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Tips and Guides

Tips Before Getting A Bank Loan

Keep these in mind before you say "yes"

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Photography: FreeImages.com/Svilen Milev (Main Photo)

If you've just acquired a property, whether a house or a condominium, you're probably looking for a bank from which you can loan money. Atty. Tricia Villar shares some guidelines that you might find helpful: 

1. Scout for the best deals.

"Compare the rates of commercial banks, savings banks, and foreign and local banks."

2. Compare apples to apples.

"Convert quarterly or semi-annually quoted rates to an annual rate before comparing it to the one-year fixed or two-year fixed terms." 

3. Check if the bank has pre-termination charges. 

"You might be asked to pay " in case you transfer your loan to another bank or decide to pre-pay it." 

4. If you're investing in a lot, be ready to build a house after two to three years. 

"If you can't do so, the bank may ask you to pay out or transfer the loan." 

Read the original article ("Getting A Bank Loan") in the October 2004 issue of Real Living magazine. Download your digital copy on the Real Living App. Log on to summitnewsstand.com.ph/real-living for more details. 

PHOTOS: Pexels.com

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