Guide on BPI Housing Loan for Renovation Details and Application Requirements
BPI HOUSING LOAN – Here is a guide on the minimum and maximum loanable amounts under the Home Loan offer of the Bank of the Philippine Islands (BPI) for renovation.
The Bank of the Philippine Islands, more commonly called BPI, is one of the banks with a housing loan offers that serve several purposes. One of these is for the purpose of home renovation.
The home loans offered by the Bank of the Philippine Islands (BPI) serves four (4) main purposes – the financing of house acquisition, construction, renovation, and property equity loan. In this article, let us focus on the BPI Housing Loan for renovation.
Whar are the properties eligible under BPI Housing Loan for Renovation?
- renovation of existing house
- remodeling of unit
- major repair of an existing residential property
Interest Rates under the Home Loan offer:
You can repay your loan from one (1) year up to 20 years. You can have the interest rate fixed on a certain period based on the following fixing period and rates:
| Fixing Period (Years) | Rate |
|---|---|
| 1 | 7.00% |
| 2 | 7.25% |
| 3 | 7.75% |
| 4 | 8.00% |
| 5 | 8.25% |
| 10 | 10.25% |
| 15 | 10.50% |
| 20 | 12.00% |
Who are qualified to apply for this BPI Housing Loan for acquisition purpose? To be eligible, the borrower-applicant must be:
- at least 21 years old upon the loan application
- not more than 65 years old upon the loan maturity
- earning a household income of at least Php 40,000.00 per month
How much you may borrow under the BPI Housing Loan for acquisition purpose? Here are the minimum and maximum loanable amounts under the offer:
- Minimum Loanable Amount – Php 400,000.00
- Maximum Loanable Amount – up to 90% of the value of the property
To apply for the BPI home loan offer, there are documents that you must submit in applying. Feel free to visit – BPI Bank Loan Requirements for Housing Loan – List of Documents to Submit.