Guide on Requirements for BPI Home Construction Loan 2023 You Must Submit To Apply
REQUIREMENTS FOR BPI HOME CONSTRUCTION LOAN 2023 – Here are the documents required in applying for Bank of the Philippine Islands’ loan offer.
Nowadays, there are several bank offers that you can choose from if you want to fulfill a huge goal under a loan offer — just like pushing through with the construction of your dream house. One of the entities that may help you achieve it is the Bank of the Philippine Islands.
More popularly called BPI, the Bank of the Philippine Islands is one of the entities with a loan offer that could finance house construction purposes. In fact, its BPI Home Construction Loan 2023 offer can serve several purposes which you can check below. It is aside from the BPI Housing Loan 2023 for the purpose of financing a residential property acquisition.
You may apply to the BPI House Construction Loan 2023 offer to finance any of the following purposes:
- House construction on vacant lot
- House construction after demolishing an existing structure
- combination of house construction and lot purchase
Who are qualified to apply for the BPI loan offer? For qualification to the offer, the borrower must meet the following eligibility criteria:
- 21 years old and above at the time of the loan application
- 65 years old and below upon loan maturity
- minimum household income of P40,000.00
With regards to the documentary requirements for BPI Home Construction Loan 2023 application, the set of documents that must be prepared and submitted to the bank depends whether you are locally-employed, a pensioner, an overseas Filipino worker (OFW), a self-employed individual, or a practicing professional.
If you are locally-employed, prepare the following documents:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
If you are self-employed, prepare the following 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 you are an OFW, prepare the following documents:
- 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
If you are a pensioner, prepare the following documents:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
If you are a practicing professional, prepare the following documents:
- 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 aforementioned documentary requirements for BPI Home Construction Loan 2023 application, there are also collateral requirements that you must prepare and submit to the bank for the loan application. Here are the documents needed:
- complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
- photocopy of the updated Tax Declaration, Tax Clearance, Tax Receipt
- photocopy of Owner’s Duplicate Copy of the Condominium Certificate of Title or Transfer Certificate of Title (as applicable)
- photocopy of notarized Contract-to-Sell or Offer-to-Sell from registered owner of property (for private sellers)
- Signed Authorization Letter for Tax Mapping and Inspection of Property (for properties in secondary market)
- Appraisal Fee (for un-accredited projects)
- photocopy of notarized Contract-to-Sell / Letter of Endorsement / Official Computation Sheet from developers (for accredited developer tie-up properties
- photocopy of latest Statement of Account with existing mortgagor (for refinancing)
- non-refundable appraisal fee of Php 5,000 (inclusive of title verification)