Nook | We're Making Home Loans Simple

Login
  • Home Loans

    We will get you the right home loan from the right bank, faster. Welcome to the future of home loans.

    Get Pre-Qualified

    Find out if you qualify for a home loan from in just 3 minutes.

    Start Loan Application

    The journey to your new home begins here. Start now.

    Book Consultation Call

    Get expert advices from our home loan consultants for free.

    Mortgage Brokering

    We help you with your home loan transaction at no cost to you.

    Cashback

    We'll share some of our commission to you when you get approved.

    Home Loan Types

    Know which type of housing loan you need to manage your finances.

    Loan Calculators

    Check your financial capacity now.

  • Partners

    Join the many who made the best decision in providing their clients with the best home loan journey available in the country.

    Banking Partners

    Some of the biggest banks in the Philippines with the goal of making home loans simple.

    Retail Partners

    Get discounts and exclusive deals during your home loan journey from these retail shops.

    Affiliate Program

    Refer your friends and family to become an affiliate and receive commission plus discounts for every successful referrals.

    Nook Home Loans - Affiliate Army
  • Latest News

    Featured Posts

    Nook Welcomes Robinsons Bank and Maybank as Official Partners

    Recent Posts

  • About

    Know more about the Philippines' first mortgage broker, how we do it and why only we can do it.

    Nook App

    Transact faster with your Nook home loan consultant.

    Our Process

    We’ll take you through our four simple steps.

    About Us

    Why we are the first and the only mortgage broker in the country.

    Careers

    Join the Mortgage Brokering Industry Pioneer, Nook.

    Contact Us

    Chat to us now and talk to a Live Agent.

    Help Center

    Browse our library of articles with helpful information.

Home Equity Loan Made Simple

We’ll be breaking down everything you need to know about Philippine home equity loans. From their definition to requirements and even the specific interest rates of Nook’s partner banks, we’ve got you covered.

Home Equity Loan Nook
Home Equity Loan Nook

Home Equity Loan Made Simple

We’ll be breaking down everything you need to know about Philippine home equity loans. From their definition to requirements and even the specific interest rates of Nook’s partner banks, we’ve got you covered.

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 an underrated financial option. This means the practicality of home equity loans is often overlooked.

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.

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 a Client Use It For?

A home equity loan can be a fantastic method 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. But always keep in mind that you're risking your house; if property prices fall, you may find yourself in serious debt!
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.

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

TURN PROPERTY INTO CASH

What Can a Client Use It For?

A home equity loan can be a fantastic method 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.

But always keep in mind that you're risking your house; if property prices fall, you may find yourself in debt.
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.

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

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:

These are the following:
Housing loan application form (completely filled out)
Government Issued IDs
Marriage Certificate (if married)
Income documents (Certificate of Employment, Income Tax Returns, etc)
Get Nook to help you with all of the above plus more (for free).

If you want to learn more about the specific requirements you may need to submit to the bank, book a call now!

Refinancing Requirements v2a

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:

These are the following:
Housing loan application form (completely filled out)
Government Issued IDs
Marriage Certificate (if married)
Income documents (Certificate of Employment, Income Tax Returns , etc.)
Get Nook to help you with all of the above plus more (for free).

If you want to learn more about the specific requirements you may need to submit to the bank, book a call now!

Refinancing Requirements v2a
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

1-3 years fixing term - 6.88%
4-5 years fixing term - 7.88%

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

1-3 years fixing term - 6.88%
4-5 years fixing term - 7.88%

Security Bank Home Equity Loan

1-3 years - 6.25%
4-5 years - 7.00%

Robinsons Bank Home Equity Loan

1 year fixing term - 6.88%
3 years fixing term - 7.25%
5 years fixing term - 7.88%

Security Bank Home Equity Loan

1-3 years - 6.25%
4-5 years - 7.00%

Robinsons Bank Home Equity Loan

1 year fixing term - 6.88%
3 years fixing term - 7.25%
5 years fixing term - 7.88%

RCBC Home Equity Loan

1 year fixing term - 7%
2-3 years fixing term - 7.50%
4-5 years fixing term - 8.50%
6-10 years fixing term - 10.00%

RCBC Home Equity Loan

1 year fixing term - 7%
2-3 years fixing term - 7.50%
4-5 years fixing term - 8.50%
6-10 years fixing term - 10.0%

YOUR CONCLUSION

Final Thoughts

YOUR 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!