Check the BPI Home Construction Loan Loanable Amounts 2023
BPI HOME CONSTRUCTION LOAN LOANABLE AMOUNTS 2023 – Here are the borrowing amounts allowed under the offer of the Bank of the Philippine Islands.
Are you looking for a bank that can help you financially with the construction of your dream house? In the Philippines, one of the entities that you may turn to is the Bank of the Philippine Islands. More popularly called BPI, it is one of the biggest and the most trusted banking entities in the country.
Aside from the BPI Housing Loan 2023 which can finance the purpose of acquiring a residential property, the popular banking entity also offers the BPI Home Construction Loan. Under it, you may apply for an amount to finance the construction of your dream house and just repay it in monthly installments.
The Home Construction Loan offer of the bank is actually open for several purposes. You may apply for the loan to finance any of the following intents:
- House construction on vacant lot
- House construction after demolishing an existing structure
- combination of house construction and lot purchase
One of the best features of the BPI loan offer is its short list of eligibility requirements. To qualify for the loan application, here are the conditions that you must meet:
- 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
How much you may borrow under the offer? Although the allowed borrowing amounts will be on a case to case basis, the bank has posted the minimum and maximum loanable amounts under the BPI Home Construction Loan 2023:
- Minimum Loanable Amount — Php 400,000.00
- Maximum Loanable Amount — up to 90% of the value of the property
The BPI Home Construction Loan 2023 loanable amounts are payable between one (1) year up to 20 years. In applying for the loan offer, there are collateral documents that you must prepare and submit to the bank such as the following:
- 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)
Aside from the aforementioned collateral documents that you must submit to the bank, there are also income documentary requirements for BPI Home Construction Loan 2023 application that must be submitted. The list depends on the nature of your source of income.
It may take BPI a few working days to process your loan application. Wait for an update from the bank regarding the result of your loan application.