How To Get A Construction Loan In Mintal, Davao
Building a house required in-depth planning and preparation. Despite the heavy weight brought by these preparations and planning, the road to achieving your dream house should not be a stressful one. All thanks to the different home construction loan programs, instead of feeling burdened by the thought of acquiring a house in Mintal, Davao, obtaining it has become easier already. If you are one of those who are hoping to avail of these home construction loans, then you’ve found yourself a good read.
First thing that you have to do is to find a bank or lending institution that can grant you a construction loan. What are some of the indicators of a good loan offer?
1. It offers flexible payment schemes
2. It has friendly interest review dates
3. It has choices of currency
4. It offers wide range of loanable amounts
5. It caters fast processing
PSBank, HSBC and PNB are just three of the good banks that have these indicators in their Housing Loan programs. One of the best features of PSBank’s construction loan is that it has flexible payment terms and has convenient modes of payment. You can either pay through ATM deposits, over the counter transactions or auto debit arrangement. HSBC, on the other hand, can be paid through Philippine Peso, US Dollar, or Hong Kong Dollar. It depends on the currency of your earning capacity. Aside from that, the loanable amount can range from 700,000 pesos to 50,000,000 pesos.
Regardless of which bank you prefer to apply for a loan, all of them undergo similar approval process. First is the application phase. This is the stage where the bank checks your capability to pay the dues. This is the most critical stage since not all applicants can get approved. Here are the factors affecting it:
1. Age income bracket
2. Nature of work or profession
3. Property type
4. Location of the property in Mintal, Davao
5. Current property market value
Moreover, aside from the applicant, the property in Mintal, Davao will also be assessed during this stage. Factors such as the value and feasibility of the project will be looked into.
If approved, the bank will finally offer you a loan package that best fits your capability based on the result of their assessment. This loan package includes the interest rate, number of years to pay and the monthly amortization.
