Guide on BPI Loan for Condo Purchase Details and Application Requirements
BPI LOAN FOR CONDO PURCHASE – 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 property acquisition.
Many people now prefer having a condominium unit. Some just want a small place to tend after while others have it as another home which is closer to their workplace. However, a one-time payment of a condo unit may cost you a lot of money so many individuals prefer having its purchase financed by a loan. The Bank of the Philippines (BPI) is one of the entities that have the said offer and you can check the details below.
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 loan for condo purchase.
BPI Loan for Condo Purchase:
Are you planning to get a condominium unit? You do not have to pay for it in a full amount as the Bank of the Philippine Islands got that type of property covered by its Home Loan offer. The bank boasts its loan offer with low interest rates, downpayment options, and flexible payment terms. You can repay the loan for up to 20 years and the downpayment could be set as low as 10% of the selling price of the 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 Loan for condo purchase? 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 Loan for condo purchase? 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.