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How To Apply For A Housing Loan
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How To Apply For A Housing Loan in 5 Easy Steps

Updated: March 5, 2024 by Steven P

Why use Nook?

We are committed to providing accurate content that helps you make informed financial decisions. Our banking partners have not commissioned this content.

So, you’ve found your dream home in the Philippines, and now you’re ready to take the leap into homeownership. Congratulations! But hold on just a second—there’s an essential step you need to tackle: how to apply for a housing loan.

Don’t worry, though; I’m here to guide you through the process like your friendly neighborhood home loan expert.

How To Apply For A Housing Loan

Here's the 5 steps you need to know:

1. Get pre-qualified for a housing loan
2. Compare the different bank housing loans
3. Determine the right housing loan for your particular circumstances.
4. Get a list of requirements from your Nook expert and prepare the documents.
5. Complete the housing loan application form.

Have questions about housing loans?

Chat with a Nook Specialist

1. Get pre-qualified for a housing loan

Getting pre-qualified saves a housing loan borrower a lot of time. It is a simple quiz which helps the borrower match them to the lending criteria of multiple banks at once. This saves completing the entire application process with banks the borrower does not fit the lending criteria of. Try getting pre-qualified by clicking here >

Getting Pre Qualified For A Housing Loan

2. Compare the different housing loan options

Comparing complex, asset-backed financial products is not an easy task. Most of us only apply for a housing loan once in our life. And let's face it, it's a boring process too.

This step is accomplished easiest by speaking with a housing loan expert. You can schedule a free housing loan assessment by clicking here.

A Nook expert will let you know your lending options and easily answer your question of : how to apply for a housing loan.

Compare Housing Loan Options

3. Determine the right housing loan for your particular circumstances

Talking with a housing loan expert can help you understand the pro's and con's of any mortgage product. You can book a free call for a time that suits you with a Nook expert.

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4. Get a list of the requirements

A list of requirements can be more easily obtained from your Nook expert. Or, you can go line up at a bank forever and wait for some easily-forgettable-instructions from bank staff (sad face).

Housing Loan Requirements

5. Complete the housing loan application form

Your Nook housing loan expert will complete this for you. Just sign and you're done. And that's how to apply for a housing loan.

Have questions about housing loans?

Chat with a Nook Specialist

What Happens Next in the Housing Loan Process?

1. Your Nook expert will review your information.
2. They will endorse your application to a Nook Loan Officer for review.
3. The Nook Loan Officer will reach out to you with any questions they might have.
4. The Nook Loan Officer will then endorse your application with our head office team at your chosen bank.
5. From there, Nook and your chosen bank will get your housing loan approved and settled as soon as possible.

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How Will I Know What’s Happening with My Housing Loan Application?

Throughout the entire process of how to apply for a housing loan, you will receive constant text and email alerts with your loan progress.

In particular, the emails you will receive contain useful information about the process and also give you a ‘heads-up’ when we need your help to streamline the approval.

Additionally, your Nook housing loan expert is there for any questions you have. You can reach them via chat or email whenever you like.

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FAQ’S

Frequently Asked Questions

Here's Some Quick Questions and Answers

Answer: Basic requirements typically include proof of identity (such as government-issued IDs), proof of income (such as pay slips or income tax returns), employment documents (such as certificate of employment), proof of billing, and property documents (such as the contract to sell or deed of sale).

But specifically:

  • At least 21 years old but not exceeding 70 years old at the end of the loan term.
  • Minimum gross family income of ₱50,000/month or its equivalent in foreign currency.
  • With stable source of income from employment or business. Locally Employed: at least 2 years with current company.

Answer: The amount you can borrow for a housing loan depends on various factors, including your income, existing debts, credit history, and the appraised value of the property you intend to purchase. Most lenders in the Philippines offer financing of up to 80% of the property's appraised value.

Answer: Interest rates and repayment terms vary among lenders. Fixed-rate and adjustable-rate mortgages are common options in the Philippines, with repayment terms typically ranging from 5 to 20 years. Interest rates may be fixed for the entire loan term or subject to periodic adjustments based on prevailing market rates.

Answer: The housing loan application process can vary in duration depending on factors such as the lender's processing times, the completeness of your documents, and the complexity of your financial situation. In general, the process can take anywhere from a few weeks to a couple of months from application to loan approval.

Answer: Yes, self-employed individuals and freelancers can apply for housing loans in the Philippines. However, they may need to provide additional documentation to verify their income, such as business permits, audited financial statements, and income tax returns. Lenders may also require a higher down payment for self-employed borrowers. It's best to check with your chosen lender for specific requirements tailored to self-employed applicants.

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