Money Talks: Proven Tips for Condo Financing Approval

Money Talks: Proven Tips for Condo Financing Approval

One common concern in buying a condo is how to finance it. Many Filipinos dream of owning this residential property because of its benefits, but the need for sufficient income prevents many Pinoys from even considering looking for a unit.

What are the typical condo financing schemes?

Thanks to many first-time condo buyer financing options, your dream of owning a home is now within reach. Here are some financing options for willing condo buyers in the country:

Bank housing loans

Nearly all Philippine banks offer housing loans. Each lender has unique loan packages with loan value, interest rate, and repayment terms depending on the bank’s policies and the buyer’s creditworthiness.

Pag-IBIG Fund (HDMF)

As a government agency offering affordable housing loans, the Pag-IBIG Fund is a go-to option for many members. Most private companies are legally required to enlist their employees as Pag-IBIG Fund members, making it the most accessible financing mode for Filipinos.

In-house developer financing

Many condo developers, such as DMCI Homes, offer in-house financing to buyers. Through this financing mode, the developer will finance the condo purchase while the buyer will pay the developer monthly.

Cash payment

If you have sufficient funds in your bank, paying for the condo in cold cash is the best choice. It will slash the total contract price of the property considerably.

Rent-to-own scheme

Some developers have rent-to-own schemes that allow condo buyers a low downpayment. This initial payment can be followed by monthly amortizations that include rent and a fraction of the purchase price. The buyer can grab the option of owning the unit after a certain period.

How can you increase the chances of condo financing approval?

While many financing schemes exist for willing homeowners, ensuring financing approval can be challenging. Here are a few proven tips for securing a condo unit mortgage:

Improve your credit score.

Maintaining a good credit score is crucial for the approval of any loan. Hence, checking your credit score and ensuring its good standing before applying for a condo loan is vital. If not, take measures to improve it before applying for a loan.

Get pre-approved

Besides checking your credit score, getting pre-approved for a loan is an excellent step to secure funding for your dream DMCI Homes condo. This measure will give you an idea of how much you can borrow. It will also show developers that you are a serious buyer.

Pay a larger down payment.

A downpayment that exceeds the minimum requirement can boost your chances of getting approved for a loan. This step will give the impression that you are serious about acquiring the property. Moreover, it can also reduce your monthly payments.

Try to pay a down payment of at least 20% of the contract price.

Shop around for as many lenders as you can.

Research for a lender or developer like DMCI Homes that can provide the ideal offers that suit your budget. Compare their rates, payment terms, and other packages with other lenders to discover the best deal for you.

Prepare your required documents. 

Lenders will require a lot of paperwork, such as proof of income, bank statements, and tax returns. Secure all the necessary documentation before meeting a lender to avoid delays and to show your eagerness to purchase the unit.

Get help from a real estate agent.

A competent real estate agent can advise and recommend securing financing. They can also help you pinpoint a condo that suits your needs and financial capability.


Often what keeps you from having your dream DMCI Homes condo is getting a possible and workable financing deal. By reading the low down payment options for condo financing and proven tips to get approved, you can increase your chances of acquiring the home you wish to own.

Being one of the country’s leading developers, DMCI Homes offers a complete service package to help you own your residential property. You can chat with our representatives now to help you get the best condo financing deal for your family.