People generally make two major investments in their lifetime: a house and a car. Obviously, the bigger one of the two is the house. It requires a bigger amount of money and longer terms compared to getting a car that can only last more or less five years. For every family, just like in the Philippines, purchasing a house is one of the biggest aspirations and accomplishments and this dream has transformed into a reality through the help of financial assistance coming from banks and other lending institutions and of course, government bodies, too.
There are three major sources of financial assistance for the purchase of a house in the Philippines: Banks, Pag-IBIG housing loan, and in-house financing from the developers. The common difference among the three is the interest rate. Though there are these major sources, granting the house or home loan is never easy. It’s a bit complicated from the start considering all the strict qualifications, the documentary requirements, financial obligations and the years you’ll be spending to finish paying for the loan.
To help you out in winning this challenge and preparing yourself mentally, emotionally, and financially, here are some bits of advice on how to apply for a home loan in the Philippines: