How much should my income be to be eligible for bank loan approval?
Eligibility depends on income—30% for employees/OFWs and 25% for self-employed applicants should cover the monthly amortization.
Typically, banks would require locally employed and overseas Filipino workers (OFWs) to have 30% of their Household income cover the monthly amortization they are applying for.
Typically, banks would require self-employed/ entrepreneurs/ business owners to have 25% of their Household income cover the monthly amortization they are applying for.
Typically, banks would require self-employed/ entrepreneurs/ business owners to have 25% of their Household income cover the monthly amortization they are applying for.