Hello , Bank financing for property and a home seems to be hard to come by here from what I can gather so far. Can anyone please advise if there is a bank or financial institution that finances property? Everything seems to be cash only. Hope this is a fair question . Thanks RogerB
BPI certainly does home financing, but this is the Philippines, if you don't have any other property, don't expect more than 50 % of what they think is the value. Dumaguete City Development Bank is a little easier but again around 50 %.
I dont know if you have looked at it, but interest rates in philippines are insane...i found it more worth more to rent and lend out money rather than borrow, and after 20years have enough off of lending the same $5000.oo out over and over again to build 2 houses with cash while having also paid rent for 20 years.... The inrerest rate may be a reasonable number when you see it declared but the secret heft is in how often the interest is charged per year as in monthly or quarterly.....Maybe you will find something worhtwhile i never discovered there, but all too common extreme interest rates in Philippines..good luck
