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 co-borrower required
- No need to come to the Philippines to apply
- Up to 80% loanable amount for Filipinos and 70% for non-Filipinos
- 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 with spouse signature (can be waived – must show Affidavit of consent)
- Co-borrower (any nationality) – not required
- Income Tax Return (2 Years)
- Payslip for at least 2 consecutive months
- Certificate of Employment with Salary
- Photocopy of 2 Valid IDs
- Marriage Certificate (if married)
- Copy of contract to sell, reservation, or purchase agreement
- 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
- Get a decision on your application in 5-7 banking days upon submission of the complete requirements
- Foreigners are eligible for purchase of condominium units
- 65 years old upon loan maturity
- Natural-born Filipinos residing and working abroad who have lost their Filipino citizenship are eligible for all loan purposes (max lot area of 1,000 s.q m.)
- Filipinos residing and working abroad who have maintained their Filipino citizenship are eligible for all loan purposes
Eligible Borrowers
- Good credit score and credit history
- Stable employment
- Sufficient disposable income at 30% average credit ratio
- Without derogatory accounts in the Philippines
Eligibility Requirements
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