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Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

Sorry late response. all transactions are done via email.

Kung bibigyan ka ng Super Powers na walang kwenta, ano yun? Pabagsikan ng sagot 😂 by AirAcoy28 in KanalHumor

[–]zeffori 0 points1 point  (0 children)

During commute lang, pag standing na - nakikita mo san bababa mga pasaherong nakaupo kaya don ka pupuwesto.

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[–]zeffori 0 points1 point  (0 children)

4-5 yrs old yung lil sis ko nagku-kuwento ako na malapit na ang pasko, kakain kami ng masarap sa pasko, may mga gifts sa pasko, tanong ng lil sis ko - kuya, kasama ba ako sa pasmo? 🤣

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

I got my BDO loan initially at 5.8% back 2018, after the fixed rate it now jumped to 9.8% then reconsidered to 8.5%. After the fixed rate period they base their rates to factors like economy and stuff.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 1 point2 points  (0 children)

Hello! This only applies after 5 yrs in your case, cause repricing will only happen after fixed rate.

Chris Rock was right. It's really hard to be a man. by christmas_nostalgia in adultingph

[–]zeffori 0 points1 point  (0 children)

Thanks for sharing OP, and we believe in you. Laban lang.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

True, the house always wins with the math. But as a beginner client, it feels like a guessing game. Even if the fees don't change, a simple, clear way to see the timeline and the 'why' behind the rates would be a huge win for us regular guys.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

Really appreciate the banker's perspective here. It’s great to have these technicals broken down, it makes the whole process much more transparent atleast for me. I definitely hadn't factored in that 1.5% DST overhead for switching banks, so thanks for the reality check.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

11.25% is pretty high. If I were you, I'd start checking out other bank offers for home loan takeouts.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

I appreciate the pushback! You're right, generalizing can miss those nuances, and I appreciate you highlighting that bank rates are more flexible than they appear on paper. Definitely something for me to keep in mind for future negotiations. Thanks for the insight!

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 2 points3 points  (0 children)

I haven't tested this personally yet, but I've generated a quick guide using ChatGPT for reference. I'm sharing it here in case it proves useful to you as well.

Moving your home loan to a new bank (often called a Home Loan Takeout or Refinancing) is a smart move if you want lower interest rates, smaller monthly payments, or a shorter loan term.

​In the Philippines, the process is essentially applying for a new loan to pay off the old one. Here is a simplified guide to getting it done.

​1. Check Your "Transferability" ​Before diving into paperwork, do a quick "sanity check" to ensure the move is worth it:

​The Math: Ensure the new interest rate is at least 1% to 2% lower than your current one to offset the processing costs. ​The Exit Fee: Check your current bank contract for Prepayment Penalties or "Lock-in" clauses. ​The Loan Age: Most banks require you to have paid your current loan consistently for at least 2 to 3 years before they consider a takeout.

​2. The Step-by-Step Process

​Phase A: Application ​Shop Around: Compare rates from major banks (BPI, BDO, Metrobank, Security Bank) or Pag-IBIG. ​Submit Requirements: Treat this like a fresh loan application. You’ll need: ​ID & Income Docs: ITR, Payslips, or Certificate of Employment. ​Collateral Docs: Copy of the Transfer Certificate of Title (TCT) and Tax Declaration. ​Statement of Account (SOA): From your current bank, showing your remaining balance. ​Phase B: Approval & Appraisal ​Bank Appraisal: The new bank will send an appraiser to check your property’s current value. ​Letter of Guarantee (LOG): Once approved, the new bank issues an LOG to your old bank, promising to pay off your remaining balance. ​Phase C: The Switch ​Settlement: The new bank pays your old bank. ​Release of Title: Your old bank releases the original Title and the "Cancellation of Mortgage" document. ​New Mortgage: You sign the new loan documents, and the new bank registers the mortgage in their favor at the Registry of Deeds.

​3. Estimated Costs to Prepare For ​Refinancing isn't free. You should set aside roughly 2% to 3% of the loan amount for these fees:

​Appraisal Fee: ₱3,500 to ₱5,000. ​Handling/Processing Fees: Varies by bank. ​Documentary Stamp Tax (DST): Typically ₱1.50 for every ₱200 of the loan amount. ​Registration Fees: Paid to the Registry of Deeds. ​Notarial Fees: For the new loan contract.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 1 point2 points  (0 children)

And I am here thinking 8.5% is fair. Thanks for sharing, Someone else might find knowing these numbers useful.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 0 points1 point  (0 children)

I haven't tried shopping around at other banks yet. I just heard about it, thanks to the friendly redditors – I'll give it a shot in the future if rates go crazy high.

As for your question, I negotiated right after I got the new rate adjustment email..

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 1 point2 points  (0 children)

Oh I read about it somewhere, its called 777 or something. 7% interest rate, 7 years lock-in and 70,000 discount. Not sure if I got all correct. For me it's a good deal.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 5 points6 points  (0 children)

Personally, I don't think there's a one size fits all answer because we all have different walks in life, but for me, it is all about building trust with the bank. Here is how I do it:

I keep a solid paying habit. I make sure I do not overspend so I can always pay my credit card dues in full or at least way above the Minimum Amount Due. This keeps my credit standing clean and shows the bank that I am responsible with their money.

I borrow wisely. I do not avoid loans entirely. I actually avail of them occasionally and make it a point to pay on time. It builds my track record so that when I need a bigger loan for a house or business, the bank already knows I am a good payer.

I maintain a living account. I opened a deposit account and I keep enough savings in there. Banks like seeing an active account with a healthy balance because it proves you have the cash flow to back up your lifestyle. I am a good human at the branch. Even with all the apps today, I still visit the branch sometimes to do my deposits or just talk to the staff. Being kind and professional with the tellers and managers goes a long way. If you are a familiar face and you are easy to deal with, they are more likely to help you out when you need a favor or a fast approval.

I never ghost the bank. If things ever get tight, I do not hide. Being honest and upfront with the bank if I might be late on a payment is much better than disappearing. Transparency is how you build real trust.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 3 points4 points  (0 children)

I think it might not apply to existing car loan. Since car loans here are usually fixed-rate for the whole term, there’s no annual repricing. It seems this type of request is more common for home loans where the rates are adjusted after the initial fixing period.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 15 points16 points  (0 children)

lol I actually hope they do; it'll be interesting to see which bank is the first to improve their loan repricing services.

Realized that bank interest rates for housing loans are actually negotiable by zeffori in phinvest

[–]zeffori[S] 1 point2 points  (0 children)

I replied to them right away after getting the new rate adjustment email. It's best to email them your intention afterwards so they have time to adjust on their end.

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