Details about the BPI Home Renovation Loan Loanable Amounts 2023 — How Much You May Borrow
BPI HOME RENOVATION LOAN LOANABLE AMOUNTS 2023 – Here are the minimum and maximum borrowing amounts allowed under the offer.
Are you planning to renovate your house and you are in search for a loan offer that can assist you financially? The loan offer of the Bank of the Philippine Islands may be the perfect solution that you are looking for.
BPI actually has several loan offers. Aside from the BPI Home Construction Loan 2023 and the BPI Personal Loan 2023, the bank also offers a BPI Home Renovation Loan that can finance any of the following purposes:
- Renovation of an existing house
- Remodeling
- Major repair of an existing residential property
There is a short list of eligibility requirements under the BPI loan offer. Here are the qualifications that the borrower must meet to qualify to the offer:
- at least 21 years old at the time of loan application
- 65 years old and below upon the end of the loan term
- earns a minimum household income of P40,000
On the loanable amounts under the BPI Home Renovation Loan 2023 offer, a client may borrow a minimum amount of Php 400,000.00. The maximum borrowing amount allowed under the offer is equivalent of 90% of the value of the property.
The borrowed amount is payable from one (1) year up to 20 years.
In applying for the loan offer, there are requirements for BPI Home Renovation Loan 2023 that you must prepare and submit to the bank. Aside from the personal documents set for borrowers, BPI also requires the submission of collateral documents such as the following:
- 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)