Every one of us dreams to have a house of our own. But, investing in a home or any real estate property requires big amount of fund. We worked hard and save money to purchase a home and give a comfortable life to our family.
However, there are instances in which the personal savings isn’t enough to meet the financial obligations of buying a house. Applying for housing loan can be the best option that can help to invest in buying a home.
Who can qualify for MetroBank home loan?
If you’re looking for additional resources to fund for your investment of buying a home, you can apply for MetroBank housing loan. Here’s how you can qualify:
- You must be at least 21 years’ old
- Not more than 65 years’ old
- Employed/Self-employed with regular income
- With steady income of Php30,000 a month
Likewise, to increase the loanable amount, you must consider these pointers:
- Choose longer tenure of loan maximum of 25 years
- Making your spouse as a co-applicant (the income of your spouse will increases your eligibility)
- Add your parents
Documents Needed in Applying Metrobank Home Loan
Once you decide to apply for MetroBank housing loan, the next thing to do is to secure the required documents as follows:
- Completed housing loan application form
- Photocopy of valid government-issued ID
- Copy of bank statements for the previous six months or deposit passbooks
- Employed applicants must submit ITR issued by the BIR, Photocopy of pay slip for the whole month, and original copy of the Certificate of Employment.
- For self-employed applicants, the documents needed include a copy of ITR or bank stamp, and photocopy of Business certificate.
In addition, the MetroBank housing loan is also offered to Overseas Filipino Workers. This can be a great help to OFWs who are sacrificing working to foreign land to buy a home for their families. For Metrobank housing loan calculator you may click here.
Read also: What is Home Equity is all About
- The OFW applicant must be working as an administrative/technical/officer role for land-based job
- The applicant must be an officer for sea-based job
- Must be on an active job contract
- Must be employed in the present job for 2 years and have been previously working locally for the last 5 years.
- The minimum monthly income of the OFW applicant should be $1,000
Metrobank Housing loan details
The interest rates of MetroBank home loan are affordable and highly competitive. Likewise, the interest charges are based on the fixed rate for a particular tenure. The interest rates ranges from 5.5% to 10.5%.
Read also: How to Open a Metrobank Savings Account
Home loan fees cover the expenses for registration, notary, handling and appraisal. You may be also required to avail an insurance like Property Insurance and Mortgage Redemption. The amount and rates differ based on the assessment and review of the paperwork.