Guide on BPI Loan To Buy House – Details & Application Requirements
BPI HOUSING LOAN FOR CONSTRUCTION – Here is a guide on the minimum and maximum loanable amounts under the Home Loan offer of the Bank of the Philippine Islands (BPI).
Many individuals prefer building their own dream house over buying a ready-for-occupancy house and lot. Are you one of these people? No worries, a lot of bank loans also cover this purpose. One of them is the BPI Housing Loan for Construction offer of the Bank of the Philippine Islands (BPI).
The said loan offer of the bank is under its Housing Loan offer which serves four (4) main purposes – the financing of residential property acquisition, house construction, home renovation, and property equity loan. In this article, let us focus on the BPI Housing Loan for Construction.
BPI Housing Loan for Construction
The Bank of the Philippine Islands (BPI) boasts its loan offer as affordable, reliable, and easy to apply for. You can repay the amount you borrowed for up to 20 years. This loan offer is open to finance a house construction on any of the following:
- vacant lot
- after demolishing an existing structure
- house construction and lot purchase combined
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.