Getting a Housing Loan (Thread 4)

[jmeangeL]

@be_Jenuine, it would all depend sa amount na i-loan mo.  Co-related. The higher the loan, the higher the salary needed.

[angelovepink]

Hi mga sis,

Ask lang, okay lang ba tong bank charge our loan agent sent us? Sa Security Bank kami and pasok yung application namin sa home loan waived fees promo nila.

But namamahalan ako sa MRI kahit waived na other fees. Usually 30k po ba talaga for 1.7M housing loan?

Here's the breakdown he sent us:
MRI Insurance- P30,000
Fire Insurance- P3,548
TOTAL:  P33,548

Thanks mga sis!!!

[jmeangeL]

@angelovepink
Rule of thumb used to estimate insurance fees is 2% ng total loan mo.
2% of 1.7M is 34K
Your 33,548 is about that amount, so I would say that it is within benchmark.

Lumiliit yan yearly since lumiliit din ang loan amount mo.

[rasee16]

Hmm.. 14k Lang MRI ko for a 3.2M housing loan

[jmeangeL]

Come to think of it, 14K din ang sa akin for a 2.4M loan.  Yung 2% ay estimate sa amin, when we asked, pero the actual is really low.

Baka kasama yung transfer title at tax?

[rasee16]

Yung 2% na sinabi sa amin ay yung total ng bank fees, not just the mri.

[angelovepink]

Thanks mga sis, expected ko kasi mas lower than 30k kasi less than 2M lang yung loan amount namin. May mga VUL and term insurance din kasi kami and not at par yung premiums with what they sent us.

Diba term lang naman usually yung MRI? Unless we request it to be VULs?

Not sure din po ako if kasama na transfer title at tax kasi may waived fees kami.

I'll wait nalang sa response ng loan officer namin and update you guys.

Thank you so much.

[fionaapple]

Thanks mga sis, expected ko kasi mas lower than 30k kasi less than 2M lang yung loan amount namin. May mga VUL and term insurance din kasi kami and not at par yung premiums with what they sent us.

Diba term lang naman usually yung MRI? Unless we request it to be VULs?

Not sure din po ako if kasama na transfer title at tax kasi may waived fees kami.

I'll wait nalang sa response ng loan officer namin and update you guys.

Thank you so much.

hindi lang MRI ang included sa closing fees. may mga iba iba pang items jan including yung real estate mortgage registration, documentary stamps, legal fees, fire insurance. hindi lang po MRI. di ko lang kabisado lahat ng items kasi more than a year ago na kami nung nag home loan.

may waived fees pala kayo. di ko lang din sure anong covered nung waiver of fees. sorry late ko na nabasa  yung sa waived fees. normally yung promo for waived fees, up to a certain amount lang. and try to make sure kung covered ka nung promo.

to avoid confusion, better ask for a detailed breakdown of the fees.

[LilaFowler]

 ^ nakakatakot yung mga add on expenses sa loan. Nasa 8M yung kailangan namin.

[rasee16]

^usually 2-3% yun ng loan amount depende sa bank. So mag-set aside ka nalang ng around 200k for the fees.

[angelovepink]

Just an update, VUL pala yung quoted na MRI na binigay nila samin. Papachange ko nalang sa basic term kasi may existing VUL policies na kami sa Sunlife. Pwede naman basic term life insurance sa MRI diba?

Sis Fiona, thanks. Breakdown na kasi yung binigay nila samin plus 3,500 yung fire insurance.

Not sure pa sa iba but here's the items covered ng waived fees of up to 50k na promo nila:
 - Appraisal Fees
 - Documentary Stamp Tax on REM and PN
 - Mortgage Registration Fees
 - Notarial Fees on REM and PN
 - Processing Fee
 - Cancellation Fee

Expected ko naman na may iba pang items covered sa closing fees, pero expected ko mga 10-15k lang yung MRI.

Thanks!!

[bluish_mommy]

^it's not merely on the salary but on big your take home pay is.. .malaki nga suweldo pero wala naman halos natitira dahil sa dami ng expenses di ba?

[jmeangeL]

@be_Jenuine, as I remember, para dun sa loan namin na 2.4M, ang required na NET combined salary namin ay 60K

I would assume the 3M would be around 80K

[angelyum_18]

Are the bank strict when it comes to evaluating our bank statement for a housing loan application? Meron po ba nun requirement na dapat may ganitong amount sa bank account mo to be able to get a housing loan approval? Kasi i am due for a bank evaluation and im afraid it might get rejected since wala akong savings although my salary is capable naman of paying the monthly due. Please advice thanks.

[omneecka]

^hope our sisses can share some inputs on the above queries, will also face above questions in the future.

thank u! 😊😊

[jmeangeL]

It would depend not on the savings but how much you owe.  May mga existing loan na ba na madali nilang makikita, like Pag-ibig, SSS or other salary type loans?

How about a car loan?

Kung more than enough ang salary mo at ng co-borrower, even with all existing loans, walang problem.  Tenure is also important sa loan evaluation ng bank.  How long are you with the company and how stable the company is.

[PwedePadala]

Has anyone applied for Security Bank Housing Loan? I recently applied and waiting for the result. The appraisal fee is PHP 3,500. And the bank is waiting for the report of the appraiser. Will they usually give 80% of the loan amount for a residential house and lot (not new)?

[bluish_mommy]

^I think 80% is the ceiling. Naco-consider din na factors, kahit malaki nga ang suweldo pero maliit ang take home pay isang factor ito, also credit standings, kung good payor ka.

[Pinklet]

Gusto na sana namin magpagawa ng bahay.. meron na naman kami lupa.. kaya lang sa dami ng nabasa ko.. wala naman bangko na nagbibigay ng 100% ng niloloan or contract price ng house construction.. Puro sabi nila 80% ng loanable amount. Kaya ayan, nagkamali ata ako sa pagbili ng lot muna... dapat ata ang kinuha ko na e house and lot para yung downpayment mauutay na naman through installment...

Hayyy. May ganito din ba kayong experience?

[shinies]

Naku wala talagang 100% parang guarantee din kasi nila na kaya mong bilhin yung property kung kaya mo yung ilang percent. 90% na yung pinakamataas na alam kong pwede