If you already have a housing loan or see yourself shopping for one in the future, this video might be for you. I urge you, viewer, to be very prudent in selecting the right housing loan offered to you by banks, especially here in the Philippines where interest rates are high. Philippine banks would offer a very attractive low interest rate for you to avail of a housing loan from them! However, always check the fine print and talk to people who have availed of the said housing loan because a low interest rate offered by the bank would typically be good only for the first year. After the first year, this skyrockets! In my case, I availed of a 15-year housing loan from Chinabank in 2014, with the lowest interest rate in the market then at 5.25%. However, this was only good for the 1st year! By the time my renewal came for the second year, the interest rate had shot up to 7.5%. That's an increase of 2.25% in numerical value, but actually a jump of 40% in terms of percentages! I expected the housing loan interest rate to increase in increments -- perhaps to 6% to 6.5% by the second year -- but I did not see this coming! Only in hindsight am I realizing that my assumptions may have been foolish and downright ignorant. LOL! Thus, I am sharing with you my learnings from the first seven years of my housing loan with Chinabank. What have I done to cope with the rising interest rates? The terms of my contract are however disadvantageous, I am practically at the mercy of banks to be subject to rising interest rates every year since my loan gets repriced on an annual basis In this video, I'm sharing housing loan strategies -- for those like me who already have a housing loan under way, I share with your strategies on refinancing your loan by looking to change the fixed term schedule of your interest rate renewal, whether it's through your existing bank or by moving it to another; or renegotiating on the given interest rate every renewal. For those who are shopping around to avail of a housing loan -- you're in better luck as you're starting from scratch! I'm sharing with you here the guidelines and perspectives of what you should be looking out for when you avail of your housing loan. After all, for most of us this is the biggest (AND LONGEST) debt that we'll be incurring in our lives. So taking your time, doing some research, and understanding the terms of your housing loan will be to your advantage!
To set the record straight, the housing loan I'm referring to here would apply to any non-commercial property that you have or are looking to purchase. While the term "housing loan" might be restrictive, it's just the commonly used term in the Philippines. Housing loan would refer to borrowing money for the purchase of not only a house and lot, but also condominium units and residential land. If you're looking to purchase commercial property, meaning that the land and/or structure can be used for other purposes rather than a residential property, this won't be included in the use of the term "housing loan" in this video, although there may be some useful tips and perspectives that you may pick from here as well.
Do you really have other options once you've already signed up a housing loan that seems to be limiting especially since the loan would be carried out over a very long term? The quick answer would be YES! Chances are, you've availed of a housing loan from a bank that has given you a limited term for your interest rate. Banks are typically offering a low interest rate with annual repricing. If you've signed up with anything longer than this, perhaps you've signed up for a three year fixed term. A longer term fixed interest rate may have already put you at an advantage. With prevailing interest rates rising in the general market, it's typically in your best interest to lock-in the interest rate so that you are not prone to market fluctuations. If you'd like to do this, you can talk to your bank in restructuring your loan. From my experience, it's typical that a bank has less incentives to do this and I've seen that other banks are more interested in taking out your loan and moving your business to them. If fixing your interest rate for a longer period seems like a daunting task, since after all, there is a downside of less flexibility, you still have the option of renegotiating the given interest rate for the said period. In my experience, I' am alwaysgiven some concession and i'd recommend the same for others.
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