u/Emergency_Will_9797

Hi everyone! Looking for advice from people who've gone through the home construction loan process.

Here's our situation:
• We already own the lot, valued at around ₱4M
• House construction plan is estimated at ₱8M
• Combined monthly income is ~₱350K
• We want to pay off the loan quickly — ideally 7 to 10 years
• Loan needed is roughly ₱8M (low equity relative to the loan amount)

We're leaning towards a bank loan because of the higher loan amount we need and the relatively low equity going in. But we haven't ruled out Pag-IBIG or other options.

Questions for those who've been in a similar situation:

1. Bank vs Pag-IBIG — which made more sense for a construction loan at this scale?
2. Any specific banks with good rates or terms for house construction?
3. What's the realistic monthly amortization we should expect?
4. Any gotchas or things you wish you knew before applying?

Appreciate any insight, this is a big decision and we want to make sure we're not leaving money on the table. 🙏