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Financial institutions in the Philippines offer packages lending out money to people who are in the early stages of purchasing a real estate property. Commonly known as a housing loan, it can also be borrowed for real estate–connected reasons such as renovation, and construction of houses. It is granted to individuals looking to fulfill their dreams of having their own house but with not enough funds to do so.
Housing loans are paid in an installment basis, making the expenses more bearable.
Since this kind of loan involves a large sum of money, a form of collateral is required. Banks will hold the property rights for the house or real estate property until the loan is paid back in full.
Before applying for a mortgage loan, the following requirements must be met: