest rates

Nope, this isn’t a one-time thing as we intend to keep this home loan and mortgage rates chart updated.

For now, these include banks and lending institutions that either have their interest rates published on their websites, or they furnished us with their interest rates. These are publicly available and can easily be verified.

In the future, we will update this to include interest rates for in-house financing offered by some banks for their foreclosed properties. We also plan to include interest rates for refinancing so that the best refinance rates can be seen at a glance. At the moment, the chart only includes interest rates for new home loan accounts/purchases.

Of course, we will also continue to add more banks and lending institutions, and information related to housing loans and mortgage rates being offered here in the Philippines, as they become available. We could also use some help.

Please help us keep this list updated

If you work for a bank or financial institution who provides housing loan products, and your bank/institution is not yet included in our home loan interest rates comparison chart (or if you have updated info, promos, etc.), please contact us and send us details so we can include your info here. The same applies even if you don’t work for a bank/lending institution, but you have information worth sharing here.

We value your feedback and inputs so if you have any comments and/or suggestions, just let us know by leaving a comment below. Thanks!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker License No. 3194 
Blog: https://www.foreclosurephilippines.com
Connect with us – Subscribe | Facebook | Twitter | Google+

Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2013 All rights reserved.

Full disclosure: Although I am an accredited broker of BPI Loans, we included other banks/lending institutions in the chart above. My goal is to create a very objective and unbiased home loan comparison chart, and I intend to keep it that way.

Image courtesy: of ddpavumba / FreeDigitalPhotos

Photo of author
About Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
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105 thoughts on “Best Home Loans In The Philippines – Interest Rates Comparison Chart (June 2015)”

  1. Hi Sir Jay,
    Can you please elaborate what does it mean to have the Fixed Pricing Period ng PAG-IBIG?
    Does that mean na if ever, 3years 6.50% rate ung kinuha namin, and at the end of the 3rd year, may panibago na nman interest rate na iapply sa remaining loan balance?

    If so, can you give me a foresight sa trend/fluctuation ng housing loan interest rate ng PAG-IBIGif ever you have that idea?

    Thank you po.

    Reply
  2. Hi mr jay,

    Im 28yrs old and planning to get a housing loan.. my friend offered me her house for 1.9m.. i have 500k on hand sana na pang down.. my problem is 25k/m lang gross ko.. where can apply po ng loan na pwede ako ma approve? Hope you can help me.. thanks

    Reply
    • Hi Khay, most banks would have the same gross income requirement, so my suggestion would be for you to find a co-borrower instead. With a co-borrower, your capacity to pay will be the total for you and your co-borrower. Goodluck.

      Reply
  3. Hi, Jay. I am planning to avail home loan for the condo unit that I purchased but since first time ko to get a loan. I would like to hear a professional’s comments. I have been approved by 3 banks – Chinabank, PS Bank, Robinson Bank. Here are the terms.

    Chinabank – 15 years / fixed for 5 years 5.75
    PS Bank – 20 years / fixed for 3 years 6.50%
    Robinson Bank – 20 years / fixed for 5 years 6.75%

    Thank you!

    Best Regards,
    Victoria

    Reply
    • Hi Victoria,

      My suggestion is to check the resulting differences to your monthly amortization using those different loan terms with our mortgage calculator: http://www.foreclosurephilippines.com/mortgagecalculator/

      In addition to the resulting monthly amortization, you should also consider the services these banks can give you, and you will have a feel for this only when you apply for the loan. My suggestion, apply with several banks and proceed with the one that offers the best service (the one who makes the who process easier for you).

      This is what we felt when we got our recent loan approved, and we went with the bank that was more responsive to us.

      Reply
      • Hi, Apricelda. Yes, my loan in Chinabank was approved at 5.75% fixed for 5 years. They do have a promo at the moment with 5.50% interest rate fixed for 5 years. You may contact me at vmespina@gmail.com so I can send you my loan officer’s contact details.

        Reply
  4. Hi, Mr. Jay.

    I would like to seek for your advice re: home loan. I am intending to avail home loan for the condo unit that I purchased. Na-aapprove na ko sa 3 banks – Chinabank, Robinson Bank and PS Bank. But since 1st time ko to get a loan, hindi ako makapagdecide if sang bank ako magpo-proceed ng loan. Here are the terms of each bank.

    Chinabank – 15 years / fixed for 5 years 5.75%
    PS Bank – 20 years / fixed for 3 years 6.50%
    Robinson Bank – 20 years / fixed for 5 years 6.75%

    Hindi kasi ako sure if ano magandang terms. So gusto ko sana malaman yung reviews sa above banks.

    Thank you.

    Best Regards,
    Vic

    Reply
  5. Hi Jay,

    May I know which bank offers BIGGER LOANABLE value. Our property is Sofia Townhouse, Mahogany at Acacia Estates.

    Thanks,

    EPM

    Reply
  6. Sir Jay, With the upcoming Christmas season and election next year, what’s your projected interest rate schedule for the next 3-6-9 months ahead?

    Reply
  7. hi jay nice info! . do you have a fb page or website. im checking for the best deal for housing loan, planning to get one this coming feb or march. whats the best? for closure or brand new for house and lot if you can send me a message through mail that would be awesome riveroaronbenzon41@gmail.com

    Reply
  8. Hi guys, I have a question, let’s say you have a loan term of ten years with 5 years fixed interest rate, on the 6th year, will the interest rate be repriced every year or you still have the option to choose whether yearly repricing, two years or fixed for another 5 years? I inquired with BPI they say after the fixed interest rate for a certain period, it would be yearly repricing na. You are not given the option to choose anymore. How about with other banks?

    Reply
  9. Hi jay, my wife got a Real Estate Loan at AFPMBAI for P3,200,000.00 in 2007. Lately this month i noticed that her payslip did not contain any deduction for MRI. I verified at AFPMBAI REL DIVISION, and i was informed that my wife has to undergo medical examination(which she failed to take action) so AFPMBAI REL will apply for reinsurance from another third company. What if she failed the medical exam for diabetes & hypertension? will the MRI REINSURANCE be denied ? is it not MRI is a mandatory action of AFPMBAI REL to protect its borrowers. ?? is it not a govt that MRI is mandatory upon approval of real Estate loan for the protection of buyer/borrowers?.Pls advice.Thanks

    Reply
  10. Hi Sir Jay,

    I have purchased a condo unit and it is due for turnover in September. I only plan to loan less than half of the contract price, about P800,000.00 for 5-7 years. Are the rates above also applicable to this type?

    Thanks!

    Reply
  11. Hi Jay! I just plan for housing loan to BPI for 5 years term. What do you mean by tenor housing ? It is better for fixing term plan? Thanks and God bless to you.

    Reply
  12. Hi Jay. I would like to correct the interest rates you have posted for Pag-IBIG Fund. The rates you posted was the rate from July 2, 2012 to December 31, 2013. The present interest rates are as follows:
    a. 3-Year Fixing 6.985%
    b. 5-Year Fixing 7.825%
    c. 1O-Year Fixing 8.775%
    d. 15-Year Fixing 9.385%
    e. 20-Year Fixing 9.675%
    f. 25-Year Fixing 10.000%
    g. 30-Year Fixing 11.375%

    i’ll update you later on the new rates effective July 1, 2015. Thanks

    Reply
  13. The above interest rate tables are very informative, I am considering buying another unit using PSBank and I might try others if I will be able to negotiate a better interest rate just like in Union Bank. Thanks Jay for the post.

    Reply
  14. Hi, Sir Jay. Thanks for the posting these info. Very helpful. Do u know of an agent who could help us apply for a bank loan with our property as collateral?

    Reply
  15. Hi Sir Jay.. thank you for this… I am planning to invest soon and i needed this comparison chart…Looking to have 5 year home loan so I am choosing between BPI or PNB.. I am 25 y/o now and i have been a follower of your site i guess since i was 20-21yrs old… Godbless you sir…..

    Reply
  16. Allied Bank interest rates should be the same as PNB’s since they already merged a few years back. What’s listed on their website is outdated information.

    PNB/Allied Bank current rates
    Interest Rate Fixing period
    5.25% fixed for 1 year
    6.25% fixed for 2-3 years
    6.75% fixed for 4-5 years
    9.50% fixed for 10 years
    10.25% fixed for 15 years
    10.75% fixed for 20 years

    (Source: Current Allied Bank mortgage)

    Cheers!

    Reply
  17. Hi, I just heard from a BPI Family Housing loan manager about their 5-5-5 promo. 5% interest fixed for 5 years for a loan amount of 5M.

    Reply
  18. hello Jay.
    I have an existing loan from Metrobank and it was fixed 5..5% (1st year), then after the 1st year, they now increase it to 7% (2nd year). I’m planning to have it refinance sa other banks with lower interest rate. What are the requirements and what are the fees these banks charging?
    Any idea or inputs?

    Reply
  19. Greeting Mr. Jay, just give you update about my approved loan. Among 3 banks who approved my housing loan (RCBC, China Bank Savings & Union Bank). I finally close a deal to Union Bank.
    UNION BANK final offer as of October 24, 2014 with combination of CROWNASIA PROMO
    – Loanable amount increased to 90% from 80% (almost all banks up to 80% only)
    – ONLY 6.50% fixed 5years
    – FREE Bank Fees (php 98,000+)

    Reply
  20. hello everyone, as of Oct 07, 2014 offer I received
    CHINA BANK SAVINGS
    5.50% fixed 1 year
    6.50% fixed 3 years
    6.75% fixed 5 years

    UNION BANK
    6.50% fixed 3 years

    15years term

    Now, i’m waiting for RCBC & BPI

    Reply
  21. hi, i had a recent loan with RCBC Savings Bank and they have the lowest rate for housing loans and they have efficient loan officers.
    1 year fixed at 5.50%
    2 – 3 years fixed at 6.50%
    4 – 5 years fixed at 6.88% ONLY!

    Reply
  22. sir sa BDO pareho din po yung condition ng veterans fix for 5 years pero magasdjust sila base sa condition ng market after 5 years for the interest,tapos may mg promo din po sila,nakakuha ako loan sa kanila 10 years 7%lang interest for 1st 5 years then magadjust after 5 years.

    Reply
    • Hi Marjorie, technically pwede, bale magkakaroon ng first mortgage and second mortgage, although bihirang bihara yan, kasi most banks/lending institutions require a certain amount of equity.

      Reply
  23. Hello, Mr Jay Castillo.. is there a law governing a developer to ask for processing fee for a in house financing to be refinanced thru HDMF Housing Loan.

    Reply
    • hi clarisse, we are applying for a home loan located at cambridge village. empire east is the developer. is these rates still available?

      Reply
  24. Thanks for the info! Quick question is it possible to transfer the bank loan to pagibig? Just asking.. I have mine this time but the rate is very high like 10% so I’m thinking if I can transfer it to pagibig.

    Reply
  25. hi mr.jay!!! im currently paying my home loan from bdo for almost 4 years now….im just wondering that if the time comes that i already pay it in full…will i automatically get the land title ready(already in my name)???? or do i need to process it by myself???? THANK YOU and GOD BLESS!!!!

    Reply
  26. hi sir jay! I would like to ask for your suggestion: is it better to get the fixed 1 yr rate of 5.25% than 3 yrs fixed rate of 6.25%?

    Reply
    • Hi Marjorie, for me, I would go for the 3 years fixed rate, even if the interest is higher. They say interest rates are about to go up soon, so it’s better to be protected with the fixed interest rates, at least for the next 3 years.

      Reply
    • No, It is always best to get FIX for the whole term. WHY? if the economy goes to crap then interest will climb and your payment could double, triple and there is nothing you can do about it! If fixed, you are guaranteed the same payment from beginning to end of your loan no matter how crappy the economy gets. If you go variable then you are taking a huge risk!!!! You will live a life of uncertainty!

      Reply
  27. Hi Jay. What are your thoughts on Veteran Banks’ promo of 20-year loan term with the guarantee of a 100% return of the principal loan (www.pvbhomeloans.com)? WHat could be the catch?

    Reply
    • Hi Lara. What a coincidence, I just gave a short talk in UP Diliman about the importance of insurance, which includes MRI. 🙂

      I’ll publish this within January 2014. Thanks for dropping by!

      Reply
  28. Sir Jay your site is indeed helpful thanks so much!

    i have an existing loan with pag ibig. pag ibig funds has a program called risk-based interest rate wherein the borrower could apply for a 3-year fixed interest rate of about 7%. after 3 years, the interest rate will be based on the market rate. would appreciate any thoughts or advise on this. thanks in advance and more power!

    Reply
    • You’re welcome and thank you also EVP! Thanks also for the comment, I just realized the update for this article is long overdue.

      With regard to your loan, it sounds good as you will have peace of mind for the next 3 years at the very least. But do you have the option to get another term with a fixed rate before the 3 year term ends?

      Reply
      • Thanks for your quick reply sir Jay!

        Accdg to pag-ibig before the 3 yr term with a fixed rate ends, automatically,
        a new fixed rate will be applied every 3 yrs, until the end of the loan term.

        is this a better option than a 25-yr with fixed interest rate of 10.5%?
        my concern is the risk/possibility that the interest rate (based on market rate)
        may be higher than 10.5% after 3 or 6 or 9 yrs? is there a projection on interest rates?

        again, thanks in advance for your advise.

        Reply
  29. hi jay!

    i see that you are an expert! thank you for this info.

    i have 2 questions for you.
    1. do you recommend i choose fixed or variable loan?
    2. lets say i bought a condo amounting to 3 million. ill be paying 20% to the developer and 80% with financing. is the appraised value 3 million or the 80%? i dont know what to put in the mortgage calculator.

    im sorry, im new to this.

    thank you.

    Reply
    • 1. Fixed – variable is dangerous! If economy goes then you go! Your payment will climb double – triple or more then you cant pay and you lose your home. Fix is guaranteed through the whole life of the loan no matter if the whole country crashes. I suggest 5 year fixed or 10 year fixed depending on your budget.

      2. 3m – 20% = 2.4M now take that and punch it into the loan calculator here http://apps.finra.org/Calcs/1/Loan You already paid 20% so of course that would not be part of the loan. The loan would be based on the 80%. so lets say you got a 10 year loan fixed (recommended) You put amount 2.4M then interest rate of loan say 7% and then months so 12 months in a year times 10 years is 120 months. then click calculate. Out pops your estimated monthly.

      Reply
  30. Sir, just a quick query, what is the difference between foreclosure sales which indicate under NEGOTIATED SALE vs. AUCTION SALE? I always see this on bank notices of foreclosed properties.

    Reply
    • foreclosure sale pertains to those properties which were foreclosed by creditors such as banks or other private persons/entities. They were offered for sale so that the amount of the sale or the proceeds of the sale will be used to satisfy the amount of credit obtained by the debtor. In such a case, a negotiated sale involves a sale by these creditors where in you can negotiate directly with them and you can fix or stipulate on the amount which you are willing to pay but subject to some conditions such as price ceilings. On the other hand, an auction sale occurs when there is a public offering by the bank which invites interested buyers to post their bids on a certain property which is subject to foreclosure. In the same concept the highest bidder will be the one to acquire the property and the proceeds of the sale will be used to pay the credit of the debtor. All of which is still subject to conditions pertaining to interest rates which the creditor may impose and other charges for applications. I hope this makes sense.

      Reply
  31. Hi sir jay. I just want information on how much cost for mortgage registration, MRI, insurance..BPI is now on process of my loan. Please reply.

    Thank you.

    Regards,
    Rey

    Reply
  32. Very nice and informative.
    I would like to know whether it is a good idea to transfer a current home loan from bank A with fixed 8.75% int yearly for 2 years to bank B with only 5.25% fixed int for first year.
    Will bank B still going to charge the applicant for the application fees, appraisal fees (if any), mortgage registration fees, taxes (DST for the mortgage), insurance premiums, and other miscellaneous fees?
    I am thinking that the savings you could get for transferring will only goes to these above-mentioned fees.
    Thanks.

    Reply
  33. Hi, Thank you for this information. I would like to ask if the interest rates for the Housing Loan and Housing Construction are the same for Pag-ibig? I already have my own lot and we are planning to get a loan from pag-ibig for the housing construction.

    Thank you in advance for your answer.

    Reply
  34. Thanks God i found this site, its full of clear and simple info that I couldn’t get from my broker during a month of negotiations. I understand better now and congratulations Jay I’m sure dealing with you would be very smooth.
    Anyway I have a question that most people may not realize but I wonder why is this way.

    In your post (Low home loan rates – what you need to know before it’s too late) there is a guy saying that he already pay 700k for a property to the developer but he has yet to apply for a bank loan. The developer gave him the “go” signal to move in but how can be this way? I’m sorry for my ignorance but in Japan where I’m based or in my home country (Latin America) or i can say in the USA too or wherever logic is used you first get an estimated purchase contract, bring it to your bank, have it screened to see if you qualify for the loan then and only when your bank approve your loan you can comeback and purchase the property to the developer.

    If the developer approaches you selling a property, first thing they do is to provide the paperwork for you to apply for a house loan before making any contract with you, of course you don’t have to pay anything until the loan is approved.

    So in the guy’s case above he is asking too about the time line for applying to a bank loan after the developer gave him the “go” signal. (You answered is 3 months and if he fails, he have to re-apply all over again) so my questions is:
    What if the bank deny your loan no matter for what reason? what do you do then? I mean in this guy’s case he already pay 20% DP 700k what happen then?

    I really cannot understand this way to purchase a property in the Philippines where you pay the developer first to find out later if your bank will approve the loan and i believe it should logically be the other way around. I find this manipulative, abusive, incorrect and in total disadvantage for the buyer but if I’m wrong please help me to understand.
    Thank you.

    Reply
  35. Hi Jay,

    Thanks for posting ! Its very informative and a great help to know.
    God bless your Mom and your family.

    Regards ,

    Beth

    Reply
    • You’re welcome Beth, thank you also. My mom is now undergoing rehab (too early if you ask me!), although I now have a cold and I have to stay at home and I can’t visit her. I guess I need to rest too.

      Reply
  36. Prices are going up and mortgages down.. humm scary!

    Anyone has the number of how many are being paid cash and how many finance?

    The number of loans to construction is also going up quickly.

    I think that is still early and the prices compared to other countries are not that high, but the bubble might be on the way.

    Reply
    • Hi Dalamar, we don’t have public figures, but for our clients, around 1 in 10 would pay in cash, the rest would get bank financing.

      I’m still optimistic and confident that there won’t be a bubble caused by defaulting home loans. I can see banks are still very strict.

      Reply
      • How do you track the changes in prices? Is there any public figure? Do you think that some areas are performing much better than others? Or there are just big increases in prices in general? I see that prime properties are going up quite a lot and the best locations, is that happening also in other areas?

        Thanks!

        Reply
  37. Just to share, be careful in picking the bank with the lowest interest rate offer. They may give the lowest interest rate but the “after-sales” service can suck. I found this the hard way. I went with the bank with the lowest rate, and after paying my monthly payments diligently for 5 years, I discovered that the bank has not done the paper work related to the mortgage with the Register of Deeds. Also, getting simple documents from the bank, such as summary of payments or copy of the Mortgage Contract, is such a difficult and stressful experience. I would rather go with the bank with a higher interest rate but with better service.

    Reply
    • Hi Vim, thanks a lot for sharing your experience, although it was not a pleasant one. I just hope all is well now. Anyway, your experience should serve as an eye opener for those about to get a housing loan. It’s really not just about the lowest rates, there are a lot of other factors to consider. Thanks again for dropping by!

      Reply
    • Hi Maloy, you’re welcome. Yes, we will include bank charges like application fees, appraisal fees (if any), mortgage registration fees, taxes (DST for the mortgage), insurance premiums, and other miscellaneous fees in the next update. Thank you also for dropping by, cheers!

      Reply
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