Tips for Applying for a Bank Housing Loan (Philippines Edition)

Applying for a bank housing loan can be one of the biggest financial decisions you'll make — whether you're buying a property or building your dream home. The good news? With the right preparation, you can make the process easier, faster, and more successful.

Here are smart tips to help you apply for a housing loan through your preferred bank with confidence:

✅ 1. Check Your Credit Score First

Banks rely heavily on your credit history to assess your loan eligibility. A good credit score increases your chances of approval and could even get you better interest rates.

💡 Tip: Request a copy of your credit report from the Credit Information Corporation (CIC) or your bank. Pay off outstanding debts or credit cards before applying.

✅ 2. Prepare All Your Documents Early

Missing or incorrect documents cause most loan delays. Prepare these in advance:

• Valid IDs

• Income documents (payslips, COE, ITR)

• Property titles or tax declarations

• Business papers (if self-employed)

💡 Tip: Scan both physical and digital copies for easier online applications or email submissions.

✅ 3. Know How Much You Can Afford

Banks typically allow your monthly amortization to be no more than 30–40% of your gross monthly income. Use a bank’s loan calculator to estimate your loanable amount.

💡 Tip: Be realistic with your budget. It’s better to borrow what you can comfortably repay, not the maximum allowed.

✅ 4. Choose a Loan Term That Matches Your Plans

Longer loan terms (e.g. 20–25 years) = lower monthly payments, but more interest paid overall.Shorter terms = higher monthly payments, but less interest.

💡 Tip: If you’re young or early in your career, a longer term may be safer. But if you have higher income or extra funds, choose a shorter term to save on interest.

✅ 5. Compare Different Banks Before You Decide

Different banks offer different:

• Interest rates

• Fixing periods (1, 3, 5 years)

• Fees (appraisal, processing)

• Approval timelines

💡 Tip: Get quotes from at least 3–4 banks to find the best deal for your needs. Don’t just pick the one with the lowest advertised rate — ask about total cost of loan and hidden charges.

✅ 6. Be Transparent and Honest in Your Application

Provide accurate information — especially about your income, job status, or financial obligations. Banks verify all details, and inconsistencies may lead to rejection.

💡 Tip: If your income is irregular or mixed (salary + business), prepare bank statements or supporting documents to prove your earning capacity.

✅ 7. Keep a Healthy Savings Account

Many banks prefer clients who have active savings accounts and show consistent financial discipline. Some even require you to open an account before releasing the loan.

💡 Tip: If possible, start saving in your preferred bank early. It shows you’re financially responsible and builds trust.

✅ 8. Work with a Licensed Contractor or Developer

If you’re applying for a construction loan, banks will require:

• Building plans

• Bill of materials (BOQ)

• Permits and contractor’s credentials

💡 Tip: Choose trusted partners like WallPro to provide proper documentation and speed up the loan processing.

Applying for a housing loan doesn’t have to be intimidating. The more prepared and informed you are, the smoother the process will be — and the closer you’ll be to living in your dream home.

Need help estimating your construction cost or preparing loan documents?

📧 Email info@wallpro.com or DM us “BANK LOAN” and we’ll help guide you every step of the way.

Tips for Applying for a Bank Housing Loan (Philippines Edition)