A Comparison Guide to Housing Loan Approval and Processing Times in the Philippines

If you are on the hunt for housing loans, you might already know that there are about 15 banks and lending institutions which offer loans for prospective home buyers. However, what you might not know is the number of days a loan amount would take to be dispersed. In this article, you will find a list of all the popular lending institutions in the Philippines and the number of days they take to approve your loan.

But, before we get to that, let’s first understand the procedure that takes place once you have submitted your application form.

What happens after you send in your application for the housing loan in the Philippines?

Basically, once you meet the eligibility criteria your loan will be pre-approved. Before the bank disburses the money, however, you will be contacted by the loan specialist who will ask you to submit all the relevant documents to support your case. This is because it is the specialist’s job to make sure that you are who you claim you are and all the documentation you provide meet the standards they have set for a prospective applicant.

If, and only if, all the information checks out will you be considered eligible to get the loan you have applied for. Thereon, before approval there are four possible outcomes: approved, approved with conditions, denied, or suspended (for the lack of documentation).

How long do the lenders take to process the loan?

Now that we have ascertained what the loan process looks like, let’s get ahead with the timelines each lender follows.

This is all the information you need to know concerning the approval timings followed by different banks. Depending on your level of urgency and rates, you can apply for any of these institutions and get the loan you’ve been looking for.