Guide on BPI Housing Loan 2023 Online Application — Steps in Applying for the Offer
BPI HOUSING LOAN 2023 ONLINE – Here is a guide on how to apply online for the loan offer of the Bank of the Philippine Islands and the requirements.
Are you looking for a bank where you may apply for a housing loan online? One of the entities that you may turn to in the Philippines is the Bank of the Philippine Islands. It is more popularly called BPI.
BPI is one of the trusted banks in the Philippines and it also has one of the biggest assets. It offers savings and checking accounts, credit cards, loans, and several other financial services. Aside from the BPI Personal Loan 2023 offer, the bank also offers a housing loan that can finance the acquisition of a residential property.
The Bank of the Philippine Islands has not stated the loanable amounts and interest rates under the loan offer but it assures the public of low interest rates and multiple options with regards to the downpayment. You may also extend the loan repayment to up to 20 years thus there is really an option if you want light monthly installments.
There is a quick process in applying for the BPI Housing Loan 2023 offer. There are also minimal requirements. Here are the steps in applying for the loan offer:
Prepare your income documents.
There are documents that you need to prepare in applying for the BPI Housing Loan 2023. The list depends on your source of income. Here is a guide on the documentary requirements set by the bank:
For Locally Employed Individuals:
- General Documents:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
- Other Income Document:
- Bank statements of payroll account, with authorization letter to verify
- If Commission-Based:
- Certificate of employment stating commissions received prior year/months/period and Commissions Receivable, if any
- Bank statement where commission is credited, with authorization letter to verify
- If foreigner:
- Filipino spouse to act as primary borrower
For Pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
For Self-Employed Individuals:
- General Documents:
- Valid DTI Registration or Mayor’s Permit
- Latest ITR with audited financial statements
- Working account (6mos) with authorization letter to verify
- Trade references with complete contact information (business name, complete address, contact person, business phone number) * Major suppliers (at least 3) * Major clients (at least 3)
- Authorization letter to conduct trade verification
- If part owners of a Partnership/Corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
- If rental property business owners:
- Copy of TCTs/CCTs
- Copy of valid and notarized lease contracts Additional for transport business:
- Copy of LTFRB franchise decision of all units
- Copy of OR and CR of all units
- Authorization letter to conduct franchise verification with LTFRB
- Copy of valid ID of franchise owner
For Overseas Filipino Workers (OFWs):
- Latest Contract, with authorization letter to verify
- Proof of bank remittance, with authorization letter to verify
- Details of crewing manager for seafarers
- Attorney-in-Fact / loan administrator (preferably a next of kin); full name, contact details, mailing address and valid government IDs
For Professionals:
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
Aside from the income documents of the borrower, the BPI Housing Loan Requirements 2023 also includes collateral documents of the property. Here are the collateral documents that you must prepare and submit to BPI for the loan application:
- Photocopy of Owner’s Duplicate Copy of the Condominium Certificate of Title or Transfer Certificate of Title (as applicable)
- Photocopy of the updated Tax Declaration, Tax Clearance, Tax Receipt
- Signed Authorization Letter for Tax Mapping and Inspection of Property (for properties in secondary market)
- Photocopy of notarized Contract-to-Sell or Offer-to-Sell from registered owner of property (for private sellers)
- Photocopy of notarized Contract-to-Sell / Letter of Endorsement / Official Computation Sheet from developers (for accredited developer tie-up properties)
- Appraisal Fee (for un-accredited projects)
- Non-refundable appraisal fee of Php 5,000 (inclusive of title verification)
- Photocopy of latest Statement of Account with existing mortgagor (for refinancing)
- Complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
Prepare the collateral requirements.
In applying, there are collateral requirements for the BPI Housing Loan 2023 offer application. Make sure you have all the original copies of the collateral documents.
Fill out the BPI Housing Loan Online Application Form.
Accomplish the BPI Housing Loan Online Application Form. Submit your documentary requirements.
Wait for an update from BPI.
BPI will notify you through an SMS notification if your loan application was approved by the bank. You will be asked to visit a branch of the bank or a Loans Business center to sign the loan documents.