Guide on BPI Loan for Townhouse Purchase Details and Application Requirements
BPI LOAN FOR TOWNHOUSE 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 townhouse acquisition.
In the Philippines, one of the banks that you may turn to for housing loans is the Bank of the Philippine Islands. More commonly called BPI, it is a trusted banking firm and its housing loan offer covers multiple purposes.
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 townhouse purchase.
BPI Loan for Townhouse Purchase
Many people are into buying townhouses so they have somewhere to go to during summer vacations or even every weekends. In some cases, there are individuals who prefer townhouses as their main residential properties as they already accustomed to it. The good news is that it is one of the residential properties covered under the home loan offer of the Bank of the Philippine Islands. The bank has not set limitations as to the floor area that it can cover under the offer.
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.