My first experience with housing loan application with Security Bank didn’t turn out well. I was not disappointed about the result; it was how they dealt with a client.
Unpleasant experience wouldn’t stop or slow me down in buying my dream house.
In fact, it could have been more of an advantage because my family found another property within the budget and without issues.
For my second attempt, I chose to apply for PSBank Home Loan because it was one of my bank choices after doing online research, the best way to find information for an OFW like me.
Why Did I Apply for PSBank Home Loan
Philippine Savings Bank or PSBank is one of the established banks in the Philippines. It is one of the factors why I considered PSBank. Another reason is that my family has several PSBank accounts for a long time and didn’t have any issues.
With that in mind, I wish I also have a PSBank account like them. Fortunately, I was able to open a Philippine bank account abroad.
In a nutshell, I am trusting PSBank to give a fair customer service. My family and I are willing to cooperate and follow the procedures in availing a home loan.
We can be right or not. I always say that knowing is better than wondering . . . after doing a diligent research.
Benefits for Borrower
What caught my attention and made it easier for me to trust are the benefits of the PSBank Home Loan with Prime Rebate. I’m all for anything that comes with discount.
- Guaranteed protection against fluctuation during the interest fixing period of the loan
- Fast loan processing
- PSBank Prime Rebate (for advance and excess payment)
The Prime Rebate allows the borrower to pay the housing loan faster. It is a feature that I was looking for Philippine bank home loan aside from low-interest rate.
You can learn more about the features of the housing loan in the website.
With all the good things claimed online, I do hope that I can give a testimony and you’ll definitely find out about the result whether it’s good or not so good.
Requirements for OFW
An advantage of applying for another home loan is not worrying much about the requirements because some were already sent through DHL for the first loan application (in Security Bank).
- Accomplished PSBank Home Loan application form . I made and submitted the larger version of the form, which you can download for free.
- Payment for non-refundable appraisal fees (cash or check payable to Philippine Savings Bank)
- Photocopy of Transfer/Condominium Certificate of Title (TCT/CCT)
- Contract to Sell/Reservation Agreement (if acquiring from an accredited developer)
- Valid photo-bearing IDs with signature
- Copy of Marriage Contract (if married)
- Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
- Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)
Additional Requirements for Non-Immigrant (contractual worker)
- Consularized Certificate of Employment
- Job contract
- Proof of remittance for the past three to six months
Additional Requirements for Immigrant
- Latest Certificate of Employment
And any of the following for all OFWs
- Proof of remittance for the past three to six months
- Pay slips for the past three months
- Latest Income Tax Return
The other documents are easier and faster to send online to the Philippines. That’s what I did so there’s no need to pay a lot for a courier service.
How an OFW Can Submit the Loan Application
My attorney-in-fact or representative submitted the home loan application in a PSBank branch near our place in the Philippines. (The location is walking distance.)
I advice you to do the same because it would be convenient for your representative who can save time and fare since going through the entire process takes a lot of time.
Bloggers Review of PSBank Home Loan
As I’ve said before, I found good reviews about PSBank home loan application. For now I can’t say a lot about the program so I’ll let you decide based on what other bloggers are saying.
Ielenna has a positive review not only because her loan was approved but more importantly of how fast the service is.
I got a text message from PS Bank that our loan application was encoded.
Five days later.
I received a text message informing that my total loan amount was approved.
Milkybar from PinoyMoneyTalk gave more details we can hope for.
Mabilis ang processing ng PSBank. Nagsubmit ako ng application form Tuesday of last week pero incomplete pa. I completed my docs nung Friday lang then nung Monday I was informed na approved na yung application ko. Di naman kelangan ng ibang collateral basta yung bibilhin mo lang na property . . . ang na approved samin na loanable amount is 80% ng value ng property.
Do you have a review for PSBank Home Loan? Let me know so I can update the post. As for my review, we still have to wait for the result.
What Every OFW Should Know
Haven’t I mentioned how I appreciate the fast response of PSBank staff on social media. I’ll share the answers I received a day after inquiring.
Q1: I’ve read this online: “Principal and interest payable in equal monthly amortizations until fully liquidated.” When it will start? How does the deduction works for payment of interest and principal? What is the percentage (eg. interest 50% and principal 50%)?
A1: Your monthly amortization will start 1 month after your account was booked in our system. There are no specific percentage for the principal amount and interest.
Q2: What is a Credit Life Insurance (CLI)? Is it the same as Mortgage Redemption Insurance (MRI)? I already have a life insurance here in Canada, will that suffice instead of getting the credit life insurance?
A2: Credit Life Insurance and Mortgage Redemption Insurance were the same. Life insurance should be from accredited insurance company of PSBank, and submitted policy will be subject for checking and management approval.
Q3: Can I make a monthly advance payment to the principal? Is there a limit or fee?
A3: Yes. There is no limit or fee if you will make an advance payment.
Q4: I will have an attorney-in-fact. How can I pay for the mortgage if I
don’t have a Philippine bank account? Can my representative open a bank account at PSBank instead?
A4: You need to provide an attorney-in-fact here in the Philippines, and should be your first degree relative. Your AIF may open an account; however when paying the charges, your AIF may settle it over the counter since the receipt should be under your name.
Q5: Is there a way to apply online? Or is it better to apply in the branch through my representative? He already have a Special Power of Attorney.
A5: Special Power of Attorney should be in PSBank format, your AIF may apply at any PSBank branch for faster processing.
Note: Former Filipinos or foreigners not holding permanent resident visa in the Philippines are not qualified to apply for a home loan.
You’ve reached this far and with all the information, I know that you can do all the procedures in no time. Good luck!
Will you apply for PSBank Home Loan or other banks? What are your concerns as an OFW?
Photo Credit: psbank.com.ph