Definition
A housing loan from commercial banks secured by the property being purchased. Banks typically offer 80% financing (20% down payment) with terms up to 20-25 years. Interest rates range from 6-12% depending on the bank and loan type.
Examples
- •BDO Home Loan: Up to 80% financing, 20-year term
- •Fixed rates available for 1-5 years, then repricing
Tips & Best Practices
- ✓Compare rates from multiple banks
- ✓Consider fixed vs. variable rate options
- ✓Check processing fees and other charges
Related Terms
More in Financing Terms
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