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