In this Metrobank home loan review, we will talk about everything you need to know before you submit that home loan application.
If you have finally decided to take the next step in being a homeowner, let this article be your guide, especially if you’re taking out a home loan from Metrobank.
With a Metrobank home loan, your dream of having your own house can now become a reality. You can use it to purchase a new house, construct it from the ground up, or even renovate your existing house!
Why You Should Get a Metrobank Home Loan
What’s great about Metrobank’s home loan is that you can take advantage of loan offers that match your financial capabilities. They have flexible payment terms, low interest rates, and affordable down payment options.
If you take out a home loan now, you can pay for it for up to 25 years.
It offers a high loanable amount.
You can loan up to 90% of the selling price if the brand new property you want to purchase is Metrobank-accredited.
Accredited Metrobank developers include Avida Land, Ayala Land, DMCI Project Developers Inc., Federal Land, Filinvest Land, Megaworld Corp., Rockwell, and Greenfield Development, just to name a few.
For pre-owned properties, the loanable amount is 80% of their appraised value.
You can buy a foreclosed property.
If you’re on a tight budget, that does not mean that you will rent your home forever. You can still purchase a foreclosed property.
Since it has already been pre-approved by Metrobank, you can skip on waiting for the approval of your home loan. Instead, you can spend your energies on preparing the requirements for your home loan application.
More importantly, you don’t need to pay appraisal fees.
You can apply for a home equity loan.
If you’re planning on purchasing your next home, Metrobank can also help you get a home equity loan that minimizes your risks while enjoying the benefits.
You have the freedom to customize your loan.
Building your dream house from scratch? Metrobank can customize your home loans.
You can choose how long you want to pay (up to 25 years), set the interest fixing period, and determine the loan amount based on the collateral’s appraised value.
The loan amount is released in tranches based on the level of completion. But you will receive 60% of the appraised value of your lot or 50% of the approved loan amount.
You can also apply for a home loan when you want to renovate, repair, or expand your home. Payment terms can be as long as 25 years as well.
You can transfer an existing loan from a different bank.
If you’re not happy or satisfied with your current bank, you can also transfer your existing home loans to Metrobank.
You can adjust your term length or interest rates, and you can even consolidate your mortgage if you have more than one. Metrobank allows you to restructure your loan so that you can have more affordable payment terms.
You can also use your home as collateral.
You have the option to use your home’s existing value as collateral to invest or to fund your second home, your business expansion, your children’s education, or any other thing that requires a big amount of money.
You can borrow as much as 15 million PHP and pay for as long as 10 years.
You are eligible for a Metrobank Home Loan if you are:
- 21 to 65 years old
- A Filipino citizen or a foreigner with a permanent resident visa
- Self-employed or fixed income earner
- Employed for at least 2 years with current company
- Earning at least 30,000 PHP per month
There are important requirements and documents that you need to submit to your home loan officer. Use this table as a guide on what you need to prepare if you’re an employee, an Overseas Filipino Worker (OFW), or a business owner.
|Metrobank Home Loan Application Requirements||Locally Employed||OFW||In Business|
|Identification||Government-issued IDPassport or ACR (for foreigners)|
|Source of Repayment||ITR, COE, or 3 months pay slips||COE with email of employer (for land-based employees); Latest POEA contract for sea-based employees)||6 months bank statement with BOO certification of ‘no overdraft charges’|
|Collateral Requirement||Transfer certificate of Title / Condominium Certificate of TitleTax DeclarationContract to Sell or Reservation Agreement (if under developer tie-up)House plans / bill of materials / specifications (if house construction)|
When it comes to interest rates and fixing periods, here is what Metrobank currently offers:
|Metrobank Home Loan Fixing Period||Rates|
Aside from your monthly amortization, there are also fees that you need to pay. Some of these include registration fees, notarial fees, appraisal fees, and handling fees. There may also be title investigation fees.
The appraisal fee for properties in Metro Manila is 4,000 PHP. For other locations, it’s 4,500 PHP.
How long should I pay for my Metrobank Home Loan?
It depends on the purpose of your home loan. You can refer to this table to find out the corresponding payment period.
|Metrobank Home Loan Purpose||Maximum Term|
|House and lot purchase||25 years|
|Townhouse purchase||25 years|
|Residential condo purchase||25 years|
|Vacant lot purchase||10 years|
|Lot purchase and house construction||25 years|
|House construction on owned lot||25 years|
|Reimbursement||25 years except for vacant lot (10 years)|
|Refinancing||15 years except for vacant lot (10 years)|
|Personal investment (all purpose)||10 years|
How to Apply for a Metrobank Home Loan
You can submit your online application form through Metrobank’s official website. Expect a call or an email from Metrobank’s loan specialists within a few days.
Another option is to download the application form, print it out, fill it in with the required information, and submit it to your nearest Metrobank branch.
Because it’s one of the biggest and most trusted banks in the Philippines, you can be guaranteed of competitive fixed interest rates. What do you think of Metrobank’s offering?