Guide on BPI Housing Loan Requirements 2023 You Must Prepare & Submit to Apply
BPI HOUSING LOAN REQUIREMENTS 2023 – Here is a full list of the documents required by the Bank of the Philippine Islands in applying for the loan.
Are you looking for a bank where you can apply for a housing loan? One of the trusted and popular banking entities that you may turn to is the Bank of the Philippine Islands. More popularly called BPI, it is one of the biggest banks in the country as well.
BPI actually has several loan offers. Aside from the BPI Personal Loan 2023, it also has a BPI Housing Loan 2023 offer for the purpose of financing a residential property acquisition. It has not provided details about the loanable amounts and interest rates but the bank promises fast application and minimal requirements for application.
According to BPI, it offers affordable interest rates under its Housing Loan offer as well as multiple downpayment options. The repayment of the loan can be extended up to 20 years thus there is really an option for light monthly installments.
The BPI Housing Loan Requirements 2023 includes income documents as well as collateral documents. The former depends on the loan applicant’s source of income. Here’s a guide for the borrowers:
For Locally Employed Individuals:
- General Documents:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
- Other Income Document:
- Bank statements of payroll account, with authorization letter to verify
- If Commission-Based:
- Certificate of employment stating commissions received prior year/months/period and Commissions Receivable, if any
- Bank statement where commission is credited, with authorization letter to verify
- If foreigner:
- Filipino spouse to act as primary borrower
For Pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
For Self-Employed Individuals:
- General Documents:
- Valid DTI Registration or Mayor’s Permit
- Latest ITR with audited financial statements
- Working account (6mos) with authorization letter to verify
- Trade references with complete contact information (business name, complete address, contact person, business phone number) * Major suppliers (at least 3) * Major clients (at least 3)
- Authorization letter to conduct trade verification
- If part owners of a Partnership/Corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
- If rental property business owners:
- Copy of TCTs/CCTs
- Copy of valid and notarized lease contracts Additional for transport business:
- Copy of LTFRB franchise decision of all units
- Copy of OR and CR of all units
- Authorization letter to conduct franchise verification with LTFRB
- Copy of valid ID of franchise owner
For Overseas Filipino Workers (OFWs):
- Latest Contract, with authorization letter to verify
- Proof of bank remittance, with authorization letter to verify
- Details of crewing manager for seafarers
- Attorney-in-Fact / loan administrator (preferably a next of kin); full name, contact details, mailing address and valid government IDs
For Professionals:
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
Aside from the income documents of the borrower, the BPI Housing Loan Requirements 2023 also includes collateral documents of the property. Here are the collateral documents that you must prepare and submit to BPI for the loan application:
- Photocopy of Owner’s Duplicate Copy of the Condominium Certificate of Title or Transfer Certificate of Title (as applicable)
- Photocopy of the updated Tax Declaration, Tax Clearance, Tax Receipt
- Signed Authorization Letter for Tax Mapping and Inspection of Property (for properties in secondary market)
- Photocopy of notarized Contract-to-Sell or Offer-to-Sell from registered owner of property (for private sellers)
- Photocopy of notarized Contract-to-Sell / Letter of Endorsement / Official Computation Sheet from developers (for accredited developer tie-up properties)
- Appraisal Fee (for un-accredited projects)
- Non-refundable appraisal fee of Php 5,000 (inclusive of title verification)
- Photocopy of latest Statement of Account with existing mortgagor (for refinancing)
- Complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
