Guide on EastWest Bank Home Loan Interest Rates based on Term
EASTWEST BANK HOME LOAN INTEREST 2024 – Here is a guide on the interest rates that aspiring clients must be aware of.
In the Philippines, one of the banks with a loan offer that can finance the acquisition of a residential property is the EastWest Bank. It is the 11th largest bank in the country and it was founded in 1994 by the late business tycoon Andrew Gotianun.
The EastWest Bank has several loan offers which includes the EastWest Unibank Cash Loan, the Auto Loan offer, and the EastWest Bank Home Loan offer. The bank boasts its home loan offer with a financing term of up to 30 years, competetive interest rates, and an option for a fixed term rate.
The Home Loan offer is open to finance a lot acquisition, a home construction, a reimbursement of a residential property purchase, a home equity loan, and a top-up loan.
How much is the EastWest Bank Home Loan interest rates? It is actually dependent on the chosen loan term of the borrower. Meanwhile, you can protect yourself from the rate fluctuations as the borrower is offered the chance to pick his/her fixed term rate.
Here are the EastWest Bank Home Loan interest rates based on the loan term:
| TERM | RATE |
|---|---|
| 1 year | 7.00% |
| 2-3 years | 7.75% |
| 4-5 years | 7.99% |
In applying for the loan offer, the EastWest Bank requires some collateral documents depending on the type of collateral under the loan offer. Here are the colletaral requirements for residential property acquisition:
- Photocopy of Title for Collateral (TCT for land title/CCT for condo title)
- Appraisal Fee Official Receipt (OR)
- Tax Declaration (Land and Building)
- If buying from accredited developer – waived appraisal fee:
- Copy of CTS
- Copy of SOA/Payment Schedule
- If buying from secondary market/individual seller:
- Copy of Title
- Appraisal fee payment – Php 3,500 Metro Manila / Php 5,000 outside Metro Manila
For the purpose of house construction, you need to submit the Bill of Materials or Cost Estimate, Building Plan or Renovation Plan, and the General Specification or Scope of Work. Aside from the collateral documents, there are personal documentary requirements for the EastWest Bank Housing Loan application.