Buying a home is one of the major financial decisions in most people’s lives. Your lifestyle, personal savings, spending habits are some of the things you need to take into account when considering to take a home loan for your dream house. Hence, the decision to buy a home must be made carefully. Here are the main factors you need to consider before applying for a home loan:

Type of property and location. The first step towards home ownership is determining the type of home that best suits you and your family’s needs.  Do you a have a child or planning to have more? Is one or two- bedroom enough or do you need a bigger residence for your growing family? Maybe you have an ageing parent that you may have to take in sooner than later? When looking at a possible home location, you also need to consider job opportunities as well as proximity to relatives, given Filipinos’ close-knit family culture.

Quality of life considerations. Carefully consider the things that are important to you before making the decision to buy a particular house or condo.  Do you want condo- living near your workplace or the malls? Or do you prefer private living in the suburbs? Is it important that you live close to a school or a hospital? How urban or rural a residential development is will impact education options, shopping, entertainment and healthcare services that you may need.  Needless to say, accessibility to transportation systems, as well as safety and security, are also important.

Carefully consider what you can really afford.  A house is likely the largest single purchase that you will make as a single person or even as a family. You are buying a property based on what you can afford now, not later so determine your budget based on what you can afford to repay now, not the maximum you’re allowed to borrow. Also, are you ready to shell out the 20% down payment? While there are financing schemes that will allow you to loan money for the down payment, this will have its disadvantages, as it could further exert pressure on your finances down the line.  Do you have a good credit score? Put your finances in order as this greatly increases your chances of getting home financing approval.

It is also extremely important that you find the right lender for your home loan financing: Philippine Savings Bank (PSBank) has further simplified the process

of providing banking services, setting a 1-day credit decision on home loan applications for purchase of condominiums and other properties from accredited property developers. Some of PSBank’s accredited developers are as follows: Federal Land, Robinsons Group, Megaworld, DMCI, Alveo, Avida, Rockwell, SMDC, among others.

”The key to simplifying the process of acquiring or buying one’s own house is careful planning. The 1-day home loan decision is intended to further simplify things for our customers as they embark on a very important financial decision towards homeownership,” PSBank Senior Vice President and Marketing Group Head Noel Tuazon said.

Aside from a 1-day credit decision for condos, PSBank Home Loan with Prime Rebate allows customers to earn rebates or savings when they make advance or excess payments on their monthly due.  Rebates earned from advances/excess payments are computed on a daily-basis-including weekends and holidays, starting on the date the payment is posted and credited every due date. In addition, PSBank Home Loan with Prime Rebate also features flexible terms as well as convenient payment channels through PSBank Mobile & Online platforms, automatic debit arrangement from a PSBank deposit account, post-dated checks, over-the-counter at any PSBank branch and via PSBank, Metrobank and BancNet ATMs nationwide.    

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