Details about the RCBC Home Loan Loanable Amounts & Terms
RCBC HOME LOAN LOANABLE AMOUNTS – Here is a guide on how much you may borrow under the Rizal Commercial Banking Corp. loan offer.
Are you looking for a bank that can help you purchase or build your dream house? In the Philippines, one of the trusted entities that you may turn to is Rizal Commercial Banking Corporation. It is more popularly called RCBC.
The RCBC actually has several loan offers and the RCBC Home Loan is just one of them. It is open to finance any of the following purposes:
- acquisition of house and lot / condominium unit
- purchase of a vacant lot
- house construction
- home renovation
- home loan refinancing
- loan for multi-purpose
The RCBC Home Loan offer is open for both locally-employed and self-employed loan applicants. To qualify, here are the eligibility criteria that the loan applicant must meet:
Locally-Employed Applicants
- Filipino Citizen or Dual Citizen, if foreigner, must be married to a Filipino citizen
- 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 Php40,000
- If OFW, must have worked abroad for at least 2 consecutive years
Self-Employed Applicants
- Filipino Citizen or Dual Citizen, if foreigner, must be married to a Filipino citizen
- 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
With regards to the RCBC Home Loan loanable amounts, the bank has set a minimum amount allowed for borrowing. It is at Php 1 million. Under the offer, the bank requires a 20% downpayment.
For example, if the selling price of the property is P2 million, you need to make a downpayment of at least P400,000 which is 20% of the selling price. You may repay the loan from one (1) to twenty (20) years.
In applying for the loan offer, there are requirements for RCBC Home Loan application that you must prepare and submit to the bank. The loan processing may take at least five (5) working days to a few weeks. RCBC will give an update.
