Getting Your Dream Home with a BPI Housing Loan? Here’s What to Know

For most Filipinos, buying a home is a milestone. Real estate property is a significant purchase you need to work for. Also, just fulfilling all the requirements and successfully completing the loan process are achievements enough.

Whether it’s your first time buying a home or not, choosing a reliable and flexible financing company is a must.

The Bank of the Philippine Islands (BPI) fits the bill in this regard, as it offers one of the most competitive loans in the market through its BPI Housing Loan. Learn all you need to know about the BPI home loan in this guide.

What is the BPI Housing Loan?

The BPI Housing Loan[1] can be used to buy a house and lot, a vacant lot, a townhouse, or a residential condominium. You can also use it to fund the construction or renovation of your home.

Moreover, you can use it as a Property Equity Loan[2] if you want to obtain additional funds using your existing real estate property as collateral.

It’s an ideal loan option for Filipinos with conservative buying patterns. You can customize it based on your needs and financial capacity.

Why Should I Apply for a BPI Housing Loan?

• Affordable payments - Purchase your dream home with BPI Housing Loan’s low rates and down payment options (as low as 10%).

• Flexible payment terms - Pay off your BPI Housing Loan for up to 20 years.  With its All-In Financing,[3] you can enjoy zero upfront fees. Meanwhile, use the Step Up PayPlan to control your loan payments every year, starting with the lowest value in your first year and increasing slowly in the succeeding years.

• Easy application process - Apply at any BPI branch in the Philippines or through any BPI-accredited brokers and developers. If you don’t have the time to go out, you can fill out the BPI Housing Loan Application Form online.

• Reliable and trusted name - Since it’s backed by one of the oldest and most prominent banks in the Philippines, you’re guaranteed that your real estate investment is in excellent and capable hands.

BPI Housing Loan Requirements

To become eligible for a BPI Housing Loan, you must be at least 21 years old but not older than 65 upon loan maturity. You should also have a minimum household income of ₱40,000.

Here’s a list of BPI home loan requirements[4] you need to submit:

If locally employed:

• Authorization letter to verify employment

• Latest Certificate of Employment (Must state commissions received in the prior year and commissions receivable for commission-based housing loan applicants)

• Latest Income Tax Return

• Pay slips (latest three months)

• Bank statements of payroll account or where commissions are credited (with an authorization letter to verify)

If self-employed:

• Latest Income Tax Return with Audited Financial Statements

• Valid Mayor’s Permit or DTI Registration

• Working account with an authorization letter to verify

• Trade references (with complete contact information)

• Trade verification authorization letter

If an OFW:

• Latest contract (with an authorization letter to verify)

• Proof of bank remittance (with an authorization letter to verify)

• For seafarers: Details of the crewing manager

• Complete contact information of loan administrator/Attorney-in-Fact

If applying for the Property Equity Loan:

• A copy of your duplicate copy of TCT or CCT

• A photocopy of updated tax declaration /tax receipts/tax clearance

• Signed authorization letter for Tax Mapping/Inspection of Property

• Photocopy of notarized Contract to Sell/Offer to Sell

• Photocopy of an endorsement letter/official computation sheet/Contract to Sell from developers (for accredited developers or projects)

• Appraisal fee

• For refinancing: Photocopy of the latest Statement of Account with the mortgagor

• For construction loan: Bill of Materials, Building Plan, Scope of Work/Cost Estimates

BPI Housing Loan Amount and Terms

Loan amounts start at ₱400,000. You can borrow up to 90% of the property value. Loan terms range from one to 20 years.

Meanwhile, with the Property Equity Loan, you can borrow up to 80% of the property value and pay in one to five years.

https://www.moneymax.ph/loans/articles/bpi-family-housing-loan