Mortgages for Foreign Nationals in the Philippines
Some local banks in the Philippines do issue mortgages to foreign nationals, but with limited options. Bank of the Philippine Islands (BPI), Metropolitan Bank & Trust Company (Metrobank), and China Bank are among the few banks that offer mortgages to foreign nationals.
Local Lenders in the Philippines
- Bank of the Philippine Islands (BPI): https://www.bpi.com.ph/
- Metropolitan Bank & Trust Company (Metrobank): https://www.metrobank.com.ph/
- China Bank: https://www.chinabank.ph/
Deposit Requirements in the Philippines
The required deposit amount when buying a property in the Philippines varies depending on the bank and the loan amount. Typically, the minimum deposit required is around 20% of the property’s total value.
Outstanding Debts in the Philippines
In the Philippines, the responsibility for outstanding debts on a property lies with the property owner, including new property owners. It is important to thoroughly check the property’s title and debts before purchasing.