Investing in a home, a condominium or a piece of land in the Philippines is a dream for most Filipinos that requires a substantial amount of financial backing. For many of us, it is matter of pride to make such investments that last a lifetime.
Being able to purchase our home is a sense of fulfillment that secures a need as basic as sheltering our loved ones and giving them a comfortable life and future in case of any untoward event. We work hard, cut down on unnecessary expenses as much as we possibly can, save money with the thought of having the best financial backing when we decide to invest in a home.
In most cases, personal savings is not sufficient to meet the monetary obligations of funding a house. Meeting the requirement by means of a housing loan is the smartest move one could make. Since this is one of the most exclusive investments we make in our lifetime, it's wise to go for housing loan to ensure timely and sufficient funding.
You’re probably eligible for an MetroBank Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your MetroBank Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for Metrobank 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 25 years
Alternatively add your parents
Documentation needed to apply for an MetroBank 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
MetroBank Housing Loan DetailsUpdated on 22 Oct 2016
|Interest rate||5.5% - 10.5%|
|Margin of Finance||Up to 80%|
Metropolitan bank and trust company or MetroBank as popularly known, is a premier banking and financial services company headquartered in Makati City. Founded in 1962, MetroBank provides a vast range of banking services & products reaching out to all Filipinos, commercial establishments & corporates nationwide.
MetroBank’s vast network spans over 860 branches & over 1,950 ATM’s in the country & 31 foreign branches which includes subsidiaries. The shares of the bank are traded publicly on the Philippines Stock Exchange.
MetroBank Home Loan
MetroBank, one of the leading banks in Philippines offers comprehensive financing solutions for your housing needs. The bank extends home loans for a wide range of housing projects which includes the purchase of land, purchase or construction of a home, renovation of an existing home or even personal investments.
Home loan products offered by MetroBank are very transparent and easily accessible. The interest rates are competitive and reasonable. Housing loans are available for both resident Filipinos and citizens working abroad. The most enticing part about Metro Bank housing loans is the vastly laid out repayment period. For specific products, the tenor can go up to even 25 years for our convenience.
Features & Benefits of MetroBank Housing Loan
- Comfortable eligibility conditions - MetroBank accepts housing loan applications from people belonging to all walks of life. The qualification requirements are all elementary. Filipino residents, citizens working abroad and foreigners with a permanent visa in the Philippines are all welcome to apply for a home loan with the Metro Bank.
- Simple and straightforward documentation procedure - All the documents that are required are clearly mentioned in the brochure that is given to you to know about the housing loan from MetroBank. With the required set of documents, all salaried, self employed individuals and corporates can approach the bank for a housing loan.
- Long tenors for repayment - Metro Bank provides the maximum time to repay a loan in EMIs because they understand your financial resources and budgeting patterns. The tenors go up to 25 years for most housing projects for ease of repayment.
- Fix period-based interest rates - This feature enables you to fix a specific rate of interest for a certain period of time. This helps protect from fluctuating rates of interest in the real estate market. The fixing period starts at 1 year and can go up to 15 years under various slabs as well. In case, the interest rates rise during your loan tenor, it does not impact your monthly installments because of the frozen interest rate.
- Collateral-based borrowing - All housing loan products are based on the principle of collateral security. Based on the type of financing you require, you can take up to 80% of the project cost depending on the kind of collateral you offer for security.
Interest Rates & Fees
The interest rates offered by Metrobank on their home loan products are highly competitive and affordable. The interest charges are determined on the basis of a fixed rate for a specific period (tenor). The table below provides details pertaining to the rates charged for various fixing periods.
|Period (Fixing Basis)||Board Rates||Promo Rates|
|1 year||5.50 percent||5.00 percent|
|2 years||6.25 percent|
|3 years||6.25 percent||5.75 percent|
|4 years||6.88 percent|
|5 years||6.88 percent||6.38 percent|
|6 -10 years||8.50 percent|
|11 - 15 years||10.50 percent|
The rate chart provided above is only for reference. The actual rate offered is subject to review and assessment as per Metro bank’s internal processing procedures. Before making an application, please inquire with the nearest branch for up to date details on prevailing home loan rates.
Fees & Charges
In addition to the interest charges, the table below acts as a reference point to educate you about the various fees and charges involved pre and post disbursal, during the repayment period.
|Registration Fee||On the basis of RD schedule or table|
|Appraisal Fee||P4,000 for Metro Manila & P4,500 for rest of country|
|Notary Fee||P200 per document|
|TIV||P1,000 per title|
|Mortgage Redemption Insurance||As per the prescribed formula, paid for 12 months.|
|Property Insurance||Standard rates 0.09 or 0.125%|
|Amendment Fee ( billed towards changes in terms such as due date, fixing rate amendment etc.)||P3,000|
Eligibility - MetroBank Housing Loan
Metro Bank clearly lays out the requirements pertaining to qualification for a housing loan. The conditions are as follows.
- The housing loan applicant should be a legal citizen and resident of Philippines. Foreigners with a permanent resident visa are also eligible.
- The applicant should be at least 21 years old and not older than 65 years upon maturity of the loan.
- Must be salaried with regular income or self employed.
- If salaried, the applicant should be on the rolls of current employer for at least 2 years.
- Self employed individuals should be earning a minimum of Php30,000 per month. For the salaried, gross monthly family income should be equivalent to this amount.
Filipino citizens working overseas are eligible for a housing loan based on a different set of eligibility requirement.
Documentation Requirements - MetroBank Housing Loan
Apart from a completely filled and signed application form to apply for the home loan, you need the below mentioned documents:
- For Identification:
- For Individual Borrowers - Government issued ID card, Passport or ACR (if foreigner)
- For Corporates - SEC Registration, General Information Sheet
- Source of Income and Repayment:
- For the locally employed - ITR or Certificate of Employment or payslips of the last 3 months
- For OFW:
- Land Based - Certificate Of Employment with email of employer
- Sea Based - Latest POEA Contract
- For Self Employed - 6 months bank statement with BOO Certification of “No Overdraft Charges”
- For Corporates - 2 years AFS and ITR or 6 months bank statement with BOO Certification of “No Overdraft Charges”
- Collateral Requirement:
- Transfer Certificate of Title/Condominium Certificate of Title
- Tax Declaration
- Contract to sell or Reservation Agreement (if under developer tie-up only)
- House Plans / Bills of Materials (For house construction only)
Home Loan Fees - MetroBank Housing Loan
There are various types other charges involved in a housing loan such as fees relating to Registration, Notary, Appraisal and Handling. In addition, the customer may also be asked to sign up for insurance such as Mortgage Redemption & Property Insurance.
The rates and amount vary based on review and assessment of the paperwork. The bank representatives will advise further during the application process.
MetroBank Housing Loan (OFWs)
The housing loan from MetroBank is also open for Filipinos working abroad (OFWs). The bank understands the housing needs of Filipinos falling in this category and therefore offers specialized counselling and loan offers for OFWs. Let us shed more light on the eligibility criteria and requirements in this segment.
- If the job assignment is land based, the OFW applicant must be in a technical/administrative/officer role.
- If the job is based in the sea, the applicant should be in the rank of an officer.
- The applicant must be working on an active job contract or should have signed a renewal agreement at the time of applying for the housing loan.
- Land based OFWs with employment of less than 2 years abroad should have previous employment locally in the last 5 years prior to taking up a job assignment. The experience can also be a combination of local and overseas employment.
- OFWs working in sea based jobs should have a combined contract tenor of at least 24 months with the current agency or a minimum of 48 months with previous agencies.
- The minimum monthly income should be at least $1,000 for self employed individuals or have the same GMFI (Gross Monthly Family Income) for OFW applicants earning a fixed income (Salaried).
The loan application process for Overseas Filipino workers is the same as the standard process followed by MetroBank for non OFW applicants.
Other Products from Metrobank
News About Metrobank Housing Loan
Metrobank given title of strongest bank in the Philippines
According to The Asian Banker 500 Strongest Bank that primarily takes into consideration the balance sheet ranking, Metropolitan Bank & Trust Company also commonly known as Metrobank has been given the title of the Strongest Bank in the Philippines. This ranking is a comprehensive evaluation of banks within the Asia Pacific region and measures the strength of the bank financially with respect to the market conditions based on a common score.
According to The Asian Banker 500, Metrobank deserved the title due to its overall performance with fantastic results in the strength of its balance sheet while ensuring great numbers in profitability and asset quality.
The bank also scored the highest in terms of risk profile and ended the third quarter with the highest equity base of P192.4 billion and has so far reported a 25% increase year-on-year in core earnings.
Metrobank also has a net interest margin of 3.6% which is one of the highest amongst its competitors. Customer accessibility is also given priority with 19 branches being opened and 83 ATMs being installed in the past nine months by the bank.
16th November 2015