Installment payments provide convenience to those who apply for a loan. In most cases, the rates are affordable since the amount is divided on a monthly basis. If you are applying for a loan, see the latest installment rates in the Philippines today.
Housing Loan
For home loans in the Philippines, the monthly installment rate start from Php 18,000 and above. Such a rate covers a Php 1 million worth of property payable in about 10 to 12 years. For each amount added, the monthly rate increases as well as the length of payment.
See: Home Loan Monthly Installment
You may find a detail of the loan that says fixing interest rate. This figure represents that interest that will be applied to your loan for a number of years. The longer the loan term, the higher the interest rate. Since you can choose to fix it, make sure to get a rate that you can sustain paying.
Types of Home Loans
Loans for houses may cover different property types. You may apply for a home loan if you wish to buy any of the following:
- Lot – it could be a vacant lot or lot without any structures
- House and Lot – some lots already have an established structure like bungalow, 2-storey or 3-storey building
- Condominium – a unit in a condominium complex
- Townhouse – a unit in a townhouse complex
Auto Loan
In the Philippines, the monthly installment for car loans start from Php 11,000 to Php 16,000 and above. It is best to identify the amount of the vehicle first before realizing a down payment. Usually, buyers would like to pay 20% for the down payment and with the term of 60 months.
Both brand new and used cars are covered by a car loan application. You may choose the brand and model of the car.
Look: Car Loan Monthly Rates
Personal Loan
The monthly installment for personal loans in the Philippines may start from Php 5,000 and above. This rate is applicable for a loan amount of Php 100,000 with a 24 to 36 months term. The rates will vary depending on the length of payment and the borrowed money.
Where to use personal loan?
Paying for other debts
Credit card bills
School tuition
Minor home renovation
Added small business capital
How much is the monthly installment for each type of loan? Remember that the monthly installment you have to pay will depend on the loan amount and the length of payment. There is a variation on your monthly payment per loan type.
Banks for Loans
You may proceed to any of the banks in the Philippines if you wish to avail a loan. Almost all of them offer the three basic loan types. Simply provide the documents required by each bank. You may get started with any of these institutions.
Security Bank
Chinabank
RCBC
PNB
UCPB
Unionbank
Metrobank
Approval Time
There is a difference with a type of loan and its approval. Usually, the housing loan may take longer since various documents are needed to specify the property and the identity of the seller. On the other hand, personal loans may be processed faster as they are initiated with your bank account.