new house

Everything you need to know about Home Loan in the Philippines

Thinking about getting a Home Loan? We give you all important information to get one!

What is a Home Loan?

 

A home loan is a financial help provided by a Bank or a Financial Institution to help you in buying and/or modifying your property.

The basic needs of men are Food, Shelter and Clothing, among these 3 the most sought after need is to build a suitable shelter, this is where a Home Loan is considered.

In layman term, a home loan is simply borrowing money with interest for a specific period of time to buy or to renovate a house. A few years back, this definition was enough to define the meaning of home loan but today the competition between banks and their services changed the meaning of home loan completely.

Nowadays, home loans have a bigger scope and banks offer these loans even for small needs about your home. To understand this concept better, let us have a look at the different types of home loans available. 

Buying Old (Resale) vs. New Home

Would it be better to buy NEW or OLD homes? We weigh out the differences and let you decide.

Many who are thinking about buying a property always have the same questions in their minds, would it be better to buy a new home or old home? With so many things to take into consideration when choosing a living space like distance from work and family, community feel and home layout, answering the question new or older can help narrow your choices and give your more focus.

Let us lay down some PROs and CONs to consider when choosing your new property. This will help you have an idea on what to give more importance in comparison to what you had in mind before.