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Everyone needs to have a house, its one
of the basic necessity of life.
Not to mention the
continuous growth of population in the country, everyone
needs their share of comfort zone. But not everyone has
enough money to buy even a parcel of land. The great
news is it is easy to own a house by just availing a
housing loan.
Housing loan is the easiest and most flexible choice to
have your dream home.
Whether it is buying a house,
renovating your present house to a new modern style,
building your dream one from a vacant lot, there’s a
perfect housing loan suited just for you.
Housing loan is created to help anyone fulfill the
dream, because not everyone has enough savings allocated
for housing loan. Well for those who have already enough
savings intended for their dream home, availing a
housing loan is still the best option. The funds to be
used in building the house can be allocated for more
profitable endeavors. |
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and the economy. Also, more flexibility for the
individual and add value to his money.
Housing loans are offered not just for individuals but
for non-individual entities as well. In relation to
that, financing of housing loan is not limited to buying
a house only. Purposes of loan can also be purchase of
lot, purchase of old and new residential unit, maybe a
condo, a building, an apartment, purchase of lot and
construction of a unit after, remodeling a house, major
improvements on the house, et cetera. As long as the
target for housing loan involves a property, it is okay
for financing. That is why sometimes housing loan is
also named as property loan.
Guiding prevailing interest rates for housing loans
ranges form six percent to twelve percent or even at
times up to fourteen percent. The six percent loan is
available offer of government loan providers. To make
hosing loan programs available also to common mass
markets. While the seven percent rate is still
considered low in the market. For the reason that the
normal interest rates for housing loan is about eight to
twelve percent. The quotations rate stated earlier are
just guiding rates and is used for references only.
The interest rates on housing loan are on a yearly
basis, or we say per annum basis, like most loans’ basis
of rates. Housing loans’ take out range from PHP400, 000
up to PHP2, 000,000.00 The usual loan term for housing
loan, is also from twelve months to 72 months or from
one year to six years.
Housing loans are available to almost all banks
nationwide and many other financial lending
institutions. They just differ in name tagging for the
same housing loan. It is just that easy. Just go to a
bank or lending office near you, and a friendly loan
counselor will assist you.
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