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HSBC home loan for September 2022 in the Philippines

Get a home loan at HSBC. On 25.09.2022 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
09:28
HSBC
Home Loan
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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.

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₱700,000 - ₱50,000,000
Rate
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Effective interest rate on the product

4.99% per year
Term
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Loan term for the financial product

1 - 20 years
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HSBC home loan for September 2022

According to HSBC's global expertise, they understand their customers' needs. Part of their services includes helping customers find good financial tools to purchase, build, renovate their homes, or refinance their existing home loans.

Types of HSBC home loans

Below are the types of home loans offered by HSBC:

  • Purchasing a home. Buying a home may be the most significant purchase you will ever make. Shopping for a home is exciting, but it is natural to feel anxious or apprehensive when making the final selection. As a first-time home buyer, you have many questions and crucial decisions. However, HSBC can alleviate some of these by lending you money and having you repay it in installments.

  • Constructing a house. Building your ideal home brings you one step closer to living a fulfilling life. Building a house requires a significant amount of time, patience, and, most importantly, money. Planning correctly allows you to see the influence of the numerous aspects you must consider. The bank can also handle the monetary part you pay back in installments.

  • Home equity loan. Your property can provide additional funding to assist you in meeting your financial objectives, whether you want to start a business, improve your home, or pay for your child's education. Whatever the cause, the bank has a simple, low-cost option to convert the equity in your house into cash.

  • Home loan refinancing. Reduce debt, save money, and maximize benefits by refinancing your mortgage with HSBC. They offer the information you need to cut your monthly mortgage payment, move to a fixed rate, or even pull cash out to fund a necessary expense. They can work with you if you wish to transfer your house loan from another bank to them. If you have been paying down your existing mortgage, HSBC allows you to borrow some of the equity you have in your home.

  • Top-up loan. If you already have a home loan from HSBC, you can top it up to 70% of the current value of your property. Control your financial possibilities by making the best use of what you already have.

The HSBC home loan comes with an annual interest rate of 4.99%. The minimum loanable amount is ₱2,000,000, and you can finance up to 80% of the property's value. The loan term is up to 20 years.

How to apply for an HSBC Bank home loan?

Follow the steps below to apply for a home loan:

  1. Visit the HSBC website and highlight Borrowing, and then click on Mortgages.

  2. Go down and click on Request a callback, under Apply online.

  3. Input your personal and contact information.

  4. Input your appointment details and then engage on the quick eligibility test. Click on Submit when done.

  5. The bank will contact you via email and follow all the directives to apply for a loan.

Requirements

Below are the requirements for an HSBC home loan:

Eligibility

You are eligible to apply for an HSBC home loan if you are:

  • A Filipino living in the Philippines, or an OFW

  • At least 21 years old at the time of loan application and no more than 65 years old at the time of loan maturity

  • With a monthly gross income of at least ₱300,000

Documentary requirements

  • Filled home loan application form

  • One valid government ID

For employed applicants

  • Pay stubs from the last three months

  • The most recent income tax return

  • Employment certificate detailing salary, job, and length of service

For self-employed applicants

  • Latest three years ITR (must be BIR form 1701)

For OFWs

  • Proof of job in another country (either employment contract or certificate showing salary, position, and length of service)

  • Proof of authorization to work in another country (must be any work visa, work permit, POEA ID, or POEA certificate)

Other documents

  • Title copies (TCT or CCT, for purchase of already built properties, refinance loan, or home equity loan)

  • Purchase offer (for sale of already made properties)

  • Contract to lease or booking agreement, as well as the company's statement of account (for purchase of pre-sell properties)

  • Building blueprints and another material list (for construction loan)

  • Account statement from another bank with payment history for the previous twelve months (for refinancing loan)

Pros and cons

Below are some pros and cons of this home loan.

Pros

  • The annual interest rate is low, with a minimum of 4.49% per annum.

  • There is no lock-in period for non-promotional rates.

Cons

  • The maximum loan term is lower compared to competitors.

  • The minimum loanable amount is ₱5,000,000, which means many people can't afford this loan.

How to repay an HSBC Bank home loan?

The loan can be repaid through an automatic debit arrangement, which must be activated during the loan application. You can also pay over the counter at any branch.

FAQ

What happens if I miss my HSBC Bank home loan payments?

All sums not paid on or before the due date will be penalized. The penalty rate can be found in the promissory note and the disclosure statement. This could affect your credit score.

What is the risk of not having insurance on my HSBC home loan?

Mortgage redemption insurance (MRI) or a life insurance assignment is designed to pay off the debt (to the extent of the insurance coverage) in the case of the borrower or co-borrowers death. If you lose coverage, whether waiver or non-renewal, the remaining borrower must continue to repay the loan. If you are unable to repay the loan, the bank may be forced to foreclose on it.