Guide on BPI Home Construction Loan 2023 Application Process
BPI HOME CONSTRUCTION LOAN 2023 – Here are the steps in applying for the loan offer of the Bank of the Philippine Islands.
One of the most expensive projects or goals you can ever push through is a house construction. Truth be told that the costs of materials nowadays are really high and a simple house construction may require a huge amount of money. Meanwhile, there are solutions that you may turn to — just like loans.
There are banks in the country that offer loans to support a house construction. One of them is the Bank of the Philippine Islands, a popular and trusted banking company in the country for decades now. It has savings and checking account offers, credits cards, loans, and several other financial services.
The BPI Home Construction Loan 2023 offer actually serves several purposes. You may apply for the loan offer to finance any of the following:
- House construction on vacant lot
- House construction after demolishing an existing structure
- combination of house construction and lot purchase
BPI has posted the loanable amounts under the Home Construction Loan offer but it is important to be aware that the borrowing amounts allowed depend on the assessment of the bank. It considers several factors including the actual need and the loan applicant’s financial capacity.
The interest rates under the BPI Home Construction Loan will apply until the loan is fully-paid. The maximum loan term under the offer is 20 years. Here are the steps for the application process:
Step 1 — Check the eligibility requirements under the loan offer.
The Bank of the Philippine Islands (BPI) has set a few qualifications in applying for the BPI Home Construction Loan 2023 offer. To qualify, the borrower must meet the following eligibility criteria:
- 21 years old and above at the time of the loan application
- 65 years old and below upon loan maturity
- minimum household income of P40,000.00
Step 2 — Prepare the documentary requirements.
There are personal income documentary requirements for BPI Home Construction Loan application as well as collateral documents pertaining to the property. Here are the collateral documents that you must prepare for the loan application:
- complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
- photocopy of the updated Tax Declaration, Tax Clearance, Tax Receipt
- photocopy of Owner’s Duplicate Copy of the Condominium Certificate of Title or Transfer Certificate of Title (as applicable)
- photocopy of notarized Contract-to-Sell or Offer-to-Sell from registered owner of property (for private sellers)
- Signed Authorization Letter for Tax Mapping and Inspection of Property (for properties in secondary market)
- Appraisal Fee (for un-accredited projects)
- photocopy of notarized Contract-to-Sell / Letter of Endorsement / Official Computation Sheet from developers (for accredited developer tie-up properties
- photocopy of latest Statement of Account with existing mortgagor (for refinancing)
- non-refundable appraisal fee of Php 5,000 (inclusive of title verification)
Step 3 — File your loan application.
Go to a branch of the Bank of the Philippine Islands (BPI) nearest to the location of the property and submit the requirements. Wait for an update from the bank regarding the interview and, eventually, regarding the result of your loan application.