Own a Philippine Home Loan
Make all your hard work count by investing in a property or home in the Philippines. No need to go back to the Philippines just to apply. With OPHL, you can avail of a home loan even when you are overseas.
Why apply for Own a Philippine Home Loan
- No need to come to the Philippines to apply
- Up to 80% loanable amount of the property’s contract price or appraised value
- No FOREX rate risk
- No remittance fees
- Purchase of residential lot, house & lot, condominium, townhouse or rowhouse
- House construction
- Home improvement
- Reimbursement of acquisition or construction cost
- Refinancing/ loan take out of existing Philippine home loan
- Accomplished OPHL Application Form
- Copy of HKID
- Copy of Passport
- Proof of billing address (latest)
- Bank Statement (latest 3 months) – where salary is credited
- Certificate of Employment (If employed)
- If with Business:
- Business Registration
- Copy of Incorporation and Memorandum and articles of Incorporation and association
- Financial Statement
- Inland Revenue Tax Assessment (latest)
- Copies of title deeds (TCT) and other relevant documents pertaining to the property
- Statement of Account from Developer
- TransUnion Certificate/Report (latest 6 months)
- Spouse’s HKID & Passport (if married) Note: Spouse will sign on all documents under a “Marital Conformity” status.
- Use our OPHL calculator to check how much you can borrow and how much your monthly payment will be
- Schedule a call with our branch officer
- Submit all of the requirements to the branch
- Filipino Citizens currently based in Hong Kong who are employed either as expatriates or local hires
- Hong Kong Citizens and other foreigners who are working in Hong Kong (restricted to condominium units)
- Foreigners married to Filipinos and who are residing in Hong Kong.
Eligible Borrowers
- Good credit score and credit history
- Stable employment
- Sufficient disposable income at 30% average credit ratio
- Without derogatory accounts in the Philippines
- 65 years old upon loan maturity
Eligibility Requirements
You can get in touch with our PNB loan officers:
Edna Hui
Telephone No: 2525 3636; 2525 3990
Email address : huiee@pnb.com.ph Mark Lisaca
Telephone No: 2525 3636; 2525 3990
Email address: lisacamr@pnb.com.ph
Telephone No: 2525 3636; 2525 3990
Email address : huiee@pnb.com.ph Mark Lisaca
Telephone No: 2525 3636; 2525 3990
Email address: lisacamr@pnb.com.ph
General
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How much should my monthly income be to qualify for OPHL?
You have to have at least Php 40,000 monthly income to qualify (depending on the acceptable credit ratio) -
What are basic documentary requirements to avail an OPHL?
Application/Identity Documents- OPHL Application form, 2 government issued IDs, marriage certificate (if applicable)
- Certificate of Employment / Employment Contract and POEA Contract indicating salary, position and tenure.
- Latest 3 months payslips/pay stubs and/or bank statements where income is credited
- Copy of title (TCT/CTC)
- Copy of Tax Declaration on land and/or improvement
- Payment of appraisal fee
- Acquisition from Accredited Developer
- Contract to Sell; or Reservation Agreement with Computation Sheet / statement of account
- House Construction or Renovation
- Bill of Materials and Estimates of Construction and Labor Cost
- Floor and Building Plan and Building Specifications
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How much can I borrow?
- Minimum of PHP500,000.00 or its foreign currency equivalent (USD, JPY, HKD)
- Maximum of 80% of appraised value of the property or contract price
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How long is the processing period of my application?
The decision to your loan application may be available within 5 to 7 banking days. -
What are the acceptable collaterals?
- Accredited housing projects of Bank accredited real estate Developers
- Residential properties owned and/or acquired by the bank
- Acceptable properties under the Policy on Real Estate Offered as collateral/security
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How is credit ratio computed?
- CREDIT RATIO = Monthly Amortization (loan applied for) / *Gross monthly salary
- GROSS MONTHLY SALARY = Annual salary + Fixed allowances + Bonuses / 12 months
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What are the insurance requirements for OPHL?
- Mortgage Redemption Insurance (MRI)
- Fire Insurance on the Improvement (FI)
- Contractor’s all risk, for construction loan (CARi)
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What is MRI?
MRI is a term insurance coverage for the borrower with the Bank as beneficiary. Example:
Cecilia Montemayor – Borrower
PNB – bank where the borrower has an existing housing loan
If the borrower dies, PNB will be paid by the insurance company and the loan is considered as paid in full. -
How much is my MRI coverage?
MRI coverage should be equal to loan amount. Amount of coverage decreases yearly based on a schedule of predetermined/ pre-computed decreasing balance of the loan.
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How can I pay for my loan?
- Auto Debit Arrangement (ADA) – payment will be automatically deducted from your PNB Account
- Submission of Post-dated checks (PDC)
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How can I pay thru ADA?
- Open an account at PNB Branch
- Enroll the account as your settlement account for your housing loan
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How are my payments/amortizations collected?
Equal monthly amortization of principal and interest to be collected One (1) month after loan release