Details about the BPI Home Renovation Loan Interest Rates 2023 based on Fixing Period
BPI HOME RENOVATION LOAN INTEREST RATES 2023 – Detailed below are the interest rates implemented by BPI based on the fixing period.
In the Philippines, there are banks that you can turn to if you are in need of some financial solutions that can fund your home improvement or renovation project. One of them is the Bank of the Philippine Islands or more popularly called BPI.
BPI, one of the biggest and most popular banks in the country, has several branches that deliver the bank’s services to the public. These services includes the different types of bank accounts, credit card offers, and loans. One of the loans offered by the bank is the Home Renovation Loan 2023.
The Home Renovation Loan offer is actually open to finance several purposes related to home repair or improvement. You may apply for the loan offer to finance any of the following projects:
- Renovation of an existing house
- Remodeling
- Major repair of an existing residential property
Under the loan offer, there are only three (3) things considered for the eligibility of a loan applicant to apply for the loan offer. He/She must be:
- 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
BPI posted the loanable amounts under its Home Renovation Loan offer that is payable from one (1) year up to 20 years. With regards to the BPI Home Renovation Loan interest rates 2023, it depends on the fixing period chosen by the borrower.
| Fixing Period | 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 Renovation Loan interest rates applies until the loan is fully-paid. In applying for the loan offer, there are both personal documentary requirements for BPI Home Renovation Loan 2023 offer application as well as collateral requirements.
Here are the collateral documents that must be submitted 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)