• Metrobank Home Renovation Loan

    About Metrobank Housing Loan

    One of the top banking brands in the country, Metrobank offers home loan for a wide range of housing needs to Filipinos looking forward to fulfilling their dream of owning a home. The bank offers financial support for a wide range of needs such as purchase of a lot/reimbursement, refinancing, purchasing or construction of a home and other ancillary needs such as renovation.

    If you’re looking for a bank that offers loans at pleasing rates and terms, approaching Metrobank can do the trick. The bank not only offers loans to resident Filipinos and Overseas Filipino Workers(OFWs) to fulfill their housing needs, but also provides finance for foreigners residing in the country. As a discerning aspirant, you can look forward to receiving up to 80% finance from this bank to fulfill the costs involved in procuring the property. The section below provides further insights into the Metrobank’s renovation home loan, provided exclusively for renovation and other related needs.

    Metrobank Renovation Home Loan

    Renovating a home can be quite a challenging task since the costs and planning involved in carrying out this project can be quite cumbersome. If you’re staring at a massive revamp or construction of additional floors, if can be furthermore challenging. Owing to the ever increasing costs of labor and materials, it may not be financially feasible for us to invest all by ourselves in the planned renovation work. In such situations, a home loan can do the trick. It works just like a traditional loan where the bank/financial institution disburses an amount either in phases or a lump sum to help you in meeting the costs of renovation.

    Being a leading name in the retail housing loan segment, Metrobank also offers financing for renovation needs at affordable rates and terms. The borrower gets up to 25 years to repay the loan amount with no cap on the quantum of finance (depends on the project). One can use the loan amount to carry out a variety of renovation/improvement activities.

    Eligibility Criteria

    • The age of the applicant should be at least 21 years with an upper cap of 65 years upon loan maturity.
    • The applicant should be a Filipino citizen residing in the country or abroad. Foreigners with permanent resident visa can also apply for a renovation loan from Metrobank.
    • Only self employed or salaried individuals with a fixed or stable income are eligible to apply for a housing loan.
    • Applicants falling in the salaried category should have worked at least 2 years with the current employer with a minimum income of at least P30,000 either individually or as a gross income of all earning members in the family.

    Overseas Filipino Workers (OFWs)

    • OFWs working land based jobs such as administrative staff or officer should have an active employment or should have renewed the contract with the employer at the time of application. The same rule applies to seamen as well.
    • Self employed individuals working overseas should have a min. monthly income of $1,000 or as a combined gross monthly income of all the income earners in the family.
    • Applicants working in land based jobs for less than 2 years abroad should have an employment locally of at least 5 years either with a single or multiple employers.
    • Sea based OFWs should have completed at least 2 years with the current agency or a min. of 4 years (combined) with previous agencies to be eligible for a housing loan.

    Interest Rates

    The rates presented below is applicable for fixing period as agreed between the bank and the borrower at the time of availing the loan. “Fixing Period” is a concept where you fix the rate (based on availability) for a certain duration in the tenor. This shields your loan against frequent rate fluctuations. The table below provides details of interest rates for various fixing periods. Since the rates are at the discretion of the bank, they are subject to frequent revisions. Do inquire with the bank for latest rates before applying.

    Fixing Period Rate of Interest
    1 year 6.00 percent
    2 years 7.00 percent
    3 years 7.00 percent
    4 years 7.50 percent
    5 years 8.00 percent
    6-10 years 9.50 percent
    11-15 years 10.50 percent

    Fees & Charges

    Fee/Charge Description Amount
    Registration Charges On the basis of RD schedule/table
    Appraisal Fee

    •Metro Manila - P4,000

    •Countryside - P4,500

    Notary Fee P200 per document
    Processing & Handling Charges P3,500
    TIV Fee P1,000 per title
    Amendment Fee P3,000 per transaction
    Property Insurance 0.9 percent without AOG & 0.125 percent with AOG
    MRI ( Mortgage Redemption Insurance) As per prevailing rates

    Home renovation can be as exciting as purchasing a home itself as it involves tasks/plans aimed at giving your home a fresh look. As much as you indulge in planning the task, equal importance should be given to the financials involved. It's always advised to use the loan route to fund the project. Owing to the reputation and after sales service provided by Metrobank, you can easily trust this bank to fulfill your renovation/construction needs.

    Other Products from Metrobank

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