Guide on BPI Loan for Vacant Lot Purchase Details and Application Requirements
BPI LOAN FOR VACANT LOT PURCHASE – Here is a guide on the minimum and maximum loanable amounts under the Home Loan offer of BPI.
Some people prefer buying a vacant residential lot first because they have their dream house – an own design they wish to construct. Actually, with the Bank of the Philippine Islands (BPI), you can apply for a loan even if what you want to purchase is not a house and lot but a vacant lot where you wish to contruct your dream house.
BPI Loan for Vacant Lot Purchase:
BPI boasts its loan offer with low downpayment options, low interest rates, and flexible payment terms. You can apply for the loan and just prepare as low as 10% of the selling price of the property as downpayment. You can repay the loan for up to 20 years. With regards to the loanable amounts, you can check it below.
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.