Details about the BPI Home Construction Loan Interest Rates 2023 for Borrowers
BPI HOME CONSTRUCTION LOAN INTEREST RATES 2023 – Here are the interest rates of the Bank of the Philippine Islands based on the chosen fixing period.
The Bank of the Philippine Islands, more popularly called BPI, is one of the entities that you may turn to for financing solutions for the purpose of house construction. It is one of the many loans offered by the popular and trusted banking entity.
Under the BPI Home Construction Loan 2023 offer, you may apply for the financing of a house construction on a vacant lot, a house construction after demolishing an existing structure, or a combination of a house construction and lot purchase.
The list of the eligibility requirements in applying for the BPI Home Construction Loan 2023 offer is short thus it is really accessible to a lot of people. To qualify, you must meet the following qualifications set by the bank under the offer:
- 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 loanable amounts under the BPI Home Construction Loan 2023 offer, it depends on the assessment of the bank but the range of the borrowing amounts were generously posted by the lender.
With regards to the BPI Home Construction Loan interest rates, it depends on the fixing period chosen under the loan offer. Here are the rates set by the bank:
| 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% |
The BPI Home Construction Loan interest rates will apply until the loan is fully paid. The borrowed amount is payable from one (1) year up to 20 years.
The requirements include both the collateral documents and the income documents of the loan application. Here are the collateral requirements in applying for the loan offer:
- 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)
The requirements for BPI Home Construction Loan 2023 application showing the income of the borrower depends on the nature of the loan application — locally-employed, self-employed, an overseas Filipino worker (OFW), a pensioner, or a practicing professional.
Submit the documents to BPI. Wait for a few working days for the loan assessment. The bank will notify you about the result of your loan application.