Homeownership is a long, tedious path that starts with a goal. As a result, Metrobank offers customized products to meet your individual requirements. You can do the following with this home loan:
- Home purchase. You can get a loan of up to 80% of the selling price of the property and benefit from low fixed interest rates for a maximum of five years.
- Residential asset purchase. Purchasing a second property might be simpler and faster. Purchase a new home with your current property as collateral.
- Reimbursement. You can purchase a home without sacrificing your way of life. They give a minimum loan amount of ₱500,000 and reimburse the cash within twelve months after purchase.
- Lot purchase. They can assist you in purchasing a lot with a minimum loan amount of ₱500,000.
- Construction. Building a house necessitates a significant investment. The bank assists with construction loans starting at ₱500,000 and extending for up to 25 years. Use your property and the projected upgrade as collateral.
- Refinancing. Transfer the loan to the bank. They'll assist you in planning and reassessing your payment terms and borrowing costs so you can pay off your loan quickly.
How to apply for the Metrobank home loan?
Highlight your mouse to Upgrade, and click on Home loan under Loans.
Scroll down a bit and click on Apply now.
Enter your personal details on the application form that will be displayed. Click on Send now.
Wait to be contacted by the bank regarding your home loan application. You can visit your local Metrobank branch or call the contact center at (02) 88-700-700 for more information.
Requirements for Metrobank home loan
To be eligible for a Metrobank home loan, you must first satisfy the following criteria:
Eligibility
- You must be at least 21 years old and not older than 65 years when the loan matures.
- You must have a minimum gross monthly family income of ₱40,000.
- If employed, you must have a minimum of two years of working experience with your current employer.
- If self-employed, your business must be profitable for the past three years.
- The property you are looking to finance must be residential.
Documentary requirements
For employed applicants
- Completed and signed Metrobank home loan application form.
- One government-issued photo ID (preferably a passport).
- Certificate of compensation for employment (with details on current salary, position, and length of service).
- Bank statements from the previous six months.
- Marriage contract, if available.
For OFW
- Completed and signed Metrobank home loan application form.
- Philippines national passport.
Employment verification letter
Original copy of the certificate of employment and compensation (containing data on current work title, tenure, and employer's email address) for land-based
Most recent POEA contract and certificate of sea service, as well as your current work history and tenure for sea-based positions
- The most recent six months' bank statements or confirmation of monthly remittance for the last six months.
- Marriage contract, if available.
For self-employed
- Completed and signed Metrobank home loan application form.
- One government-issued photo ID (preferably a passport).
- Bank statements from the previous six months.
- Income tax reports and audited financial accounts for the previous two years.
Evidence of business registration
DTI certificate of registration of your business/trade name or business license for a sole proprietorship
Articles of partnership for partnership applicants
SEC registration papers, articles of incorporation, and By-Laws registration for corporations
- Marriage contract, if available.
Collateral documents
- Tax declaration.
- Transfer certificate of title or a condominium certificate.
- Reservation agreement or contract to sell (if under developer tie-up only).
- House plans/materials bill/building specs (for house construction only).
Pros and cons of Metrobank home loan
Check out these honest pros and cons before making your final decision on applying for this loan.
Pros
- The bank has few home loan requirements.
- There is much information about this loan on the bank’s website.
Cons
- The application cannot be completed online.
- As with many other mortgages, it takes time before your loan can be processed.
How to repay Metrobank home loans?
It is critical to pay your monthly installment on time. You can pay by Auto-Debit Arrangement (ADA), which authorizes the bank to debit the charge from your account. Ensure that your account has enough cash each billing period. You can also pay back via Post-Dated Checks (PDCs). Check that the check does not bounce, as this is cause for legal action. Be careful with your loan to prevent fines and losing your new car.