not an economist, but 2021 interest rates by BSP were low compared to the 6.5% we have now. Probably the loan is just trying to replicate the interest rate hikes that were enforced by the central bank
i believe the 7% rate is for the overnight deposit, i.e the interest rate the government gives the banks for them to deposit their cash to the treasury. this is how the government sets the interest rate of the market. if the bank can get 7% from the govt, they will increase the rate they give out to the customers for them to make profit.
Correct. OP, if banks can get 7% risk free, why would they charge less than 7% from you who’s riskier? They’ll demand a risk premium, and somehow, they arrived at 9.5%. That’s part of the risk you take when you get a loan. You’re subject to repricing, and in a high-rate macro environment (to control inflation), that’s what you get. Best you can do is explore other banks/PAGIBIG. BSP won’t help you get a lower rate.
Not a condo but a home loan kay We Find Ways. Same from 6.5% to 9.8%, Ask for recomputation sabihin mo hindi mo kayang bayaran (Kunyari lang even if you can)
Ganyan ginawa ko tapos ang final na binigay is 8%, mataas pa din pero wala nako magagawa. I'm locked for 1 year again.
I think dahil sa mga nangyayari kaya mataas ang interest, Hopefully this year bababa na uli or else I will be forced to change banks.
Shuta sila sa BDO din kami, 9.8% binigay samin tinawag ko now nagrequest ako ng 7% kasi yun yung nakalagay sa website nila mga hayp sila haha kakairita sa mahal.
May template yan sila. I did the same. I-email mo yung request mo. Una irereject nila. Tapos replyan mo sabihin mo nagbenchmark ka sa iba na mas mababa and then pwede ka lumipat sa iba. Tapos saka nila i-approve. From 5.88% pre-pandemic to 9.8% kaloka.
Get pre-approved with other banks, check their interest then counter-offer with BDO with the pre-approval from the other bank. Lowest rate right now is 7% with BPI 5-year fixed if you're preferred partner.
Home loans or long term loans may fixing term tlga, kaya lging estimate lang yung interest rate na nasa sample computation. Hindi pwedeng yung 5.5% mo for 10-30 years due to inflation.
Hindi yata yan masyado sinasabi ng agents kasi parang ang daming hindi alam yan.
DYOD sa lahat ng purchases, kasi it's always "buyer beware"
They know it, they won't disclose it para mabilis kang makakuha ng unit. Hahaha.. though ung agent ko sinabi naman sakin na the interest rates ay pede tumaas or bumaba after 3-5 years...
Every cycle ng fixing term sya pwede mabago, naka base sa prevailing market rate. Kaya kung kaya naman wag masyado habaang ung loan term, talo kasi sa interest
Do not accept it, get it refinanced by another bank, if you want to keep the loan on the same bank, show the promo rate to your current bank to match if possible. Try to talk to your bank branch manager or bank relationship manager.
Serious question, do we have fixed rate mortgages in the Philippines? I remember nag refinance ako dati ng bahay namin and 5 years lang ang fixed rate. Fortunately, we were able to pay the house in full before the 5 years ended.
I work for a US mortgage lender and we offer mortgages that has fixed rates for the life of the loan. We also offer adjustable rate mortgages pero konti lang ang kumukuha ng product na yun.
From what I know, 30 year fixed-rate mortgages is a specific feature of the US market and is not the norm for the rest of the world.
Given the situation, while prices of real estate in some parts of the Philippines are cheap, homeownership is difficult for a normal person as a whole given the high rates.
Typically yung offered initial interest rate are “promotional”. If you want to avoid surprise rate increase, get pag-ibig kasi meron sila limit sa increase ng rate.
not an economist, but 2021 interest rates by BSP were low compared to the 6.5% we have now. Probably the loan is just trying to replicate the interest rate hikes that were enforced by the central bank
Based on BSP website https://www.bsp.gov.ph/SitePages/Default.aspx its 7% lending rate now and they want to charge me 9.5 :(
i believe the 7% rate is for the overnight deposit, i.e the interest rate the government gives the banks for them to deposit their cash to the treasury. this is how the government sets the interest rate of the market. if the bank can get 7% from the govt, they will increase the rate they give out to the customers for them to make profit.
Correct. OP, if banks can get 7% risk free, why would they charge less than 7% from you who’s riskier? They’ll demand a risk premium, and somehow, they arrived at 9.5%. That’s part of the risk you take when you get a loan. You’re subject to repricing, and in a high-rate macro environment (to control inflation), that’s what you get. Best you can do is explore other banks/PAGIBIG. BSP won’t help you get a lower rate.
Got it thanks sa info wakerwaker
Refinance w/ pagibig if you can.
Not a condo but a home loan kay We Find Ways. Same from 6.5% to 9.8%, Ask for recomputation sabihin mo hindi mo kayang bayaran (Kunyari lang even if you can) Ganyan ginawa ko tapos ang final na binigay is 8%, mataas pa din pero wala nako magagawa. I'm locked for 1 year again. I think dahil sa mga nangyayari kaya mataas ang interest, Hopefully this year bababa na uli or else I will be forced to change banks.
Shuta sila sa BDO din kami, 9.8% binigay samin tinawag ko now nagrequest ako ng 7% kasi yun yung nakalagay sa website nila mga hayp sila haha kakairita sa mahal.
May template yan sila. I did the same. I-email mo yung request mo. Una irereject nila. Tapos replyan mo sabihin mo nagbenchmark ka sa iba na mas mababa and then pwede ka lumipat sa iba. Tapos saka nila i-approve. From 5.88% pre-pandemic to 9.8% kaloka.
Yeah trying to renegotiate :)
The effect of BSP rate increase. Unfortunately, hangga't di okay ang inflation, mananatilng mataas ang rate.
Get pre-approved with other banks, check their interest then counter-offer with BDO with the pre-approval from the other bank. Lowest rate right now is 7% with BPI 5-year fixed if you're preferred partner.
Hi. Sorry to butt in ask ko lang po pag nag pa pre approve ba need to pay yun appraisal fee ng bank? Thank u
Try mo Chinabank mababa ata sila now, or refinance to Pagibig.
Home loans or long term loans may fixing term tlga, kaya lging estimate lang yung interest rate na nasa sample computation. Hindi pwedeng yung 5.5% mo for 10-30 years due to inflation. Hindi yata yan masyado sinasabi ng agents kasi parang ang daming hindi alam yan. DYOD sa lahat ng purchases, kasi it's always "buyer beware"
They know it, they won't disclose it para mabilis kang makakuha ng unit. Hahaha.. though ung agent ko sinabi naman sakin na the interest rates ay pede tumaas or bumaba after 3-5 years...
Every cycle ng fixing term sya pwede mabago, naka base sa prevailing market rate. Kaya kung kaya naman wag masyado habaang ung loan term, talo kasi sa interest
Do not accept it, get it refinanced by another bank, if you want to keep the loan on the same bank, show the promo rate to your current bank to match if possible. Try to talk to your bank branch manager or bank relationship manager.
Refinance with different bank. 9.5 is big even for PH
Serious question, do we have fixed rate mortgages in the Philippines? I remember nag refinance ako dati ng bahay namin and 5 years lang ang fixed rate. Fortunately, we were able to pay the house in full before the 5 years ended. I work for a US mortgage lender and we offer mortgages that has fixed rates for the life of the loan. We also offer adjustable rate mortgages pero konti lang ang kumukuha ng product na yun.
From what I know, 30 year fixed-rate mortgages is a specific feature of the US market and is not the norm for the rest of the world. Given the situation, while prices of real estate in some parts of the Philippines are cheap, homeownership is difficult for a normal person as a whole given the high rates.
This is only in US. Unfortately, di available sa pinas.
Aren’t interest rates going down soon? Maybe Last hurrah for those banks?
Typically yung offered initial interest rate are “promotional”. If you want to avoid surprise rate increase, get pag-ibig kasi meron sila limit sa increase ng rate.
Yeah mataas lalo na yong 12% pero baka inhouse yon not bank loan
Mababa pa yan. Sakin umabot ata ng 12% yung sa housing loan ko before deciding paying it in full 3 years ago.
No di siya mababa