Guide on BPI Housing Loan 2023 Application Process & Requirements
BPI HOUSING LOAN 2023 – Here is a guide on how to apply for the loan offer of the Bank of the Philippine Islands and the requirements.
When it comes to housing loans, banks are among the entities that you may turn to. In the country, the Bank of the Philippine Islands, more popularly called BPI, is one of the trusted companies that you may turn to.
The Housing Loans offered by the Bank of the Philippine Islands actually serves multiple purposes. For the purpose of financing a residential property acquisition, the bank boasts its offer with low interest rates and flexible payment terms of up to 20 years.
Furthermore, BPI provides multiple options for the loan applicants in terms of the downpayment for the residential property acquisition. The bank also guarantees fast loan application process and minimal requirements.
The Bank of the Philippine Islands did not provide the loanable amounts under the BI Housing Loan 2023 offer as it may be on a case-to-case basis. Meanwhile, here are the easy steps for the application process:
Prepare your income documents.
There are documents that you need to prepare in applying for the BPI Housing Loan 2023. The list depends on your source of income. Here is a guide on the documentary requirements set by the bank:
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)
Prepare the collateral requirements.
Part of the BPI Housing Loan requirements 2023 are collateral documents of the property to be acquired under the loan offer. Make sure to prepare all the original copies of the collateral requirements.
Go to BPI.
Visit a branch of the Bank of the Philippine Islands nearest to you. Submit your requirements for review and processing.
Wait for an update from BPI.
The Bank of the Philippine Islands (BPI) will send you an SMS notification if your loan application was approved. You will be asked to visit a branch of the bank or a Loans Business center to sign the loan documents.