Guide on PSBank Home Loan Fees 2023 (Booking & Post-Booking)
PSBANK HOME LOAN FEES 2024 – Here are the charges under the PSBank Home Loan with Prime Rebate that clients must know.
Nowadays, there are a lot of options that you can turn to in the pursuit of financing a purpose related to residential properties. Among these are the different loans provided by banks, lending companies, and other financial institutions.
In the Philippines, one of the banks that you may turn to for a home loan offer is the Philippine Savings Bank or the PSBank. It has several home loan offers aside from the PSBank cash loan. Its Home Loan with Prime Rebate offer serves several purposes. It is open to finance any of the following:
- Acquisition of house and lot, vacant lot, townhouse or condo unit, duplex
- House construction or renovation
- Refinancing
- Equity or reimbursement of acquisition cost
A Filipino of legal age and is gainfully employed or self-employed and has a contact number may qualify for the PSBank Home Loan with Prime Rebate. It boasts its offer with a guaranteed protection against the fluctuation during the interest fixing period, a fast loan processing, and allows clients to earn rebates.
With regards to the PSBank Home Loan loanable amount, the bank has posted a range of the borrowing amounts it allows but it also considers certain factors like the need for the project. The bank will also assess the value of the property involved.
How much is the interest rate? According to the bank, it depends on the prevailing rate at the time when the loan was approved. However, the borrower must be aware that there are PSBank Home Loan fees during the loan application and after the approval of the loan.
Booking Fees and Charges. Here are the charges implemented by the PSBank during the filing of the loan and the processing period:
- Appraisal and title handling fees — PhP5,000 per title
- Processing fee — Fixed fee of PhP7,000
- Documentary stamp tax — PhP1.50 for every PhP200 and a fraction thereof
- Credit life insurance — Credit Life Insurance from AXA Philippines to cover the full amount of the loan or at a maximum coverage of PhP8 million
- Mortgage registration expenses — cost of annotation of Real Estate Mortgage and Register of Deeds fees
- Miscellaneous fees — Service providers’ fees + notarial fee of PhP500
- Cancellation fee — cost of cancelling previous mortgage and/or other liens, encumbrances (if any)
- Fire insurance / Contractor’s all-risk insurance — thru AXA Philippines or a PSBank-accredited insurance provider
Post-Booking Fees and Charges: Aside from the aforementioned charges, also part of the PSBank Home Loan fees are the charges that the loan may incur after the approval of the loan application as well as the release of the PSBank loan proceeds.
Here are the other charges that clients must be aware of in applying for the loan offer:
- Processing of loan certification — PhP100
- Transmittal of loan documents to another branch — PhP100
- Due date extension fee — computed as Outstanding Balance x Rate x number of days / 360
- Issuance of Cancellation Documents
- 1st issuance:
- Pay Notarial Fee of PhP500
- 2nd and every issuance thereafter:
- Notarial Fee: PhP500
- Processing Fee: PhP2,000
- 1st issuance:
- Advance payment to principal (after due date) — computed as Advance payment amount x Rate x number of days (from last due date to payment date) / 360
- Amendment fee for term shortening without advance payment — PhP5,000 for shortening of terms without advance payments
- Amendment fee for change of re-pricing cycle with change in rate — PhP5,000 for amendments pertaining to change in re-pricing cycle with change in rate
Are you interested to apply for the loan offer? You must prepare the documentary requirements for PSBank Home Loan application and submit them to the bank.