Guide on the Release of Fund Under BDO Home Loan for Construction Purpose – Full or Staggered?
BDO HOME LOAN – Here is a guide on whether the fund under this BDO loan offer for the purpose of house construction is released in full or staggered.
Two (2) of the biggest life goals of most people that require a huge amount of money is buying a residential lot and constructing a house. Undeniably, it may cost you not only thousands of money but even millions depending on your target.
Meanwhile, the good thing is that there are a lot of banks that are ready to help you achieve that dream. Several banks in the Philippines got home loan offers that are open for a lot of purposes.
One of those that you may consider is the BDO Home Loan. It is open for both the purchase of a residential property and house construction.
Under this home loan offer, you may be financially assisted in the purchase of a residential lot, a house and lot, a condominium unit, or a townhouse. The purposes it cover also include the reimbursement of an acquisition and the refinancing of an existing home loan.
You might like to know how much you can borrow under this loan offer. You may visit – BDO HOME LOAN LOANABLE AMOUNTS – How Much You Can Borrow.
The repayment of the loan will depend on your purpose. Here is a list of the application purposes and the maximum loanable amounts under it:
- House and Lot / Townhouse Purchase – 20 Years
- House Construction – 20 Years
- Condo Unit Purchase – 15 Years
- Vacant Lot Purchase – 10 Years
With regards to house construction, you might like to know if you can get the fund under the BDO Home Loan in full or in staggered basis. According to the bank, the loan proceeds will be released in a staggered manner.
Also, it is stated that the releasing of the fund will depend on the percentage of the completion of the house construction. The money is usually released at 0%, 30%, 60%, and 90% completion.
Do you want to apply for this loan offer? The application process is simple. Here is a guide and the requirements that you must prepare – BDO HOME LOAN: How To Apply for House Loan to Banco de Oro.
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.
READ ALSO: BDO UNIBANK LOANS – Full List of BDO Personal & Business Loan Offers