Now is the best time to get a home loan in the Philippines
Good news to all who are pondering whether now is the right time to get that home loan you have been thinking about for years. Home interest rates are at an all time low. And now you can pay your loan up to 25% years for as low fixed interest rate of 11.5%.
Pag-ibig has already lowered their interest rate and their monthly amortizations to make it easier for every Filipino to own their own home. And you can shop housing rates in banks to see who will offer you the lowest interest and best deals.
Some may wonder why home loan rates are dropping. It is because of low inflation and a strong peso. Predicted to break the 47 pesos to a dollar level within the year. Barring any incident that may arise in the May elections. Time deposit rates are at an all time low. 1 Million pesos will only get you about 3.5% to 4 % interest rate per anum because of low treasury bill rates. And it is also predicted that short term home rates, now at an average 9% interest rate in most banks for a one year loan will go down a little more.
The property and construction sector is also experiencing a big boom due to home buying and building by our OFWS who are contributing greatly to our economy.