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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
  • Purchase of lot and construction of a house
  • Construction of a house
  • Renovation of an existing house
  • Refinancing with construction
Line Amount
  • Minimum of PhP500,000
  • Maximum of 80% of the project's appraised value
Term
  • One year during construction period. After the construction period, if choice of financing is:
    • Revolving Credit Line: 1-year, renewable every year
    • Term: up to 25 years
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
Collateral

First Real Estate Mortgage (REM) over an acceptable residential property


  • Convenient availment options through check issuance or withdrawal from any BancNet ATM

  • Savings on Interest

  • Flexible payment terms: OPTION – Postpone principal payment for the first year
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
  • Credit lines  PhP50,000 and up:
    • initial checkbook is FREE
    • PhP250 per checkbook (succeeding checkbook requests)
  • Credit lines less than PhP50,000:
    • PhP250 per checkbook
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
  • via ATM – FREE
  • via PSBank branch – FREE
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
Pre-termination charges / Early settlement fee

 FREE OF CHARGE

BOOKING FEES AND CHARGES

Appraisal and title handling fees

PhP5,000 per title (waived if acquiring from an accredited developer of the Bank)
Processing fee

Fixed fee of PhP5,000
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  PhP500
Cancellation fee

Cost of cancelling previous mortgage and/or other liens, encumbrances (if any)
Fire insurance / Contractor's all risk insurance
  • Fire insurance coverage may be coursed thru Charter Ping An Insurance Corporation or an accredited insurance provider of the Bank. (not applicable if collateral is a vacant lot)
  • For Construction Loans, contractor's all-risk insurance coverage will be required upon reaching 30% project completion.

POST-BOOKING FEES AND CHARGES

Service fee for certificate of mortgage

A certification fee of PhP50 shall be charged plus a notary fee of PhP300 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 of litigation, borrower shall pay an additional sum equal to 25% of all amount outstanding (but not less than PhP5,000) as attorney’s fees and the further sum of 10% (but not less than PhP1,000) as liquidated damages, in addition to cost and other expenses of litigation.
Notarial and Cancellation Certificate fee

PhP500
Safekeeping Fees

In case the loan documents are unclaimed within 90 days after the date of full payment, a safekeeping fee of PhP1,000 shall be charged automatically on the 91st day. If the documents are still not claimed after 120 days, an additional amount of PhP500 will be charged every month (30 days).

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.

  • Completely filled-out PSBank Home Loan application form
  • Cash or Check payable to Philippine Savings Bank as non-refundable payment for appraisal fees
  • Photocopy of Transfer Certificate of Title (TCT)
  • Contract to Sell/Reservation Agreement (if acquiring a lot from an accredited developer)
  • Floor and Building Plan and Building Specification
  • Bill of Materials and Estimate of Construction and Labor Costs
  • Valid photo-bearing IDs with signature
  • Copy of Marriage Contract (if married)
  • Copy of Court Decision on Annulment and Certificate of Finality of Decision (if annulled)
  • Copy of Court Decision on Legal Separation and Certificate of Finality of Decision (if legally separated)

  • If applicant is employed:
    • Latest Certificate of Employment
    • Income Tax Return or BIR Form 2316 or 2306

  • If applicant is in business or in professional practice:
    • Latest BIR Form 1701
    • Latest audited Financial Statement with BIR stamp

  • Additional requirements for refinancing:
    • Proof of Payment of amortization for the last three (3) months
    • Latest Statement of Account from Mortgage

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:




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