Filipinos and non-Filipinos residing in the United States can now own real estate in the Philippines through the Philippine National Bank’s Own A Philippine Home Loan Program. Under this program, you can acquire a lot, a house and lot, a condominium unit, a townhouse, or a rowhouse. Interest rates depend on the Wall Street Journal Prime Rate, usually variable at around 3%.
Other loan types covered by this program are the construction of a house and lot owned by the borrower can mortgage the lot in favor of PNB, renovations of a house owned by the borrower, and refinancing of a peso home mortgage loan.
Loans for a lot with proposed or ongoing construction of a house will be up to 80% of the selling price. For the purchase of house and lot, loans will go up to 60% of the selling price. Loans for renovations of an existing house can reach up to 80% of the real estate property. Repayment of the loan should be in US dollars and will take a maximum of 20 years for a house and lot and 10 years for a lot only.
For more information on the Philippine National Bank’s Own A Philippine Home Loan Program, visit the PNB Los Angeles website.