Housing Loan: Application Fees

Disclaimer: The sole purpose of publishing this here in this website is to show how housing loan application fees differ from five (5) banks that I and my friends currently have for the reference of this website’s readers. This is not to show which bank gives the best package. Rates and fees differ according to several factors. Rates and applicable fees revises from time to time. Please do your own diligence.

1. Philippine National Bank (PNB)

Loan Information:
Loan Started: February 2013
Loan amount: P1,047,516.70
Term of loan: 15 years
Rate: 6.75% (5-yr fixed interest)
MRI: P6,785 / year

Fees and charges:
Mortgage Registration Fee: P26,640
Processing Fee: P 3,000
Mortgage Redemption Insurance (MRI): P6,785
Fire Insurance: P5,067.27 (1st year premium only)
Notarial Fees: P3,100
Grand Total: P44,592.27

2. Bank of the Philippine Islands (BPI)

Loan Information:
Loan Started: February 2013
Loan amount: P1,404,000
Term of loan: 10 years
Rate: 8.00% (5-yr fixed interest)
[2015 update: BPI allowed my friend upon his request to bring the rate down to 7.5% even he is still in the fixing period.]

MRI: P2,021.76 / year (10-yr coverage is payable in 7 years only)

Fees and charges:
Registration & Annotation Fee: P16,329
Processing/Handling Fee: P 11,500
Notarial Fees: P1,000

Grand Total: P28,829.00

3. Rizal Commercial Banking Corporation (RCBC)

Loan Information:
Loan Started: August 2013
Loan amount: P2,163,638
Term of loan: 12 years
Rate: 6.88% (5-yr fixed interest)
MRI: P25,963.68 / year

Fees and charges:
Legal Research Fund: P 2,316 
Notarial Fee: P600
Real Estate Mortgage Fees: P10,956 
Doc Stamps Real Estate Mortgage: P4,347.28
Doc Stamps-Promissory Note: P10,818.19
Others: P2,000 (facilitation fees)
Fire insurance: P5,194.95 (1st year premium only)

Grand Total: P36,232.42

4. Robinsons Bank

Loan Information:
Loan started: August 2013
Loan amount: P1,000,000
Term of loan: 5 years
Rate: 6.88%
MRI: P5,000 / year

Real Estate Mortgage
Entry fee: P90
Legal Research Fund: P 57.36
Registration Fee: P5,646
Documentary Stamps: P2,010
Notarial Fee: P250
Computer Fee: P2,000 (P400 x 5 years)
Special Power of Attorney: P200
CTC of TCT: P900 (P300 per title)
Others: P3,000
Sub-total: P14,153.36

Fees and charges:
Documentary Stamp on Promissory Note (PN): P5,000
Notarial Fee on PN: P250
Notarial Fee on Loan Agreement: P250
Mortgage Redemption Insurance (MRI): P5,000
Fire Insurance: P 2,537.23 (1st year premium only)
Appraisal: P3,500
Processing Fee: P3,500
Sub-total: P20,037.23

Grand Total: P34,190.59

5. Banco De Oro (BDO)

Loan Information:
Loan Started: October 2014
Loan amount: P1,499,653.65
Term of loan: 15 years
Rate: 6.50% (5-yr fixed interest)
MRI: P7,223.35 / year (diminishing)

Fees and charges:
Documentary Stamps: P10,509
Handling Fee: P 5,000
Notarial Fees: P1,300
Registration Fee: P19,946
MRI: P7,223.35
Fire insurance: P2,861 (1st year premium only)

Grand Total: P46,839.35

Personal comments:
– BPI’s MRI premium was the cheapest
– Look at the MRI premium of RCBC, so expensive!
– BDO’s interest was the least for 5-yr fixing

Feel free also to share us what you know about housing loans by commenting below.

Applying for a housing loan soon? Here are some helpful resources:
Amortization Scheduler – Amortization Scheduler from Calculator Soup
Mortgage Calculator – Moneychimp Mortgage Calculator

Read also: Planning to buy a condo? Part 1 and Part 2



51 Replies to “Housing Loan: Application Fees”

  1. Hi Rex!

    Very informative!

    What will happen if you don’t pay for the MRI since you already have your own insurance?Can they charge you for the lapsed year on the next year’s insurance coverage? Or can I just avail of the MRI when I want to since I’m insured already?

    1. Hi Vic. You have to endorse your existing life insurance to the bank first before we can know whether you still have to pay for MRI or not. If they accepted your existing life insurance as alternative to the MRI they are offering then you don’t have to pay for MRI already. If the bank do not accept your life insurance plan, you still need to pay the MRI regularly. If you do not pay the MRI, it could result to the termination of your loan contract. You would not want that. On the other hand, please get the advice of your Financial Advisor also.

  2. Hello, nag loan ako ng 1,800,000 for my apartment. Ang release ng bank sa akin ay paunti unti 300,000 kada release. Then ang dami pong extra fee. umaabot ng mga 24,000 kada 300,000 na release.
    ito po ang mga fee
    service charge: 9000
    files fee: 3000
    docstamp: 1500
    life insurance: 3900
    fire insurance: 5756
    aff. of undertaking: 600

    Sa 1.8 Million ko na maloloan. so bali ang total na extra fee ay aabot ng 142,536 pesos. Sadya po bang ganyang kalaki ang fee pag mag loloan? sana po masagot nyo. Salamat.

    1. Hi Rovin. Housing loan din po ba ito o personal loan? Tuwing kailan po nila nirerelease ang P300k? One time lang po usually ang Application Fee at hindi po dapat ito umabot sa ganyang halaga kumpara sa inyong hiniram. Anong bangko po ito? May posible pong paglabag ito hindi man sa batas pero sa inyong karapatan. Maaari niyo po itong idulog sa Bangko Sentral. consumeraffairs@bsp.gov.ph

  3. Sir ung charges ko sa maybank for housing loan to release is around 56k May chance kaya ito bumaba puede Kya ma negotiable sa bank na madecrease..fix na o b ito?

    1. Hi Grace. Ask and you shall receive. Ask first the bank if they could further lessen the fee. Ginawa ko yun sa isang bangko, they even “waived” it for me. Yes WAIVED. Nilibre na nila para saken. But don’t ask the bank for “libre”. 😛 Just ask for discount. Kung ayaw nila, pwede ka naman lumipat ng bangko. Wais tayo eh. Dun tayo kung saan tayo makakamura. 🙂

  4. hi po ask ko lang po about sa fire insurance sa bdo. required ba talaga mag avail jan? how long po covered niya once nabayaran. and ok lang ba na stop if ever po na ayaw muna.may housing loan po kasi ako sa bdo.

    1. Hi Beth. Yes required ang Fire Insurance. Usually every year ka magbabayad niyan kasi annual renewal din ang Fire Insurance. Hindi ka pwede mag-stop sa payment or else they will terminate your loan. Baka pabayaran sayo ng bank ang balance mo sa loan in lump sum. I don’t know but that’s possible. Pwede ka namang bumili ng Fire Insurance na mas mura at i-endorse ito sa bangko. Unfortunately, sa mga kakilala ko hindi raw pumapayag ang BDO na sa iba ka kumuha ng Fire Insurance. Or i-try mo muna sila tanungin. Balitaan mo ko ha? 🙂

  5. hello sir. pwede bang kumuha ng MRI na hindi partner ng bank kung saan yung housing loan ko? if yes po, do you know any insurance company that gives the cheapest MRI? thank you.

    1. Yes! 🙂 Better speak to a financial advisor first regarding this. They should know what product would probably be accepted by the bank. If you already have, just endorse your policy to the bank and see whether they will accept it. Not all insurance plans will be accepted by the bank.

  6. How do they determine the amount of MRI and fire insurance? My condo loan is for 5.4 million pesos for 15 years at 10.25 interest rate. Thank you.

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