Filipino borrowers have favored practical, family-oriented purchases as economic uncertainty, fueled by the energy crisis, hits close to home. According to Metrobank, sport utility vehicles (SUVs) and house-and-lot properties emerged as top loan choices.
Home loan applicants have now shifted in favor of house-and-lot developments over condominium and townhouses, despite the trend of vertical living. This reflects the long-standing aspiration among Filipino families to own a land and have more space for multigenerational living, says Metrobank.
The preference also mirrors broader trends in the residential market where there’s sustained demand for horizontal housing developments, particularly in suburban areas where families can access larger living spaces and community-oriented neighborhoods.
Housing also continues to be one of the most important long-term financial goals for Filipino households. Studies by the Bangko Sentral ng Pilipinas show that property ownership remains a key aspiration tied to financial security and long-term wealth building.
Meanwhile, in the automotive segment, SUVs remain the most popular vehicle type among borrowers, overtaking sedans due to their larger seating capacity and versatility for family use.
A similar pattern is seen in vehicle financing. SUVs and MPVs continue to dominate the Philippine market, with commercial vehicles, such as SUVs, pickups, and vans, accounting for the majority of vehicle sales as car owners prioritize space, flexibility, and durability for everyday travel.
These preferences of today’s home and car owners reflect how Filipino households typically approach major financial decisions. Large purchases such as homes and vehicles are often evaluated collectively within families, with careful consideration given to long-term financial priorities including emergency savings, healthcare needs, and rising household expenses.
For its part, to support borrowers pursuing their big family financial goals, Metrobank continues to offer financing options designed to make home and vehicle ownership within reach.
With its “Goals Made Real” promo which runs until May 29, borrowers who apply for a home or car loan can enjoy:
- Low interest rates to make monthly payments easier to manage
- Waived fees of up to P 60,000, which can help cover additional expenses such as household appliances or vehicle accessories
- Free one-year AXA car insurance for car loan borrowers
But Greedy banks charge 50% interest and is not even diminishing
ReplyDeleteThis makes car buying harder for Filipinos. The law should be changed
Not true, banks car loans rate stands at 4 - 6% yearly. But if you will have your car loan course thru dealers sales agent then it will be 50% interest rate for a 5 year loan. Go direct to the bank to avail of lower interest rate.
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