RCBC Home Loan Review Philippines 2022 – Comparing the Most Affordable Home Loan Rates from RCBC

When it comes to home mortgages, there are many things to think about. For example, what’s the interest rate? What fees are associated with the loan? How long will it take me to repay the loan? These are all important questions that need answering before you take on any type of home loan.

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

Acquisition of property and refinancing	Maximum loan amount of up to 80% Minimum loan amount of ₱1 million Flexible payment terms from 1 to 20 years
Loan for multipurpose	Maximum loan amount of up to 80% Minimum loan amount of ₱500,00 Flexible payment terms from 1 to 10 years
Construction and renovation	Maximum loan amount of up to 80% Minimum loan amount of ₱300,000 Flexible payment terms from 1 to 20 years
Acquisition of vacant lot	Maximum loan amount of up to 70% Minimum loan amount of ₱1 million Flexible payment terms from 1 to 20 years

*** RCBC offers fixing options for payment terms up to 20 years.

Who can apply for an RCBC Home Loan?

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

At most, the borrower should be 65 years old upon the maturity of the loan and must have an active mobile number, residential or office landline number. The minimum gross annual income should be ₱480,000.

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 two consecutive 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 million if you’re acquiring a house and lot, a vacant lot or refinancing a home.

For construction and renovation projects, the minimum loanable amount is ₱300,000 while the multipurpose loan offers a minimum loan amount of ₱500,000

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

Choose the loan type that best fits your needs and the loan purpose. Key in your selling price, fixing option, loan period, and adjust the slider value of the downpayment option from 20% to 80%. You will then get a breakdown of the total loan amount, down payment, interest rate, and monthly amortization.

For example, let’s assume you want to borrow ₱2 million to purchase a house and lot. You plan to make a down payment of 20%, which is ₱400,000 with a repayment period of 20 years and a fixing option of five years.

The home loan online calculator shows the interest rate and monthly payment, but do note that these are indicative rates only.

Let’s check the RCBC Home Loan fixing periods and corresponding interest rates.

Fixed Period	Interest Rates
1 year	6.38%
2-3 years	6.50%
4-5 years	6.88%
6-10 years	8.50%
11-15 years	10.00%
16-17 years	10.50%
18 years	10.00%
19-20 years	10.50%

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)

Why you should get an RCBC Home Loan

RCBC offers a low minimum loanable amount of ₱300,000 for construction and renovation. You can borrow a minimum of ₱1 million for purchasing a house and lot, a vacant lot, or refinancing a home.

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 or by visiting your nearest RCBC branch.