Metrobank Home Loan — Here’s How Much You May Borrow
METROBANK HOME LOAN – Metrobank offers huge loanable amounts for different purposes covered by the loan for residential properties.
One of the goals that countless people share is having a house they can call their own. Whether it is a bungalow house, an apartment, a condominium unit, an apartment, or another residential property, it is different to be living in a house you can call your own.
However, truth be told that buying a residential property in cash is not something that most people is ready to do. Even individuals who have big savings in banks are unwilling to do a huge one-time cash payment for a house. Meanwhile, there are options that you can turn to just like loans.
There are several home loan providers in the Philippines now. One of the offers is the Metrobank Home Loan which has helped a lot of people obtain a residential property. It is open to finance any of the following purposes:
- Lot purchase
- House construction
- Residential asset acquisition
- Reimbursement
- Refinancing
- Personal Consumption Loan
How much you may borrow under the Metrobank Home Loan offer? The highest amounts allowed for borrowingt actually vary depending on the type of property.
The bank has set percentage in determining the highest loanable amount under the Metrobank Home Loan offer. Here’s a guide:
| Purpose | Maximum Loanable Value (vs. collateral appraisal value) |
|---|---|
| Purchase of House and Lot | 80% |
| Purchase of Townhouse | 80% |
| Purchase of Condominium | 70% |
| Purchase of Vacant Lot | 60% |
| Purchase of Lot and House Construction | 80% |
| House Construction on Owned Lot | 80% |
| Reimbursement* | 80% |
| Renovation/Expansion | 80% |
| Refinancing/Loan Take-out* | 70% |
| Personal Consumption | 60% |
| Personal Investment – Residential Asset Acquisition* | 80% |
With regards to the loan term, the maximum term allowed by Metrobank also depends on the type of residential property involved in the loan offer. Here’s a guide for you:
| Purpose | Maximum Term |
|---|---|
| Purchase of House and Lot | 25 years |
| Purchase of Townhouse | 25 years |
| Purchase of Condominium | 25 years |
| Purchase of Vacant Lot | 10 years |
| Purchase of Lot and House Construction | 25 years |
| House Construction on Owned Lot | 25 years |
| Reimbursement* | 25 years except for vacant lot at 10 years |
| Renovation/Expansion | 20 years |
| Refinancing/Loan Take-out* | 15 years except for vacant lot at 10 years |
| Personal Consumption | 5 years |
| Personal Investment – Residential Asset Acquisition | 25 years except if collateral is a vacant lot at 10 years |
The first step in taking a move for the Metrobank Home Loan application is checking the qualifications. The bank has set different eligibility criteria for salaried and non-salaried individuals who wish to apply for the loan offer.