Home Loans Philippines

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Home Loans in the Philippines

Ready to buy a home or condo?

Should you ask a banker, a property broker or a mortgage broker to advise you about getting a home loan?

Find out why Ryan Ong says Mortgage  Brokers Get You The Cheapest Loans.
It appears that is probably a good way to save money.

How to find a good, licensed mortgage broker and read the good advice at this link. Do not trust every broker, read what to watch out for.

It is essential to have a Filipino attorney advise you and review all of your real estate and loan documents before entering into a loan or a property purchase agreement.

Ask questions of your property agent, banker and/or the property developer regarding a loan. But it appears it will be best to rely on the assistance of a mortgage broker to arrange the lowest rate home loan.

If you cannot find a mortgage broker, then it will be up to you or your attorney to check mortgage rates at several banks. Find the lowest rates. Read about money and banks in the Philippines.

Whatever you do, don't buy a home or condo near a

pig farm or chicken farm.
You will probably get sick enough that you will need to know about hospitals and doctors in the Philippines. This is why it is a good idea to purchase property in a better location far away from pigs and chickens.

Oh, don't forget to check and see if any neighbors of a property raise hogs in their yards.

Foreigners are not permitted to purchase land or houses in the Philippines.

But, if you are married to a Filipino, your spouse may purchase land, houses and condos.

Foreigners are permitted to purchase condominiums in the Philippines.

Read more about buying property in the Philippines.

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Disclaimer: I am not a mortgage broker or lender.

This article will be expanded upon. Please check back to read more about home loans, bankers, property agents and mortgage brokers in the Philippines. Last updated July 18, 2022.

Buying Property Philippines

Properties for sale in the Philippines

Buying Houses or Buying Condos in the Philippines

A foreigner may buy a condo in the Philippines but may not buy a house or land unless he is married to Filipino. There is no such thing as "Title Insurance" in the Philippines. I have asked real estate agents and representatives of developers. Personally, I cannot imagine buying property without property insurance.

I am a real estate broker in Florida, USA and lenders require property insurance for each property purchase they provide a loan for. As far as I know property insurance is available throughout the USA.

After reading the Wikipedia entry (at the link above) about government processes which can ensure clean title I now feel more secure about buying Philippine property. No one fully explained the procedure to me. The real estate agents tried to explain but something was lost while I tried to understand their imperfect English.

I discovered there may be insurance companies outside of the Philippines which may write property insurance for properties in the Philippines. But I think that most international property insurance written by U.S. title insurance companies is for commercial businesses.

Read this about the about title in the Philippines.

Read about a court decision that could have disastrous effect on millions of owners (Posted 02 April 2012 - 05:45 PM by Fred42).
Here is the article Fred42 referred to.

It is VERY important that you read these articles.

You may find properties for sale or for rent in the Philippines by visiting this link.

In my opinion it may be much safer to just rent a house or condo in the Philippines.

Do NOT buy or rent a residence near or downwind from pig farms in the Philippines. In fact, be as far away from pig farms and chicken farms as possible.

It would be wise to consult with an experienced Philippine real estate attorney before even looking for property. Protect yourself!

Bank of the Philippine Islands

Both BPI and Banco de Oro (BDO) and other Philippine banks publish lists of bank owned real estate including houses, land and commercial properties. Pick up the lists at their branch offices. The lists feature properties which have been foreclosed.

Talking with a banker at Banco de Oro (BDO) we discovered that banks do not make loans for all properties. The house or property you like may be in an area where the bank or banks will not make a loan. I do not know the reason for this. Do your research and talk to a banker of a major bank; for example, BDO or Bank of the Philippine Islands (BPI) before even looking at properties. Check out their web sites.

We really liked one house we looked at in Poroc (not far from the Clark Freeport Zone.) We were told by the real estate lady that it was being sold by the young couple who were living in it with their young child. But, due to several contributing factors I did not make an offer on it. I found out there would be no property "title insurance." Another contributing factor was Mt. Pinatubo's proximity to the house. Mt. Pinatubo is still active, though only mildly at present. It was dormant for about 500 years before the last eruption, so it probably won't erupt again for hundreds of years.
If you are considering buying property you may want to consider how close is the nearest volcano and what are the chances of it erupting while you own the house or other property. I have been told that Mt. Pinatubo was considered an "extinct" volcano before its violent eruption on June 15, 1991.

Probably the most important factor was, that after talking for quite some time with the "sellers" and their real estate lady, the man disclosed that the house was actually owned by his aunt who was at that time confined in a hospital in Manila. Being a licensed real estate broker in the USA this raised a '"red flag." The aunt was quite old and that could present a major problem. If an owner is deemed incompetent, and it sounded like she was, a transaction can be reversed. In the USA a contract is not binding if it is revealed that a party to it was incompetent at the time of signing. So, those factors put an end to my interest in that house.

Always consult with a Philippine attorney who specializes in real estate before you begin your search. An attorney can give you basic advice that may save you a lot of time and money in the long run.

Have personal experience buying, selling or renting in the Philippines? Share it with other readers by making a comment below.

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This article will be expanded upon. Please check back to read more about buying property or houses in the Philippines. Last updated June 17, 2022.