Ranked among the top 5 commercial banks, the Land Bank of the Philippines or LBP is one of the few government banks which have successfully struck a balance between business and social responsibilities. The Land Bank of the Philippines Easy Access to Shelter You (EASY) Home Loan Program / Gintong Pabahay Program is a fine example of that. Currently one of the largest formal credit organization in the rural areas of the Philippines, Land Bank caters to the financial and banking needs of people by offering services in areas like assets, capital, deposits and loans.
You’re probably eligible for an Land Bank Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
30% of gross monthly income
Your Land Bank Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
EMIs of other loans lower
Increase your eligiblility for Landbank Housing Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Documentation needed to apply for an Land Bank Housing Loan
- 1.Duly filled housing loan application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Postal ID, PRC ID etc
- 3. Copies of the last 6 months’ bank statements or deposit passbooks
- 4.Documentation for salaried applicants:
- Income Tax Return (ITR) copy with BIR or bank stamp of the last 1 year
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of Business Certificate
- Income Tax Return (ITR) copy with BIR or bank stamp
Land Bank Housing Loan DetailsUpdated on 16 Jan 2017
|Margin of Finance||Up to 70% or 60%|
About LandBank of Philippines Home Loan
Founded in 1963, the Land Bank of the Philippines is a state owned bank with which focuses on providing services to the rural sector of the country i.e. farmers, fishermen and so on. As one largest government owned bank and the fourth largest bank in Philippines, LBP has an extensive network of over 300 branches and about 1300 plus ATMs spread across the country. The primary banker of the agrarian society, LBP is one of the prominent financial credit establishments in rural Philippines, operating with a focus on rural development. The major chunk of its client base in rural areas comprises of fishermen, farmers, small to medium scale businesses, micro enterprises, schools, hospitals, socialized housing and other agriculture and environment related products.
Land Bank of Philippines Home Loans is one of the most preferred products in the financial market. LBP Home Loans comes with an array of customer-centric benefits like attractive interest rates and flexible repayment terms.
Land Bank Housing Loan - Different kinds of housing loans
One of the foremost banks within the Philippines, Land Bank of the Philippines focuses primarily on the needs of fishermen and farmers among others, Land Bank provides various kinds of loans. The Housing Loan by Land Bank is of three different kinds based on the target audience. These loans are ‘End Buyers Financing Tie-Up with Developers Program’, ‘Easy Home Loan Program or the Gintong Pabahay Program’, and the ‘Bahay Para sa Bagong Bayani or the 3B Program’.
End Buyers Financing Tie-Up with Developers Program
This housing loan by Land Bank provides credit aid to those who want to purchase homes from low and medium cost housing, socialised projects by developers that are accredited by LBP. Customers who wish to opt for the ‘End Buyers Financing Tie-Up with Developers Program’ should be citizens of the Philippines and between the ages of 21 and 65 upon maturity of loan. They must not have any adverse findings from BI/CI and should have a reliable income source. Borrowers must also be deemed eligible by developers who are accredited by LBP.
This loan can be used to purchase homes and lots, condominium and townhouses and a maximum of 90% of the price will be provided as a loan. The borrowing capacity is determined as 30% of the gross income per month for private applicants and for those employed by the Government, the net pay shall be considered. For loans above P3.5 M, 70% of the appraised value is provided and if below, 60% of the appraised price is provided. A maximum of 20 years is provided as the loan repayment tenure. Fees and charges such as application fee, notarial fee, etc. are applicable.
Easy access to Shelter You (EASY) Home Loan Program or the Gingtong Pabahay Program
This loan can be used to purchase a lot, house, condominium unit or townhouse. Customers who wish to opt for the ‘Easy Access to Shelter You Home Loan Program’ should be citizens of the Philippines and between the ages of 21 and 65 upon maturity of loan. They must not have any adverse findings from BI/CI and should have a reliable income source. It can also be utilized to for the renovation or construction of a residence or to refinance an existing loan. The amount of loan provided is a minimum of P500,000 but not over the value of the collateral. For loans valued above P3.5 million, 70% of the value appraised is the value of the loan and if it is below, then 60% is the value of the loan. Additional charges are applicable.
Bahay Para sa Bagong Bayani ( 3B Program)
This program is made for those Overseas Filipino Workers who would want to renovate or improve their existing home in the Philippines. The eligibility criteria is similar to that required for the Easy housing Loan Program.This loan can be utilized to procure a house, residential lot, condominium or townhouse. It can also be used to renovate an apartment. The amount provided is a minimum of P500,000 but not above the loan value of the collateral provided.
For overseas Filipino workers who have a co-borrower, the repayment tenure is 20 years and for those without a co-borrower it is 15 years. Security that is to be provided for the loan are Agrarian Reform bonds, hold out on the deposit and REM. 80% of the value appraised is provided as the loan value. Additional charges and fees are applicable.
Features and Benefits of Land Bank Housing Loan
The following highlights of Land Bank Housing Loan makes it a favorite amongst people who are looking to finance their property purchase.
- Multipurpose Loan
- High Loan Quantum
- Loan Value
- Flexible Tenure
- Attractive Interest Rates
LBP Housing Loans can be used for the purchase of a house, residential lot, condominium unit or townhouse. You can also use the loan for renovation or construction of a commercial or residential apartment and residential units. Refinancing of existing mortgage loan can also be done.
LBP offers home loans from P500,000 and above, computed on the basis of repayment capacity of the borrower but not more than value of collateral.
Don’t let your finances be an obstacle to your dreams! Land Bank of Philippines offers up to 70% of the appraised value for housing loans up to P3.5 M and under 60% of appraised value for home loans above P3.5 M.
Borrowers can avail up to 20 years provided the sum of age of principal borrower and tenure does not exceed 65.
Avail a loan without the fear and burden of impending interest payments. Land Bank home loans come with affordable interest rates.
Fees and Charges for LandBank of Philippines Housing Loans
|Application Fee (non-refundable)||P2,000|
|Handling fee||1/10 of 1% depending on amount approved|
|Notarial Fee||Minimum of P500|
|Documentary Stamps Tax||as per PN|
|Commitment Fee||½% of unavailed amount|
|Appraisal and Inspection Fees & Pre-release charges||as applicable|
|Insurance Premium on fire and MRI||as applicable|
|Registration fees for BIR and registry of deeds||as applicable|
How much can you Borrow?
- You can borrow a minimum of P500,000.
- The maximum loan amount that you can borrow will be calculated based on your repayment capacity and loan value of the collateral.
Interest Rates for LandBank of Philippines Housing Loan
Interest rates for the Land Bank Home loans will vary depending on a variety of factors like loan amount, tenure, age of applicant and income of the applicant. Do enquire with Land Bank to get an idea about the prevailing interest rates for home loans before proceeding with the application process.
Eligibility for Housing Loan from LBP
- Applicant must be Filipino citizens.
- Applicants must be above the age of 21 years but not more than 65 years old at the time of maturity of the loan.
- Applicants must have a dependable source of income either from a business, investment or employment.
- Applicants must have healthy CI and BI history.
Easy Calculation of Monthly Amortization
Today, no one wants to wait till the bank processes their documents to know what their loan eligibility is or what the monthly repayment amount will be. Everyone wants the flexibility to decide the tenor they want to repay their loan over and borrow an amount that suits them best, rather than a fixed amount that the bank offers for your eligibility. For this purpose, there are easy calculators available for us online to check what the loan repayment amount will be every month by keying in the amount they want to borrow and the period over which they want to repay the loan.
Bankbazaar.com offers all users an easy to use, unique finance tool that helps everyone understand how much loan they are eligible for and what the loan repayment amount would be every month even before applying for the loan. Handy tools such as these help with efficient financial planning and helping you choose an ideal tenure to repay your loan thereby aiding the planning of your expenses, specially the repayment amount every month.
How to use the home loan calculator?
The Home Loan Calculator by Bankbazaar enables users to add the amount of money they wish to borrow as the loan, the loan tenor that they prefer and the different rates of interests offered by banks at the time of enquiry. This calculator instantly calculates and displays the monthly repayment liability on the loan. Essentially, this tool helps understand the monthly outflow of money towards the loan.
Application Requirements for Housing Loan
If you apply for a home loan from BDO, you will have to provide supporting documents to substantiate your eligibility and the bank to process your request for the loan. Below are the documents that you require based on the various categories of information required:
- Filled and signed application form for the home loan
- A copy of the ID card matching application
- The contract of marriage if applicable
- If Employed - Salary slip and Certificate of Employment (COE)
- If Employed Abroad - Latest proof of remittance for 3 months, Crew Contract for seafarers and Salary slip and Certificate of Employment (COE)
- If Self-Employed - A copy of Bank Statements or Passbook for the last 3 months, Certificate of business registration with DTI, copy of the Audited Financial Statements of the last 2 years and the proof of income
List of documents for foreigners (whichever is applicable)
- Quota and Non Quota Immigrant Visa
- Natural-born Filipinos raised and naturalized in a foreign country (Section 13G Visa)
- Natural-born Filipinos married to a foreigner ( Section 13D Visa)
- Foreigner spouse of a Filipino citizen (Section 13A Visa)
- Returning Resident (Section 13E Visa)
- Working Visa issued to Embassy Officials
- A copy of Special Retiree's Resident Visa (SRRV)
- A copy of Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
- A copy of TCT/CCT
- Vicinity Map and Lot Plan certified by a Geodetic Engineer
- Master Deed of Declaration of Restrictions for construction or purchase of condominiums
- Floor Plan of building
- Labor cost and the sum total bill of construction materials
- Specifications of the building certified by civil engineer and architect
Loan Take-out or Refinancing
- Statement of account and official receipts for the last 3 months
FAQs – LandBank Housing Loan
Customers may avail this home loan for any of the following purposes:
- To refinance an existing mortgage loan
- To renovate or construct a residential or commercial unit / apartment
- To buy residential lots, houses and lots, townhouses and condominium units.
The minimum loan amount one can avail is PhP 500,000 and will be calculated based on the client’s borrowing capacity. However, the loan amount will not exceed the value of the collateral.
The loan may be taken for a maximum period of 20 years. However, this depends on the condition that the sum of the principal borrower’s age and the loan term must not exceed 65 years.
The borrowing capacity for this home loan will depend 30% of the borrower’s monthly income along with the net home pay of his/her spouse according to the current General Appropriations Act.
For loans valued at PhP 3.5 million and below, 70% of the appraised loan value will be available. For loans exceeding PhP 3.5 million, loan value available will be 60% of the loan amount.