Metrobank Home Loan Guide: Eligibility, Requirements, and Application

Buying a home is likely the biggest financial decision you’ll ever make, so it’s important to consider your options carefully. And, just like with any major decision in your life, there are many options to choose from.

When taking out a mortgage, you can either work with a bank or a mortgage broker. If you’re looking at the former, and if you’re specifically looking at Metrobank Home Loan, this article is for you.

Metrobank Home Loan Eligibility

Wondering if you’re eligible for Metrobank Home Loan? To qualify, you must meet the following criteria:

BDO offers various home loan options. They offer financing assistance for the following loan purposes:

• You must be at least 21 years of age upon loan application, and not older than 65 years of age upon loan maturity
• You must be a Filipino citizen or a foreigner with permanent resident visa for the Philippines
• If you’re based in the Philippines:
  • You must be a fixed-income earner or self-employed
  • You must be employed with your current employer for at least 2 years
  • You must earn at least Php 40,000 monthly gross income (for self-employed individuals) or have the same Gross Monthly Family Income for fixed income earners
• If you’re working overseas:
  • You must earn at least $1,000 (equivalent to Php 30,000 for self-employed individuals), or have the same Gross Monthly Family Income for fixed income earners
  • For land-based OFWs (employed less than 2 years): You must be employed locally in the last 5 years before becoming an OFW, or as an OFW with different employers, or a combination of local and overseas employment. 

Requirements to Prepare

To complete your Metrobank loan application, you only need a filled-out Home Loan Application Form and a few documents. Here are the documents you need to prepare.

• If you’re locally employed:
  • Government-issued ID
  • Passport or ACR (if foreigner)o One of the following: 3 months’ pay slips, Certificate of Employment, or Income Tax Return
• If you’re self-employed:
  • Government-issued ID
  • Passport or ACR (if foreigner)
  • 6 months’ bank statement 
• If you’re an Overseas Filipino Worker (OFW)
  • Government-issued ID
  • Passport or ACR (if foreigner)
  • If sea-based: Latest POEA contract
  • If land-based: COE with email of employer
• Collateral Documents

• Tax Declarationo Condominium Certificate of Title

• Specifications / Bill of Materials / House Plans (for house construction only)

• Reservation Agreement or Contract to Sell (if under developer tie-up only)

Loan Purposes and Maximum Term

Wondering how long you’ll have to repay your loan? Here’s a quick reference:

Note: For OFWs, the maximum term for all purposes is 15 years – except for vacant lot where the maximum term is 10 years.

How to Apply for Metrobank Home Loan

Visit the nearest Metrobank Branch in your area. Make sure that you bring all the necessary requirements. The Metrobank loan processing officers will be the ones to verify all of your documents. Also, prepare to pay the following fees: Appraisal Fee, Handling Fee, and other fees and charges.

The Bottom Line

If you’re still looking for alternative loan options, we recommend that you check out other house loan options listed on our website, available from other Philippine banks.