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Home Equity Loan Made Simple

We’ll break down everything you need to know about Philippine home equity loans.

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Home Equity Loan Made Simple

We’ll be breaking down everything you need to know about Philippine home equity loans.

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Admittedly, the Philippine home loan market can be challenging to navigate for first-time home buyers and even seasoned veterans. This is especially true for a country like the Philippines where home loans are a complicated financial product. This means the practicality of home equity loans is often overlooked.

What is a Home Equity Loan?

In simple terms, a home equity loan allows you to borrow money from a bank by taking advantage of your home’s equity.

The loan amount is often determined by the home’s current market value. Additionally, most home equity loans are fixed-rate, and repayment is made monthly over an established period of time.
For example, if you bought a P5-million peso house and lot back in 2010, the current market value may have increased based on its location, nearby businesses, etc.

If its current value is now 6-million, then the equity loan you can apply for is based on the latter value.

What is a Home Equity Loan?

In simple terms, a home equity loan, commonly referred to as a second mortgage, allows you to borrow money from the bank by taking advantage of your home’s equity.

The loan amount is often determined by the difference between the homeowner’s outstanding mortgage balance and the home’s current market value.

Additionally, most home equity loans are fixed-rate, and repayment is made monthly over an established period of time.
For example, if you bought a 5-million peso house and lot back in 2010, the current market value may have increased based on its location, nearby businesses, etc. If its current value is now 6-million, then the equity loan you can apply for is based on the latter value.

TURN PROPERTY INTO CASH

What Can I Use Home Equity For?

A home equity loan can be a fantastic way to turn the equity you've accumulated in your house into cash. This can be especially beneficial if you intend to utilize that money to make improvements to your house, which may raise its worth.
Besides this, you may also opt to use the cash for diverse purposes such as financing your education, medical needs, and leisure activities. On the other hand, it is also possible to refinance loans with other banks (debt consolidation) and pay for your rent or lease.

Also, you may use the cash for business purposes such as purchasing equipment and supplies to streamline your processes.

TURN PROPERTY INTO CASH

What Can a I Use Home Equity For?

A home equity loan can be a fantastic way to turn the equity you've accumulated in your house into cash. This can be especially beneficial if you intend to utilize that money to make improvements to your house, which may raise its worth.
Besides this, you may also opt to use the cash for diverse purposes such as financing your education, medical needs, and leisure activities. On the other hand, it is also possible to refinance loans with other banks (debt consolidation) and pay for your rent or lease.

Also, you may use the cash for business purposes such as purchasing equipment and supplies to streamline your processes.

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KNOW YOUR ELIGIBILITY

Who Can Get a Home Equity Loan?

While different banks have their own set of eligibility guidelines, generally, to qualify for a Philippine home equity loan, you must have a property title under your name that you may use as collateral.

Moreover, the transferred title date must exceed one year. It should also be noted that non-residential properties are generally not eligible to be used as collateral by most banks.

KNOW YOUR ELIGIBILITY

Who Can Get a Home Equity Loan?

While different banks have their own set of eligibility guidelines, generally, to qualify for a Philippine home equity loan, you must have a property title under your name that you may use as collateral.

Moreover, the transferred title date must exceed one year. It should also be noted that non-residential properties are generally not eligible to be used as collateral by most banks.

What Are the Requirements for Home Equity?

While banks have their own set of unique requirements, in general, borrowers will be asked to submit the following documents:

What Are the Requirements for Home Equity?

While banks have their own set of unique requirements, in general, borrowers will be asked to submit the following documents:

Here are some examples:
Housing loan application form
Government Issued IDs
Marriage Certificate
Income documents
Nook's help to do all this for you (for free).
EXCLUSIVE RATES

Home Equity Loans from Philippine Banks

Nook is partnered with multiple banks. Here are some of our partner banks that offer home equity loans at competitive interest rates exclusively for Nook’s clients. You can find a breakdown of each bank's respective interest rates below:

EXCLUSIVE RATES

Home Equity Loans from Philippine Banks

Nook is partnered with multiple banks. Here are some of our partner banks that offer home equity loans at competitive interest rates exclusively for Nook’s clients. You can find a breakdown of each bank's respective interest rates below:

MayBank Home Equity Loan

1 year fixing term - 8.75%
3 years fixing term - 9.50%
5 years fixing term - 10.75%

BDO Home Equity Loan

1-2 years fixing term - 8.00%
3-4 years fixing term - 8.25%
5 years fixing term - 8.75%

MayBank Home Equity Loan

1 year fixing term - 8.75%
3 years fixing term - 9.50%
5 years fixing term - 10.75%

BDO Home Equity Loan

1-2 years fixing term - 8.00%
3-4 years fixing term - 8.25%
5 years fixing term - 8.75%

Security Bank Home Equity Loan

1 year - 8.00%
2-3 years - 8.25%
4-5 years - 8.75%

Robinsons Bank Home Equity Loan

1-3 years fixing term - 7.50%
4-5 years fixing term - 8.00%

Robinsons Bank Home Equity Loan

1-3 years fixing term - 7.50%
4-5 years fixing term - 8.00%

Security Bank Home Equity Loan

1 year - 8.00%
2-3 years - 8.25%
4-5 years - 8.75%

RCBC Home Equity Loan

1-2 years fixing term - 7.50%
3-4 years fixing term - 8.00%
5 years fixing term - 9.00%
6-10 years fixing term - 10.50%

RCBC Home Equity Loan

1-2 years fixing term - 7.50%
3-4 years fixing term - 8.00%
5 years fixing term - 9.00%
6-10 years fixing term - 10.50%

CONCLUSION

Final Thoughts

CONCLUSION

Final Thoughts

Although applying for a home equity loan is a big commitment on the part of the client, it may also generate massive benefits. Ultimately, besides meeting the eligibility requirements, clients have to assure the bank and themselves that they will be able to repay the loan on time. Luckily, this is where Nook comes in!

At Nook, we’re making home loans simple. If you want to apply for a home equity loan but still have some burning questions in mind, our home loan experts are here to put all your worries to rest. Schedule a free consultation with us today by clicking he button below!

Although applying for a home equity loan is a big commitment on the part of the client, it may also generate massive benefits. Ultimately, besides meeting the eligibility requirements, clients have to assure the bank and themselves that they will be able to repay the loan on time. Luckily, this is where Nook comes in!

At Nook, we’re making home loans simple. If you want to apply for a home equity loan but still have some burning questions in mind, our home loan experts are here to put all your worries to rest. Schedule a free consultation with us today by clicking he button below!

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