RCBC Home Loan Review Philippines 2018 – Comparing the Most Affordable Home Loan Rates from RCBC

RCBC Home Loan Review Philippines 2018 – Comparing the Most Affordable Home Loan Rates from RCBC

With an RCBC Home Loan, you can purchase your dream home, build it from the ground up, or renovate it. You can also opt for refinancing or reimbursement, as well as a home loan take-out.

Thinking about taking the next step in your property journey? Here’s what you need to know.

What your RCBC Home Loan can do for you

  • Property Acquisition 
  • Maximum loan amount of up to 80%
  • Minimum loan amount of 1,000,000 PHP
  • Flexible payment terms from 1 to 20 years
  • Collateral
  • Registered first Real Estate
  • Collateral Registered first Real Estate Mortgage on property
  • Construction / Renovation
  • Refinancing / Reimbursement
  • Home Loan Take-Out
  • Maximum loan amount of up to 80%
  • Minimum loan amount of 300,000 PHP
  • Flexible payment terms from 1 to 20 years
  • Collateral Registered first Real Estate Mortgage on property

Who can apply for an RCBC Home Loan?

Any Filipino or dual Filipino citizen who’s at least 21 years old and permanently employed for more than a year can take out an RCBC home loan.

Borrowers should also be younger than 70 upon the maturity of the loan and have an annual income of not lower than 240,000 PHP.

Government employees must be employed for at least a year, while self-employed and working professionals, including BPO employees and OFWs, must be employed for at least 2 years.

Foreigners residing in the Philippines can also avail of the housing loan but must be married to a Filipino citizen.

How much can you borrow with your RCBC Home Loan?

The minimum loanable amount is 1,000,000 if you will be purchasing a house. If you will be constructing or renovating your home, or availing of refinancing or reimbursement, the minimum loanable amount is 300,000 PHP.

With RCBC’s online housing loan calculator, you can get an idea of how much your monthly amortization will be given the loan amount and down payment rate.

Choose housing loan in the Loan Type drop box, key in the loan amount, your preferred down payment rate, and loan term. You will then get a sample total loan amount, monthly amortization, and down payment.

As an example, let’s assume you want to borrow 1,500,000 PHP to purchase your house. Let’s also assume you make a 20% down payment, with a repayment period of 20 years, and a fixing option of 5 years. The below table represents what you’re going to get, but do note that these are indicative rates only.

Total loan amount 1,200,000 PHP
Monthly amortization 11,613.88 PHP
Down payment 300,000 PHP

Check out RCBC Home Loan’s fixing periods and corresponding interest rates below.

Fixed Period Interest Rates
1 year 9.09%
2-3 years 9.57%
4-5 years 9.80%
6-10 years 11.00%
11-15 years 11.48%
16-20 years 12.44%

How do you apply for an RCBC Home Loan?

Prepare all the requirements needed, fill out and sign the home loan application form, and forward them to the nearest RCBC branch. You can also apply online.

You will be notified within 5 banking days whether your application is approved or not.

These are the requirements that you need to prepare:

For Employed Borrowers For Self-Employed Borrowers
  • Accomplished home loan application form
  • 2 valid government-issued IDs
  • Marriage contract (if married); birth certificate (if single)
  • Original Certificate of Employment and Compensation
  • Latest Income Tax Return
  • Company ID
  • Collateral documents:
    • Photocopies of TCT, Tax Clearance, Tax Declaration, Tax Receipt, or CTS
    • Location Plan / Vicinity Map of Property
    • Building plans / Bill of construction materials
    • Statement of Account (for loan take-out and acquisition from developers)
  • Accomplished home loan application form
  • 2 valid government-issued IDs
  • Marriage contract (if married); birth certificate (if single)
  • Business Registration with DTI
  • Audited Financial Statements and ITR
  • List of Suppliers and Customers
  • Collateral documents:
  • Photocopies of TCT, Tax Clearance, Tax Declaration, Tax Receipt, or CTS
  • Location Plan / Vicinity Map of Property
  • Building plans / Bill of construction materials
  • Statement of Account (for loan take-out and acquisition from developers)

MyHome Budgeter Loan

If you have already purchased your dream home, you can avail of RCBC’s MyHome Budgeter Loan to help ease your financial obligations. You can borrow against the value of your home.

Why you should get an RCBC Home Loan

RCBC also offers a low minimum loanable amount of 300,000 PHP for construction, renovation, refinancing, or reimbursement. You can borrow a minimum of 1,000,000 PHP to buy a house.

Your home loan with RCBC also comes with Fire Protection Insurance from Malayan Insurance Co. Inc.

Payments are hassle-free because of the auto-debit arrangement, and you get competitive loanable amounts and repayment rates. There is no lock-in period as well.

You can purchase that dream condo, that picture-perfect two-storey townhouse, that beautiful house and lot, or that expansive lot with the help of this home loan.

 

Ready to apply? You can apply online for your RCBC Home Loan by clicking here or by visiting your nearest RCBC branch.