Previously in our e-group, tips and tricks of availing amortgage was discussed. It was said that currently PS Bank and Banco de Oro offers the lowest interest rate. Hubby and I had our house mortgage with RCBC Bank. We applied for a loan about four years ago. We canvassed and inquired with other banks such as Keppel, ChinaBank and BPI. It took us almost a year to decide. Most of the bank only offered 70% of the actual value of the house. In effect, we will have to shoulder about 10% of the contract price, which is most often called equity.
At that time, we didn’t have that much money pooled together so we were actually thinking that maybe we just can’t get a house yet. It’s a sad hard fact we had to face. We just can’t afford it. We were kind of discouraged to apply for a pag-ibig loan. It was said that most likely we will not be able to get the desired loan or that our contributions will have to be adjust accordingly to get the amount we needed. I wasn’t sure how it will affect our monthly deductions and the whole application process was tedious.
Luckily, with the help of our agent, she forwarded our application to RCBC and they approved our loan with just the exact amount we’ll need. We went to the bank, filled up the forms and a few days after, our check was released. That easy. Now the monthly payment is another story.
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