Guide on the Required Income in Applying for BDO Home Loan
BDO HOME LOAN – Here is a guide on whether you can still apply or not to the loan offer if you don’t meet the required household monthly income.
Several banks now offer cash assistance to those who wanted to acquire their own home or residential lot. One of these banking firms is BDO Unibank, a giant and prominent bank in the Philippines.
It offers assistance in buying a residential lot, a house and lot, a townhouse, or a condominium unit. It is also open for the funding of a house construction, a home renovation, or a loan take-out. You may also apply for acquisition reimbursement under this offer.
The bank has set some eligibility qualifications in applying for BDO Home Loan. It includes the minimum household monthly income of the applicant. To be eligible for the said loan offer, the applicant must be:
- at least 21 years old but not more than 70 years old on the maturity date of the loan
- a Filipino citizen or a foreign national
- having a stable source of income (locally employed, self-employed, or employed abroad)
- earning at least Php 50,000.00 monthly household income
What if you don’t meet the income requirement?
Based on the official website of the bank, there are terms under the required household monthly income in applying for the BDO Home Loan. The difference is between single and married applicants.
For single applicants, you may apply with a co-borrower. You and your co-borrower will have a joint responsibility of paying for the loan and you will have to go through the standard process of applying for the Home Loan offer.
For married applicants, both you and your spouse’s monthly salary will be assessed by the bank for your eligibility to the loan offer. It is going to be a household income.
According to BDO, incentives and commissions received from work may be included for the evaluation. You may submit proofs of your monthly salary including the incentives.
Are you pursuing your loan application? You may visit – BDO LOAN OFFERS: List of BDO Loans & Application Requirements.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.
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