Guide on RCBC Home Loan 2024 Application Process
RCBC HOME LOAN 2024 – Here are the steps in applying for the Home Loan offer of Rizal Commercial Banking Corporation.
In the Philippines, banks are among the entities that you may turn to if you want a financial solution in acquiring a residential property. You may apply for a home loan so you can achieve the goal right away and just pay for the property in monthly installments based on the terms that are affordable for you.
One of the banks that you may turn to is Rizal Commercial Banking Corporation or more popularly called RCBC. It is one of the trusted banks in the country with multiple loan offers. Aside from the RCBC Cash Loan, it also has the RCBC Home Loan offer.
The Home Loan offer of Rizal Commercial Banking Corporation is open to finance several purposes. You may apply for it to finance any of the following:
- acquisition of a residential property including a house and lot and condominium units
- home loan refinancing
- house construction or home renovation
- multi-purpose loan
While the loanable amounts may vary, the RCBC has posted the minimum borrowing amount allowed under the home loan offer. The maximum loan term is up to 20 years and the bank requires a 20% downpayment.
How to apply for RCBC Home Loan offer? Here are the steps that you may follow to ensure a smooth flow:
Step 1 — Check the Qualifications.
To qualify for the loan offer, the aspiring borrower must be a Filipino citizen, a dual citizen, or a foreigner married to a Filipino and must be at least 21 years old who is gainfully employed or self-employed.
For locally-employed individuals, the loan applicant must be at least 65 years old upon the loan maturity and has a a minimum employment tenure of 1 year and minimum gross monthly income of Php 40,000.00.
For self-employed individuals, the loan applicant must be at least 70 years upon the loan maturity and the business must be in profitable operations for the past 2 years.
Step 2 — Prepare the Requirements.
There are documentary requirements for the RCBC Home Loan application that depends if the loan applicant is employed or self-employed.
Step 3 — File your loan application.
Go to a branch of Rizal Commercial Banking Corporation or RCBC nearest to where the property is located. Submit your documents to file your loan application.
The bank will process and assess your loan application. Wait for an update from the bank regarding the result of your loan application.
