The Philippines National Bank is one of the leading financial institutions in the country and is most sought after by all Filipinos because of their diverse banking solutions that is committed to adding value to all its customers and shareholders. As a part of their extensive banking portfolio, ‘Sure Home’ housing loan is the most popular one amongst all others because of its affordability, flexible repayment options and very attractive rates of interest.
Apart from performing traditional banking services like funds management, retail banking, deposits, treasury operations and foreign exchange, the Philippines National Bank has consistently expanded its horizon over the years with businesses in stock brokerage, leasing and financing, remitting services, non life insurance and investment banking.
You’re probably eligible for an PNB Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your PNB Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped at 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for PNB 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 10-20 years
Alternatively add your parents
Documentation needed to apply for an PNB 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
PNB Housing Loan Interest Rate and other DetailsUpdated on 26 Oct 2016
|Interest Rate||5.75% - 10.75%||Margin of Finance||Up to 80%|
Features of the Philippines National Bank Home Loan
‘Sure Home’ from the Philippines National Bank gives customers the opportunity to own their dream home. Individuals can procure Philippines National Bank home loans with minimum documentation, hassle free processes, higher loan amounts and with one of the lowest rates of interest in the industry. PNB home loans can be availed for purchases of lots, houses, condominiums, townhouses, construction of houses and renovation. Refinancing of an existing home loan is also available for PNB customers.
Below are some of the features of this home loan:
- Comfortable tenors for repayment - The tenor for the home loan from Philippines National Bank for purchase of a lot and home improvement or renovations can be up to 10 years. For purchases of houses with lots, townhouses, condominiums and for construction of a house, the loan tenor is extended up to 20 years.
- Large loan amounts - The maximum loan amount is usually decided based on the following factors, whichever is the lowest:
- the customer’s need,
- his paying capacity (up to 30% of the gross monthly income can be used for monthly installments), up to 80% of the appraised value of the purchased property or up to 60% of the appraised value of the property for lots.
- Rates of Interest of PNB Housing Loan - Philippine National Bank charges fixed rates of interest as follows at different stages of the loan tenor.
- Disbursement of Loan - The disbursement of the loan takes place according to the purpose of the home loan that is availed. The Philippines National Bank home loans sanctioned for purchases of lots, houses and lots, condominiums or townhouses are released as lump sum amounts.
- Repayment Options - Monthly repayments of the home loan can be made by arranging for automatic debits from the applicant's bank account or by issuing post dated checks to the bank. The monthly principal and interest is adjusted by the bank according to the interest rates to be charged for that particular period of the loan tenure.
- Fees and Charges - Applicants have to pay a compulsory appraisal fee on submission of the loan application form. Upon approval of the home loan additional charges like mortgage registration fee, processing fee, mortgage redemption insurance premium and Fire-Lightning-Earthquake insurance premium have to be borne by the borrowers.
The minimum loan amount is set at Php 750,000 for properties purchased within Metro Manila and at Php500,000 for other areas. For lots purchased in Metro Manila, the minimum loan amount is Php 500,000 and for other areas outside Metro Manila it is Php 200,000.
|Loan Tenor||Fixed Rate of Interest|
|2 - 3 years||6.50%|
|4 - 5 years||6.75%|
For construction or renovation of houses, the loan is given out in stages with a minimum of five releases. During the period of construction, Philippines National Bank charges only the interest rate and this will deducted from the second to the last release. On completion, 100% disbursement of the home loan is done with all previous releases and finally consolidated into one promissory note.
Eligibility - PNB Housing Loan
To be eligible to avail a housing loan from the Philippines National Bank one must fulfil the below mentioned criteria:
- The applicant must be a Filipino citizen.
- Filipinos who have surrendered their Filipino citizenship can also apply for a home loan from the Philippines National Bank. They can apply for a home loan for up to a maximum lot area of 1,000 sq.m.
- The applicant must be aged at least 25 years at the time of application and less than 65 years at the time of maturity to avail a loan from the Philippines National Bank.
- Salaried professionals and businessmen are also eligible for a loan on showing proof of a steady income.
Documentation Requirement - PNB Housing Loan
The Philippines National Bank mandates that an applicant fulfill all four requirements mentioned below irrespective of the type of employment or location.
- Completely filled and signed housing loan application form from the bank.
- Copy of two valid ID proofs issued by the government.
- A non-refundable fee (appraisal fee) of Php 3,500 will be charged.
- A separate application form is required if the home loan is availed with a spouse or another co-borrower.
If the Applicant is Employed in the Philippines:
- A copy of latest ITR Statements
- Proof or Certificate of employment (COE)
- Alien Certificate of Registration for residents who are not Filipinos.
If the Applicant is an Overseas Filipino Workers:
- Proof of inward Remittance
- A copy of the Passport
- Latest Contract of Employment and for direct hires the certificate should be validated by the Philippine Consulate.
- Exit Pass and Crew Contract from POEA for seafarers
- PNB prescribed Special Power of Attorney.
For Applicants who are Self-employed Businessmen:
- A copy of Income Tax Returns for the last 3 years.
- SSS / GSIS / PRC License / Driver’s License.
- Registration of Business Name (DTI) or SEC.
- Articles of Incorporation and SEC Registration.
- GIS or General Information Sheet of the business.
- Income statements or audited financial statements of the business for the last three years.
- Business Ownership papers - Sole Proprietorship or Joint Ownership or Corporate Partnership.
- List of all Trade References inclusive of suppliers and customers.
Other Products from PNB