About Metrobank Housing Loan
Metrobank, one of the leading names in the retail lending space offers housing loans to Filipinos looking forward to fulfill their housing dreams. Offered at pleasing rates and appealing terms, you can take a loan out from Metrobank for housing needs such as purchasing a lot or lot reimbursement, purchasing a house and for other related housing needs.
These loans are not only available to resident Filipinos, but also to Overseas Filipino Workers (OFW) working abroad and looking forward to acquiring a real estate property in the Philippines. Depending on the type of property, the borrower can get up to 80% of the market value of the property financed by Metrobank. The bank also runs exclusive promos during specific periods to offer an enhanced deal. In the section below, we’ve detailed the bank’s refinancing (take over) offer of existing home loans from other banks.
Home Loan Refinancing
Paying off a housing loan is a long term commitment as it involves monthly amortization payments over the stipulated term. Naturally, the interest charges and other monetary factors can be the reasons for heartburn, especially if you’ve availed a loan at premium rates and terms. In such situations, a feasible option that can help us save on future charges and offer better terms will be to refinance the loan. In this case, the outstanding loan amount along with applicable fees & charges are taken over by the new bank, ready to offer you savings and other benefits in terms of lower interest rates and other incentives offered.
Metrobank offers great incentives for refinancing as it provides low interest rates and offers up to a 15 year term for repayment. The bank can help you payoff an existing loan with another bank and transfer the outstanding amount, much to your satisfaction. Therefore, if the terms and rates offered by Metrobank pleases you, contact the nearest branch for further advice.
- Should be a Filipino citizen, residing in Philippines or abroad. Foreigners with a permanent resident visa are welcome to apply.
- The loan applicant should be at least 21 years old and not older than than 65 years upon loan maturity.
- The applicant should be a self employed or salaried individual with fixed or stable income.
- Salaried applicants should have served at least 2 years with the current employer and should be earning at least P30,000 per month or as a gross income of all the earners in the family.
Overseas Filipino Workers (OFWs)
- Applicants falling under this category should be in active employment or should have a renewed contract from the employer at the time of application for refinancing loan.
- Land based employees should have atleast 2 years of employment abroad or should have been working in Philippines for at least 5 years before becoming an OFW.
- Sea based OFWs should have had a combined contract of at least 24 months with the current agency or 48 months with all the previous agencies (combined).
- Should be earning at least $1,000 or have an equivalent gross family income.
As you should be aware, the interest rate is depicted for various fixing periods. Here, the rate is fixed for a certain duration of the term, providing the benefits against rate fluctuations. The table below provides rates for various fixing period which is subject to change without prior notice. Make sure to check with the nearest branch of Metrobank for up to date rate chart.
|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|
Checkout Home Loan Interest Rates from leading banks.
Fees & Charges
|Registration Charges||On the basis of RD schedule/table|
•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|
The rates provided above are standard charges presented as per the information provided on the official website of the bank and is subject to change without prior notice. Make sure to check with the bank representatives for latest rate/fee card at the time of applying for a loan.