Filipinos always aspire to own a home, but they can’t just spend all their savings to make that goal a reality. That’s why getting loans is an ideal choice for acquiring an empty lot, a townhouse unit, a house and lot, or a condominium unit.

Besides, knowing about a **housing loan calculator Philippines** will help you easily estimate the total payment on the housing loan, including principal and interest. Keep scrolling down for a full explanation and valuable pieces of information about this loan in the Philippines!

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**What Is The Housing Loan Calculator Philippines?**

As the name implies, a home loan is provided by banks or some financial companies in the Philippines, used for the purpose of buying a home.

Owning a home is a great idea, from the standpoint of both the owner and the investor, since the value of the real estate property continues to rise.

The bank or other financial companies will impose a certain interest rate when you take out a loan for a substantial sum over a long term.

A home loan calculator is a specific simulation that allows you to estimate the total payment on your housing loan. It calculates the monthly EMIs (Equated Monthly Instalment) based on the total principal, interest rate, and duration of a loan.

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**How To Calculate Housing Loans**

We will use an EMI calculator to do it. This is an online calculator that may be used to estimate the monthly payments due on a specific loan amount.

This EMI calculator determines how much the borrower will have to pay each month for the chosen duration by factoring in the loan amount, the interest rate that the bank charges, and the payback period.

**How Do Home Loan EMI Calculators Work?**

Being a computerized tool, it is based on an algorithm that calculates the EMIs that apply to a specific loan using a mathematical formula. Moreover, you can download the monthly repayment plan for the loan duration.

The equation to determine the EMIs due each month is as follows:

EMI = [P x R x (1+R)n][(1+R)n-1]

- P: Principal amount. This is the initial loan amount the bank provides you. This factor is also used to calculate interest.
- R: the interest rate set by a financial service or a bank.
- n: the number of years that you take the loan. Because EMIs are calculated by month, this factor’s unit will be exchanged into the month.

**How To Use The EMI Calculator**

As mentioned before, this EMI calculator is a useful online tool. Thus, you can access it from a PC or a phone anywhere, anytime.

The loan amount, interest rate, and tenure are the three parameters that the calculator requires. You may obtain the output as EMI after providing these inputs. By adjusting the other two inputs, i.e., the house loan amount and tenure, you may obtain the most suitable EMI if you have the varying interest rates levied by different lenders.

Here are some quick steps to using this tool:

- Step 1: Choose the “Start” option.
- Step 2: Next, input the values. You can fill the loan amount with two options: using the slider or manually entering the exact number in the box. Then, click on the calculator’s right-hand side button to go forward.
- Step 3: Similarly, choose the loan tenure or payback period from the time-length slider or manually type the duration into the box beneath the slider. Then press the forward button one more time.
- Step 4: After entering the yearly interest rate your bank charges in the box, click “Calculate” to receive the result.

**Top Banks For Housing Loans In The Philippines**

**RCBC**

RCBC is one of the Philippines banks that offer the lowest minimum amount for loans. This is especially helpful if you want to borrow only a small portion of the home’s cost and pay off the loan as fast as you can.

Features:

- The minimum amount for loans: PHP 300,000
- Interest rate: Depending on the term, it ranges from 6.38% to 10.5%
- Loan tenure: Equal or less than 20 years
- Can be used to buy a house and lot, an empty lot, or to renovate a home.
- Can also be used to refinance a house loan or as a multipurpose loan.

**UnionBank **

UnionBank can be ideal if you’re searching for a house loan from a well-known bank in the Asian market. This is because this bank is one of the banks in the Philippines with the quickest rate of growth, providing Filipinos with enticing financial offerings.

Additionally, thanks to UnionBank’s extensive network of certified real estate developers, obtaining a house loan is simple. They include Megaworld, Avida, Ayala, Camella, Filinvest, and SMDC.

Features:

- The minimum amount for loans: PHP 500,000
- The maximum amount for loans: 90% of the appraised value of the property
- Interest rates: about 6-11%
- Loan tenure: 1-20 years
- Quick approval time

**Security Bank**

At the Asian Banking and Finance’s Wholesale and Retail Banking Awards, the Security Bank was recognized as the Home Loan Product of the Year for 2019. This is a convincing example of the bank’s superior loans and offerings.

Features:

- The minimum amount for loans: PHP 1 million
- The maximum amount for loans: 80% of the appraised value of the property
- Interest rates:
- 1 to 3 years: 6.25%
- 5 years: 6.75%
- 10 years: 7.75%

- Loan tenure: maximum is 20 years
- Quick approval time (10 banking days)

**Conclusion**

This post has included all valuable information about **housing loan calculator Philippines **and some reliable lenders for those finding a way to buy a house in the Philippines.

Using this EMI calculator can help you estimate the required monthly payment to consider your ability to finance. One crucial piece of advice is to investigate many banks or financial services before choosing one to get the best interest rates.

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