There's nothing like the joy of a home built to suit your exact needs and personal tastes. With PSBank Home Construction Loan, building or renovating the home of your dreams is easier than ever.
PSBank Home Construction Loan offers a revolving credit line, flexible terms with the option of postponing the principal payment on the first year and savings on interests. We also offer convenient modes of payments, such as via ATMs, over-the-counter at any PSBank branch, and auto debit arrangements.
Build your dream home with a PSBank Home Construction Loan now!
Facility |
Revolving Credit Line during construction/renovation period; at the end of the construction period, you have the option to continue to enjoy the benefits of a revolving credit line or shift to a term loan |
Purpose |
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Line Amount |
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Term |
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Interest Rate |
Prevailing Home Construction Loan rate at time of line set up |
Interest Fixing |
Quarterly |
Mode of Availments |
Personal PSBank Revolving Credit Line Check or ATM Card |
Repayment Plan |
For the first year, minimum amount due is interest only plus any past due amount, penalties, and excess availments |
Modes of Payment |
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Collateral |
First Real Estate Mortgage (REM) over an acceptable residential property |
ATM Service |
ATM withdrawal shall be subject to a PhP20 fee per transaction, on top of the usual BancNet fees. |
Line availment fee |
All availments against the Line will be subject to Documentary Stamp Tax at a rate of PhP1.50 on each PhP200 amount availed. The DST will be computed per availment but posted to your loan account at the end of each billing period. |
Request for checkbook |
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Credit line renewal fee |
An annual fee of PhP2,000 will be billed to your account |
Card replacement fee |
PhP200 for each lost/stolen card |
Pin replacement fee |
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Processing of loan certification |
A fee of PhP100 will be charged |
Transmittal of loan documents to another branch |
A fee of PhP100 will be charged |
Early Settlement Processing Fee |
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BOOKING FEES AND CHARGES
Appraisal and title handling fees |
PhP5,500 per title (waived for accredited developer with Deed of Undertaking/MOA) |
Processing fee |
Fixed fee of PhP7,000 |
Documentary stamp tax |
PhP1.50 for every PhP200 and a fraction thereof |
Credit life insurance |
Credit Life Insurance from AXA Philippines to cover the full amount of the loan or at a maximum coverage of PhP8M (for borrowers 18 to 45 years old) or PhP7M (for borrowers 46 to 64 years old), whichever is lower. |
Mortgage registration expenses |
Cost of annotation of Real Estate Mortgage and Register of Deeds fees |
Miscellaneous fees |
Service providers' fees + notarial fee of PhP1,000 |
Cancellation fee |
Cost of cancelling previous mortgage and/or other liens, encumbrances (if any) |
Fire insurance / Contractor's all risk insurance |
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POST-BOOKING FEES AND CHARGES
Service fee for certificate of mortgage |
A certification fee of PhP100 shall be charged plus a notary fee of PhP500 if Certificate of Mortgage is notarized. |
LATE SUBMISSION FEE OF INSURANCE POLICY RENEWAL (Credit Life and Fire)
31 to 44 days from expiry date |
PhP200 shall be charged for late submission of insurance policy renewal documents |
45 to 59 days from expiry date |
Documentary Stamp Tax (DST) shall be charged |
60 days and beyond |
Short Rate Charge (which varies per premium amount and inclusive period) shall be charged |
Late payment penalty fee |
3% per month or a fraction thereof shall be added on each unpaid installment from its due date until fully paid. |
Attorney's fees and liquidated damages |
In case the Bank / Financial Institution should engage the services of counsel to enforce its rights under this Agreement, the Borrower / Mortgagor shall pay an amount equal to ten (10) percent of the outstanding Loan and Secured Obligations which in no case shall be lower than PhP50,000. The Borrower / Mortgagor shall likewise be liable for and bear the costs of legal fees and expenses and expenses entailed in the foreclosure, collection, and/or enforcement of this Agreement. |
Issuance of Cancellation Documents |
1st issuance: Pay Notarial Fee of PhP500 |
Safekeeping Fees |
A fee of PhP2,000 shall be charged if collateral loan document/s is/are unclaimed after 90 days to 120 days from loan closure date. An additional fee of PhP1,000 shall be charged for every 30 days succeeding the 120-day period. |
FOR TERM LOAN
Due date extension fee (accrued interest from old due date to new due date) |
Due date extension fee is computed as: Outstanding Balance x Rate x number of days / 360 |
Advance payment to principal (after due date) |
Subject to the payment of all amount due and the corresponding accrued interest from last due date up to payment date computed as follows: Advance payment amount x Rate x number of days (from last due date to payment date) / 360 |
Amendment fee for term shortening without advance payment |
PhP5,000 shall be charged for amendments pertaining to shortening of terms without advance payment. |
Amendment fee for change of re-pricing cycle with change in rate |
PhP5,000 shall be charged for amendments pertaining to change in re-pricing cycle with change. Change in repricing cycle will only be allowed if request falls within the repricing period. |
Note: All aforesaid fees and charges will take effect immediately and may be cancelled or modified anytime at the Bank’s sole discretion without any prior notice.
A cooling-off period of two (2) banking days is granted from the signing of the loan documents and/or payment of applicable bank fees, whichever comes first. During the cooling-off period, the borrower may cancel or terminate the loan without any penalties, by submitting a written notice to the Bank, provided that the loan proceeds have not been released; and he/she shall be entitled to a refund of the fees or payments made, if any and as applicable, except for appraisal and processing fees. The Bank, however, reserves the right to collect reasonable processing and administrative fees to cover the costs incurred during the loan processing. The cooling-off period is available for financial consumers who are individuals, or micro and small enterprises as defined in applicable DTI regulations.
Truth and Transparency in Lending
Enhanced Implementation of the Truth in Lending Act (Republic Act 3765)
The State protects its citizen from a lack of awareness of the true cost of credit to the customer by assuring a full disclosure of such cost and other terms and conditions with a view of preventing the uninformed use of credit.
As such, a disclosure statement is a required attachment to the loan contract. It shall include, at a minimum, the following information:
1.) Total amount to be financed
2.) Finance Charges and all other charges incident to the loan
3.) Net proceeds of the loan
4.) Schedule of Payments
5.) The percentage that the finance charge bears to the total amount to be financed expressed as an Effective Interest Rate (EIR)
Important Notice: The Bank is required to provide the borrower a copy of the disclosure statement prior to the consummation of the credit transaction.
For more information: