MANILA, Philippines — It’s a given for young professionals and new families to long for a home to call their own. And one that can help turn this to reality is a home loan that eases financial restraints.
Not everyone can pay for the house upfront, and after the down payment, homebuyers usually seek a home loan to manage lower monthly mortgage. With this, a stable and trusted bank is essential.
And believe it or not, getting approved for a home loan can be a smooth process if you approach it with the right knowledge and preparation.
To help you, here are three basic requirements for securing that much-awaited home loan:
1. Check your eligibility
To qualify for a home loan, you need to meet specific age and employment requirements. Generally, you must be between 21 and 70 years old by the time the loan matures. Banks usually require that you have stable local or overseas employment or are self-employed. This helps them assess your ability to repay the loan and ensure that you are financially stable.
2. Manage your debts
Lenders look into your history of loan payments to measure your financial credibility, so it’s crucial that your past and existing debts are properly managed before applying for a home loan. Good payment and loan management history increase your chances of loan approval.
Of course, it’s wise to pay off any outstanding debts and avoid new ones before applying. This shows financial discipline not only to potential lenders but also gives you peace of mind.
3. Ensure your bill payments are on time
Your payment history is so important that lenders always scrutinize this. Paying your bills on time, including utilities and credit card payments—and being consistent on it—can significantly impact your loan application.
Expect banks and lenders to review your background to assess your financial reliability. It also helps to keep a record of on-time payments to build a positive reputation.
BDO can help your home financing needs
Whether you’re buying a condo, townhouse or house and lot, or even seeking funds for home improvements, BDO provides comprehensive support on your property purchase.
In fact, BDO Home Loan has extended the Low Rates plus Free Appraisal Promo up to September 30!
Enjoy waived appraisal fee and low interest rates of 6.5% fixed for one to two years, 6.75% fixed for three years, or 7% fixed for four to five years.
To assist you further, here are some tools from BDO to get you started in getting your new home:
- BDO Home Deals – An online page to check out properties for sale from BDO-accredited developers. This includes condo, house and lot, townhouse and vacant lot.
- BDO Loan Calculator – This provides estimates on monthly loan payments to know the budget to set aside.
- BDO Pre-qualification Tool – It provides loan package options to help in loan decision!
BDO is committed to making home financing accessible for every Filipino. Make your home-buying journey manageable, and you might find yourself finally spending Christmas in your brand-new home.
Need a #BDOHomeLoan now? Apply online via the BDO website.
Editor’s Note: This #BrandSpace story is created with BDO. It is produced by the Advertising Content Team that is independent from our Editorial Newsroom.
for BDO