RCBC HOUSING LOAN: Procedure On How To Apply & Requirements

Procedure on How To Apply For RCBC Housing Loan & Requirements To Prepare

RCBC HOUSING LOAN – Here is a procedure on how to apply for the home loan offer of Rizal Commercial Banking Corporation (RCBC) and the requirements you need to prepare.

One of the banks in the Philippines that offer a home loan to the public is the Rizal Commercial Banking Corp. The RCBC House Loan is your turn-to loan in case you want:

• to purchase a lot, a house and lot, a condominium unit, or a townhouse
• to take out existing home loan
• to construct a house
• to have your house expenses reimbursed or refinanced
• to renovate your house

Under the RCBC Housing Loan, you can loan more than Php 1,000,000.00 depending on your capacity. The interest rate would be depending on the prevailing rate at the time of application.

According to RCBC, the loan valuation is up to 70% of the appraised value of vacant lots and up to 80% of the appraised value for house and lot, condominium units, and townhouses.

To apply for the RCBC Housing Loan, here are the procedure and as well as the requirements that you need to prepare:

Step 1 – Check Your Eligibility for the “MyHome Loan”

Applicant should be:

• At least 21 years old upon loan application
• At most 65 years old if employed or 70 years old if self-employed upon loan maturity
• Filipino citizen or former Filipino citizen under BP 185 guidelines
• Foreign nationals holding immigrant visa or married to a Filipino are eligible if purchasing a unit covered by CCT.
• Permanently employed for at least 1 year; 2 consecutive years for OFWs
• If self-employed, business must be in profitable operations for the last 2 years

Step 2 – Determine Your Purpose

Know your primary purpose in applying for the loan. If it is to acquire a lot, a house and lot, a condo unit, or a townhouse, make sure that it is within the area where RCBC provides services.

Step 3 – Prepare the Requirements

Prepare the requirements in applying for RCBC Housing Loan. To see the full list of what you need to prepare, visit – RCBC Home Loan Requirements.

Step 4 – Submit the Requirements

Bring the requirements with you to the RCBC branch nearest to your target house or unit. You will be given an application for which you have to provide with certain information.

Step 5 – Wait for the Result of the Evaluation

The bank will have to evaluate your loan application. Wait for the notification of the bank.

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