Fast Digido loan for house repair!

In this article you will learn what housing loans are and how to choose the right loan company for apply housing loan. If you only want to repair a little your house or upgrade it, we recommend fast Digido loan up to 25,000 pesos. Digido approves over 90% of loans.

Key takeaways:

  • A housing loan is an ultimate loan for a Filipino.
  • Choose the best home loan in the Philippines in the list we provided you with.
  • Remember that if you need only a small amount for repairs, you have to consider Digido.

Top Housing Loans in the Philippines

Owning a house is every person’s dream. However, the costs are staggering. Unless you are a millionaire, there is really no way to build a house with cash.

The only solution is to get a loan. Today, we will show you the top 5 housing loans in the Philippines. You will know what the best bank for housing or home loans in the Philippines is. By the end of this tutorial, you should be able to decide which financial institution to contact. There are many loan housing finance companyes and its loan products in the Philippines. Find the best lender for a your home loan!

What is a Housing Loan?

A housing loan is a kind of loan where you borrow money from a financial institution. The specific purpose of borrowing is to build or repair a house. Your  home loan can also be used to do the following:

  • Buy a condominium unit;
  • Buy a lot;
  • Buy a house and lot that was already built;
  • Buy a house and lot that is about to be built by the realtor.

If you avail of a home loan, the financial institutions will require you to pay at least 20% of the cost of the property. It means that you will only get a loan worth 80% of the value of the property you are buying.

So, if the property is worth ₱1 million, you have to prepare ₱200,000, and the bank will only lend you ₱800,000.

Also, the bank or financial institution will use the house as collateral. The house will not be yours legally until you have paid it in full.


  • What type of loan is a housing loan?
    The following types of housing loans are available in the Philippines: - Home Purchase Loans - Home Construction Loans - Home Improvement Loans - Home Extension Loans
  • Which bank is best for Housing Loan in the Philippines?
    In this article we give a brief overview of the conditions of the most popular Filipino banks. Explore them all and choose the best housing loan for you.
  • Is a housing loan safe?
    Yes, if you get it from a verified bank with a state license.

Types of Housing Loans 

There are many types of housing loans, and each type has a different interest rate and maximum loanable amount.

Here are the most common kinds of loans:

Land purchase

Used for buying lots without houses; the lot could be in a residential or commercial area.

Home purchase

Used to buy a house that is already built.

House construction loan in the Philippines

A loan where you get the cash and use it to build your own house; some institutions will disburse the funds to you in instalment. They will first check if the construction is ongoing, and disburse the rest of the money only if the construction is taking place.

Home extension

Used for extending a property that is already built.

Home improvement loan

This is a little different than extension because this is used for repairs.

Before you get approved for any of these loans, the banks will ask you for documents to prove who you are, how much money you are earning, and whether the property you want to repair is in your name.

I want to borrow ₱ 10000
Min: ₱ 1000
Max: ₱ 20000
Payment Terms 10 days
7 days
21 days
My Monthly Gross Income ₱ 20000
You return*: 10 000
All your data is under secure protection!
We recommend taking a loan!

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.

Home Loan Rates and Terms

So, how much interest are you going to pay?

There is no hard and fast rule to this. Housing loan interest rates in the Philippines vary according to the banks. What you need to understand is how the loans are calculated in relation to the length of time you will pay.

Let’s say that you borrowed ₱1 million and you will pay it for 30 years with an annual interest of 6%. First, you need to divide ₱1 million by 360 months (30 years), and this is equal to ₱2,777 per month.

If the interest rate is 6% per year, you have to divide 6% by 12 months. In this equation, you get 0.005 or 0.50% of interest per month.

Now, you have to multiply ₱1 million by 0.50%. The result is ₱5,000 per month as interest. Now, you have to add ₱2,777 and ₱5,000 together, and you will get ₱7,777 as your monthly amortization.

As you  see, the bank will earn more money if you also pay the loan on longer terms. Some banks also offer a fixed rate, and in some places it decreases with the term of the loan. It is up to you to decide what is best for you. The only secret of not getting yourself in debt is to borrow a small amount and pay the loan really fast.

Who is Eligible to Apply for a Home Loan?

Here is a list of eligibility requirements for your home loan in the Philippines:

  • You must be a Filipino citizen;
  • You must have a source of income;
  • You must present to valid identification cards;
  • The application form;
  • Certificate of employment;
  • If employed, government documents of your business registration;
  • Income Tax Return documents;
  • For professionals, you must present your license.

In some banks, they require collateral. If you are buying a condominium unit, or a house from a real estate company, the property itself is the collateral.

How to Choose a Bank for a Home Improvement Loan?

How to find the best lender for a your home loan in the Philippines? To be able to decide, you have to understand what the banks offer. Since there are many banks in the country, we will just take a look at a few. So, a quick overview of top housing loans for you.

BPI Housing Loan 

You have to be employed, or you must have a business for at least two years before you can be eligible. The BPI housing interest rate vary, but they are between 6.25% and 12% per year. With BPI, you can get fixed terms or adjustable ones. As far as term length is concerned, you can choose between 1 to 20 years to pay off your debt. The minimum loan amount is 400 000 pesos and maximum of the  loan amount depends on the details of your questionnaire and is calculated individually. BPI home loan tenure ranges from 1 to 20 years.

BDO Home Loan

Next on our list is BDO, it is one of the top Philippines housing loans. The BDO home loan interest rate are between 6.5% and 8% per year. However, the loan must be paid between 1 and 5 years only. Like BPI, you have to be employed for at least 2 years, or you must have a business that has been profitable for the same length of time.

To be able to get a loan from BDO, you must:

  • Submit the application form;
  • Have an Income Tax Return document or a payslip.

They will also ask you for the lot title, tax declaration, and many more. The minimum loan amount is PHP 500 000 and maximum of the loan amount is PHP 100 000 000. The bank also looks at your credit score and makes a decision based on it. BDO home loan tenure ranges from 1 to 20 years.

Landbank Home Loan

To be able to get a Landbank housing loan, you must be:

  • A Filipino citizen;
  • At least 21 years old;
  • Employed or financially capable.

Landbank offers different types of loan. Here, you may borrow money for:

  • Purchase of townhouse or condominium;
  • Detached house and lot;
  • Lot only;
  • Other residential units;
  • Construction purposes.

Landbank also offers loans for refinancing. For example, if you have borrowed money from a bank, and you can no longer pay, you will ask Landbank to pay off the existing debt to the bank, and now you owe Landbank money. In this case, the house and lot will be transferred to Landbank, and it is going to be your collateral. The interest rate is very low and the minimum loan amount is PHP 500 000. Your credit score is important to the Landbank; it may determine whether you are approved for a loan. Landbank home loan tenure ranges from 1 to 20 years.

UCPB Home Loan

To get a UCPB home loan, you must:

  • Fill out the application form;
  • Have an income of at least ₱40,000 per month;
  • Be a Filipino citizen.

The minimum loan amount of money you take loan is ₱500,000 and maximum of the  loan amount is PHP 20 000 000. What this means is that for small amount, you will not get approved. UCPB offers only up to 15 years of payment terms. The interest rate will be presented to you in the application form. It is currently not available on the bank’s website. UCPB home loan tenure ranges from 1 to 20 years.

PSBank Home Loan

Our last selection is the PSBank home loan. To apply for a home loan, you must:

  • Be employed or have a business;
  • Have proof of income;
  • Be a Filipino citizen.

With PSBank, you may use the money for the following:

  • Refinancing;
  • Purchase of lot or house and lot;
  • Condominium unit;
  • Any residential unit.

The interest rate for a PSBank housing loan is between 6.25% and 10.25% per year. The nice thing about the bank is that your mortgage for as long as 25 years, with fixed mortgage interest rates. The minimum loan amount is PHP 500 000 and maximum loan amount is PHP 20 000 000. PSBank home loan tenure ranges from 1 to 20 years.

 Pag Ibig renovation loan

There is another great option for buying a home on credit. With the help of the Pag-IBIG Fund, Filipino employees can buy homes even if they can’t save up. If you have already bought a home, you improve it with a PagIBIG home improvement loan. The amount you will borrow from Pag-IBIG depends on your ability to pay, stable income, family composition, and actual home repair needs. On the official Pag-IBIG website, you will read more about the requirements and calculate your loan payments with a calculator based on your current salary. The interest rate here is one of the most favourable for Filipinos. This is why Pag ibig is considered one of the top housing loans in the Philippines.

Apply now

What if I Need a Loan Only for Small Renovations?

If you do not need a big amount of money, you are better off loaning from an alternative source, . For the best bank housing loan Philippines, you may not also get approved a small amount.

One of the best alternatives is Digido. It is an online the lender where you apply for a loans.

Here are the benefits of using Digido:

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated

  • Fully online; no need to go to a facility;
  • Various loan amounts;
  • Many people are eligible;
  • Fund transfer is online to your bank account;
  • Payment of your loan is also online;
  • Fixed interest rate
  • Low-interest rates.

What you will love about this company is that it is easy to apply. You may also get approved in as short as 24 hours.

Digido is the best alternative for a small loan. Many banks will not approve your loan if it is too small. They want to earn big interests. Also, banks need a lot of documents proving that the seller of the property is legit. Banks also will ask you for a down payment, plus they will inspect your property and check if your mortgage is being used to build a house. Digido will not do all these things.

Apply now

Digido Reviews

  • Melissa
    I highly recommend this App. Convinient and user-friendly. This App is amazing! So easy to loan and approval is very fast just a few minutes. Disbursement is super fast. The Staff are very accomodating, polite, respectful, courteous and friendly. Digido is is very reliable, costumer service is awesome. I love the flexibility it gives to their clients and I can definitly reccomend it to anyone who needs finacial assistance. To the management and staff, thank you very much for the helping hands!
  • Joseph
    Very convenient when in need. Fast approval and long term payment you can extend the payment with reasonable cost. Thanks and more power!
  • Erica
    I tried Digido out of curiosity. To cut to the chase, Digido is ideal for "petsa de peligro" days where it's almost payday but also your bills is on due date because they have short payment terms (I was given 7 days term for my first loan). You can get approved as fast as 30mins and the loan will reflect immediately.
  • Joel
    Digido is the very best loan app I had ever applied with. Reliable loan Co. especially in this difficult times. Kudos to the mgt. Keep up the good work and the great service to your clients. Highly recommended. God bless and more power🙏
  • Nona
    One of the Best Loan App. Reliable. Affordable Fees. Thanks, Digido.
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Written by: Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.

Reviewed by: Rafael Hular

Author pages:
Rafael “Raffy” L. Hular is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.  Raffy loves reading Japanese comics called manga and watching Japanese animated cartoon series. He dreams of establishing his own Accounting and Auditing Firm and teaching in a University.