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Bank of Commerce home loan for October 2022 in the Philippines

Get a home loan at Bank of Commerce. On 02.10.2022 there are 1 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 1

Updated:
25.08.2022
11:50
Bank of Commerce
Home Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
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from ₱500,000
Rate
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Effective interest rate on the product

6.75% - 8% per year
Term
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Loan term for the financial product

5 - 20 years
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Bank of Commerce home loan for October 2022

Bank of Commerce offers home loans to enable customers to purchase their ideal homes. You can get the best rates and buy your perfect property with a BankCom mortgage. The minimum loanable amount is ₱ 500,000 with a duration of ten to twenty years. You can apply for a loan, and use the loan for the following purposes.

  • For purchasing a townhome, a condominium, or a house and lot.

  • For building a home on a property that the borrower already owns.

  • For major house renovation, remodeling, or expansion.

  • For taking out new loans or refinancing current mortgages.

How to apply for a Bank of Commerce home loan?

Users can use multiple methods to apply for a home loan.

  1. Go to the Bank of Commerce official website.
  2. Move your cursor to the products section. Then move to the Personal section and select Loan products.
  3. From the personal loan page, choose the loan you want to apply for, in this case Home loan.
  4. Scroll down and click on the Apply now button.
  5. Fill out the loan form and gather all the required proofs.
  6. Send your completed form to CNRevilla@bankcom.com.ph or fax to (02) 8-570-7672. For inquiries, call us at (02) 8-982-6446 or 8-982-6537.

          Requirements

          • Filled out application form.

          • Two photographs of the co-obligors (both spouses).

          • Driver's license, passport, SSS ID, company ID (if a Top 5,000 Corporation), postal ID, and PRC ID are all accepted forms of identification.

          • Bank statements or deposit passbooks in digital form for the last 3 months.

          • Marriage agreement (if applicable).

          For employed applicants

          • Duplicate of an income tax return (ITR) bearing a bank stamp for the last three years.

          • Certificate of employment detailing the applicant's title, earnings, and employment history (original copy only)

          • Copy of the paystub for the last three months.

          • Proof of billing address, proof of other sources of income, if any, and the original copy of the most recent employment contract (OFW/Seafarer).

          For self-employed applicants

          • Copy of the company's registration documents with the DTI (if it's a sole proprietorship) or the SEC (if partnership or corporation).

          • Copy of the most recent two years' audited financial statements.

          • Copy of an income tax return (ITR) bearing a bank stamp (at the latest three years).

          • Business or company profile.

          • List of the biggest clients and suppliers.

          For overseas Filipino workers (OFWs)

          • Certification of employment (original copy or photocopy) stating applicant's job, pay, and tenure with the company.

          • Job contract containing the start date, end date, and financial information (warranty must not be expired for land-based OFWs and must be the latest contract for sea-based OFWs).

          • Copy the most recent three months' worth of allotment or remittance slips.

          • Paystubs or a similar document, for the most recent month.

          Pros and cons

          Below are some of the pros and cons of Bankcom home loans

          Pros

          • The bank provides users access to funding within one day.

          • The bank has minimum requirements to apply for this loan.

          • The bank has a very clear application process, and all the details are given on the internet.

          Cons

          • The bank provides higher interest rates when compared to rivals.

          • The bank has no option to apply for a home loan online. The application form has to be submitted through an email, and the rets of the process is done offline.

          How to repay Bank of Commerce home loans?

          Any of the following options are available for repaying the loan:

          • ATMs from Bank of Commerce. If you have a member bank ATM account, Bank of Commerce ATMs will take direct payments for auto loan debt. Just adhere to the on-screen instructions. Prices that are received before midnight are posted the following banking day. After payment has been received, your loan balance will be changed two banking days later.

          • Bank of Commerce outlets. Only cash is accepted at Bank of Commerce locations in rural areas. Payments made in person are posted the next banking day. Your loan balance will be updated two banking days from the payment date.

          FAQ

          What is the monthly amortization rate and quote loan amount?

          Only an estimate should be made of the loan amount and monthly amortization. Upon loan approval, your loan documentation will be updated to reflect the final loan amount, monthly amortization, and applied rate. Final loan approval is contingent on submitting the necessary paperwork and abiding by the Bank's credit standards and procedures.

          Can I submit a home loan application with Bank of Commerce other than online?

          Yes. Additionally, you can apply in person at any Bank of Commerce location or by calling (632) 8888-1700 to speak with a bank representative. Visit the Bank of Commerce website to get a list of their sites.

          What happens if I don't pay the monthly installment on my Bank of Commerce mortgage?

          A penalty of 10% of the outstanding balance or ₱1,000, whichever is greater, will be assessed in case of a payment delay. This penalty will be applied for each month the account is past due.

          Can I prepay my house loan with the Bank of Commerce?

          Yes, you can pay off your debt early. However, there will be an early payment processing fee of 10% of your principal balance or ₱1,000, whichever is greater.