Guide on the Requirements for BPI Home Renovation Loan 2023 Application Process
REQUIREMENTS FOR BPI HOME RENOVATION LOAN 2023 – Here are the documents needed in applying for the loan offer.
Are you looking for a bank that can help in financing the renovation of your house? In the country, one of the entities that you may turn to is the Bank of the Philippines Islands. It is more popularly called BPI and is one of the biggest banks in the country.
The Bank of the Philippine Islands which has several branches across the nation offers savings and current accounts, loans, credit cards, and several other financial services. Aside from the BPI Home Construction Loan 2023, it also offers its home loan offer for the purpose of financing a home renovation.
In fact, there are several specific purposes that are catered under the BPI Home Renovation Loan 2023 offer. You may apply for the loan offer to fund any of the following projects:
- Renovation of an existing house
- Remodeling
- Major repair of an existing residential property
To qualify for the offer, there is only a short list of eligibility requirements for BPI Home Renovation Loan 2023 offer. To qualify, the client must meet the following eligibility criteria for application:
- at least 21 years old at the time of loan application
- 65 years old and below upon the end of the loan term
- earns a minimum household income of P40,000
There are personal documents as well as collateral documents required for submission in applying for the offer. Here are the pre-processing requirements for BPI Home Renovation Loan 2023 application:
For employed applicants:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
For self-employed applicants:
- 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
- Authorization letter to conduct trade verification
- For part owners of a partnership or corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
- For 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
For pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
For practicing professionals:
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
To apply for the BPI offer, there are also collateral requirements as mentioned. Here are the documents related to the property that must be submitted to the bank to apply for the loan offer:
- 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)