Rizal Commercial Banking Corporation or RCBC was started with an old name Rizal Development Bank in 1960. It is established as a first-development bank in province of Rizal.
In year 1963, it became a commercial bank and renamed as Rizal Commercial Banking Corporation. With that humble beginnings, it is now one of the biggest banks in the Philippines in terms of assets, actually it is the 5th largest commercial bank in Philippines. It is known for its both investment and commercial banking.
Like other major banks, RCBC usually offers products and services like savings and checking account, time deposit, cash card, credit cards, remittance, electronic banking, investments, loans and a lot of more.
Home Loan is one product that it offers. If you are looking for a high-quality house but affordable, RCBC can be your option to answer that. RCBC housing loan will help you to fulfill your dream house.
The home financing features for housing loan of RCBC is shown below. It will help you to get some information you need about the features that it offers.
Home Financing Features
RCBC home loan has a minimum loan amount of P300,000 and a maximum loan amount of P10,000,000 subject to borrower’s paying capacity. The interest rate will be the prevailing rate at the time of loan release.
The loan valuation is up to 70% of appraised value of vacant lots or of total contract price for RSB-accredited condo unit. For house and lot and townhouses, up to 75 % of appraised value of lot plus up to 60% of appraised value of house.
For RSB-accredited house and lot/ townhouses, up to 80% of total contract price and for condominium units, up to 60% of appraised value . For renovation or home improvement, you apply for a loan up to 60% of appraised value.
Other Important Information when Applying for A Housing Loan
• Collateral – Registered 1st Real Estate Mortgage on property
• Property should be located in Metro Manila, Calabarzon and within service areas of RCBC & RSB branches
• Minimum floor area of the house should be 50 sq.m.
• Insurance – Mortgage Redemption Insurance with Grepalife
• Fire Insurance with Malayan
• Repayment Mode – Opening of a checking or savings account for the payment of monthly amortization
• Repayment Terms – Equal monthly amortization representing principal and interest
Maybe your one of those who are renting a house for so long because it is the cheapest way to have home for your family but owning a house is far more different in just renting but in terms of payment. It is almost the same especially these days since many banks like RCBC, offers low interest rates on housing loan.