The Philippines National Bank home loan allows you to purchase a home of your choice. You can borrow a minimum of ₱500,000, which goes up to 80% of the property's selling price. Your creditworthiness, the property you want to buy, and the cash down payment you make will influence how much you can borrow. You can buy a vacant lot, a house and lot, a residential condominium, or a townhouse from a list of highly sought-after developers.

How to apply a home loan?

To apply for the PNB home loan successfully, you must follow the steps below:

1. To begin with, you must use the PNB housing loan calculator to compute and determine what your loan terms will look like. Follow these steps to access the calculator:

   1. Visit the PNB website and click on Personal banking. When it opens, go down a bit and click on Buy your dream house or car.

   2. Click on Learn more under Housing loan.

   3. Look to your right and click on Click here to use calculator. This will open the calculator.

   4. Insert the loan details of your choice and click on Calculate now. This will let you see what your loan may look like.

2. Since you've known your loan terms, you must go back to apply. Follow the steps above until step 1b. After that, click on Click here to download form.

3. The loan application form will be downloaded. Carefully fill up this form with genuine information.

4. Visit the bank with the form to complete your application or submit it via email to [email protected].

5. The bank will contact you for further directives.

Requirements

Before applying for a PNB home loan, you must go through these eligibility criteria and be sure that you have all the listed documents readily available. Only then can you have a glitch-free and fast application.

Eligibility

• Applicants must be Filipino citizens.

• When the loan matures, they must be at least 21 years of age but not older than 65.

• They must have a stable source of income from employment or their businesses.

  • It must have been for the last two years if they are employed.

  • If self-employed - the business must have been operational and profitable for the last two years.

General documentation requirements

• Fully completed and signed PNB housing loan application form

• Photocopy of one government-issued valid ID, such as a driver's license, passport, UMID, or SSS card

• Photocopy of marriage contract (if applicable)

• Signed client consent form

• The appraisal fee is ₱5,000 for regular loan accounts and ₱6,000 for construction loans, and it is non-refundable

For refinancing

• Mortgagor's most recent statement of account

• Proof of payment for the previous six months (might be any of official receipts, cleared checks with bank statements, or ledger)

For self-employed applicants

• Latest certificate of business registration with DTI and SEC

• Articles of incorporation and partnership (if applicable)

• Income tax return (ITR) and audited financial statements (AFS) for the last two years

• Business bank account statements for the past six months

List of three significant suppliers/customers with their contact details (as trade references)

For locally employed applicants

• Latest certificate of employment with compensation, showing all the job details

• Latest income tax return (ITR)

For OFW

• Most recent employment certificate with compensation or job contract

• The most recent POEA contract for seafarers

• Notarized/consularized extraordinary power of attorney

Pros and cons

These pros and cons will further aid you to come into sound conclusions on whether to go ahead and apply for a PNB housing loan or check elsewhere. They are all honest reviews.

Pros

• The bank offers loans up to 80% of the appraised value of the home you intend to buy.

• The interest rate is fixed, due to which there are no rate fluctuations.

• The loan application is entirely online unless you choose to go to the bank.

Cons

• They require your suppliers’ and customers’ details, which could be an issue if they fail to grant permission to use their details.

• They investigate your credit history, which could be an issue if you do not have a good record.

How to repay?

The PNB home loan payment can be made through an automated debit arrangement, which will be activated during the application process or through post-dated checks.