Wednesday, January 8, 2014

PS Bank Home Loan: a no-hassle deal



It was late last year when my husband, and I decided to acquire a new house for us.  After several house trippings, we ended up reserving a ready for occupancy house at El Pueblo del Rio in Sta. Maria, Bulacan. 

During document preps, we were undecided which home loan to avail. Is it Pag-Ibig or a bank loan?

We made some comparisons between RCBC, PS Bank and Pag-Ibig housing loan in terms of interest rates at 5 years, maximum years to pay, monthly amortizations, document requirements and processing time. I have done some forum researching as well as reviews on each bank but got little information.  As we weighed in, bank financing has lower monthly payment and shorter years to pay than Pag-Ibig. We guessed there's no harm in trying so we chose to apply for PS Bank home loan with prime rebate. In case we were disapproved, Pag-Ibig is another option.
ps bank home loan, prime rebate

Processing time

Here, I made some brief notes as how PS Bank made a transaction  with  regards to our housing loan. You can at least have an idea how long the loan take out will be and decide if this is a better option than Pag-Ibig.

October 27, 2013 -  We passed  to our developer the accomplished PS Bank application form together with the bank document requirements like ITR, certificate of employment, payslip and 1" x 1" picture, and marriage contract.

October 30, 2013 - I got a text message from PS Bank that our loan application was encoded.

November 04, 2013 - Our HR personnel and I received a call for their CI regarding our loan. Questions asked are based on the data on your accomplished form.  On that day,  I received a text message informing that my total loan amount was approved.

November 06, 2013 -  Got an email regarding my bank charges, which cost P26k+.  The developer clarified that only P11k will be shouldered by us. This includes the FI, MRI, and other miscellaneous fee. We can pay the bank charges anytime but with hubby's shifting, we re-scheduled it in December. The loan application if not availed will lapse after three months, otherwise renew before it expires.  

December  06, 2013 - We had a meeting with the PS Bank representative, Ms. Beth at the developer's office. She explained to us about the rebate program of the housing loan, mode of payment for the amortization, and other things we clarified. Afterwards, we made payments of the bank charges. We also applied for a bank account at PS Bank as their requirement.

December 2013 - During this time, the bank was processing our loan. We were able to process the punch-listing and re-inspection of the house.

January 06, 2014 - I received an email regarding the take out of my loan, due date of the monthly amortization, and  the account number for payment purposes.

As you can see, it took us only two months for the loan to take out. However, fast approval of the loan will not be a guarantee as it is a case-to-case basis. My tip for this is to pass all the required documents of the bank to avoid any delay and follow up on any updates.  

In terms of their personnel service, I could say they were courteous and knowledgeable about the products they offer. All our questions were clarified and responded quickly. We did not even bother to follow up any of the above transactions because our house punchlisting was in progress during those times.

As of the moment, we have our move-in clearance and ready to transfer. We are scheduling it this coming Sunday. Good luck to me and hubby for this new year and house!

Note: I was not compensated for this post.  The views and opinions  expressed on this post are completely my own based on my experience.

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