Illustration by Steph Bravo
Understanding the jargon of home loans can be confusing, overwhelming and a wee bit frustrating at times.
But you don’t have a choice: if you’re bent to make the most out of your loans and savings, you will need to at least make an effort to fully understand these terms commonly used by your bankers and brokers.
This way, you won’t feel cheated or forced into taking that huge leap as you work on your dream home. Remember, ignorance is not and will never be an excuse—more so in this day and age when it’s much easier to do research and look up banking jargon via the internet, whether through your laptops, tablets or even mobile phones.
In the Philippines, banks like Metrobank have comprehensive websites that usually contain most of the information you will need to know before taking out a loan—the products and features offered, processes involved, requirements and even definitions of some terms you have to be aware of.
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Here are some of the most common terms you’ll likely come across with once you start looking for the right banking partner that will suit your loan needs.
Home Loan
