Steps for BPI Home Renovation Loan Application Process
BPI HOME RENOVATION LOAN 2023 – Here’s the process on how to apply including the requirements under this offer of the Bank of the Philippine Islands.
If you are planning to renovate your house, one of the banks that you may turn to for a loan offer is the Bank of the Philippine Islands. It is one of the biggest banks in the country in terms of assets and it actually has several offers to the public.
The Bank of the Philippine Islands is more popularly called BPI in the country. It has several branches across the nation that delivers savings and checking accounts, loans, credit cards, and other financial services.
The bank caters services to millions of Filipinos in the country as well as some Filipinos abroad. One of its loan offers is the BPI Home Renovation Loan 2023 which may be applied for to finance any of the following purposes:
- Renovation of an existing house
- Remodeling
- Major repair of an existing residential property
There are high loanable amounts under the BPI Home Renovation Loan 2023. The amount borrowed is payable from one (1) year up to 20 years.
The loan is subject to the BPI Home Renovation Loan interest rates until it is fully-paid. The rates are based on the fixing period. There is an easy process in applying for the loan offer:
Step 1 — Check your qualification.
The bank has set eligibility requirements in applying for the loan offer. To qualify, the loan applicant must meet the following qualifications:
- 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
Step 2 — Prepare the requirements.
There are documentary requirements for BPI Home Renovation Loan 2023 offer that you must prepare for application apart from the collateral documents required by the bank. Here are the collateral requirements under 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)
Step 3 — File your loan application.
Visit a branch of the Bank of the Philippine Islands (BPI) and submit your loan application. Wait for the call of the bank for the interview as well as the results of the loan application.
