Guide on RCBC Home Loan Application Process
RCBC HOME LOAN – You can turn your dream house into a reality with the help of Rizal Commercial Banking Corporation.
Are you excited to have your own house? One of the entities that you may turn to for a home loan is the Rizal Commercial Banking Corporation. It is one of the longest-operating banks in PH since the 1960s.
More popularly called RCBC, the bank is ready to finance several purposes related to residential properties. Here are the purposes covered by its loan offer:
- residential property acquisition
- vacant lot
- house and lot
- condominium unit
- home loan refinancing
- house construction
- home renovation
- multi-purpose loan
Under the loan offer, the RCBC allows its clients to choose between having low monthly amortizations and worry-free insurance coverage during the entire loan term. The loan is payable from one (1) year up to 20 years.
How much you may borrow under the RCBC Home Loan offer? According to the bank, a minimum loanable amount of Php 1 million was set under the offer. The bank requires a downpayment of only 20% of the project cost or the property’s selling price.
For example, if the house and lot that you want to purchase costs Php 2 million, you only need to pay Php 400,000 as downpayment. The bank offers a fixing option of up to 20 years thus you can protect your loan from interest fluctuations.
The RCBC Home Loan offer is open for both employed and self-employed individuals. Here are the qualifications set by the bank for application:
For Locally-Employed Individuals
- Filipino Citizen / Dual Citizen / Foreigner married to a Filipino
- at least 21 years old upon loan application
- at most 65 years old upon loan maturity
- must have a mobile number and a residence or office landline
- with a minimum employment tenure of 1 year and minimum gross monthly income of Php 40,000
For Overseas Filipino Workers (OFWs)
- at least 21 years old upon loan application
- at most 65 years old upon loan maturity
- must have a mobile number and a residence or office landline
- with a minimum employment tenure of 1 year and minimum gross monthly income of Php 40,000
- must have worked abroad for at least 2 consecutive years
For Self-Employed Individuals
- Filipino Citizen / Dual Citizen / Foreigner married to a Filipino
- at least 21 years old upon loan application
- at most 70 years old upon loan maturity
- must have a mobile number and a residence or office landline
- business must be in profitable operations for the past 2 years
