Guide on BPI Solar Top-Up Equity Loan Application Process
BPI SOLAR TOP-UP EQUITY LOAN – Here is a guide on how to apply for the mortgage offer of the Bank of the Philippine Islands.
Nowadays, more and more household owners realize the importance of having a solar panel and the benefits that you can get from it. A lot of people who have installed solar at their homes and offices were able to save money from the electric consumption.
However, truth be told that a solar panel purchase is not something that everyone is ready to finance. It can cost you hundreds of thousands and even millions depending on the load that you want. Meanwhile, there are banks that you can turn to for it including the Bank of the Philippine Islands.
More popularly called BPI, the Bank of the Philippine Islands has several loan offers. Aside from the BPI Car Loan and the BPI Salary Loan offers, the bank also has a Housing Loan and the BPI Solar Top-Up Equity Loan.
The BPI Solar Top-Up Equity Loan allows clients with existing loan for an additional loan to finance the purchase of solar panels. Clients have the purpose to consolidate the new loan to the existing loan(s) or make it a separate account. Here’s the borrowing amount allowed by the bank:
- Minimum Loanable Amount — Php 400,000
With regards to the loan repayment, according to the Bank of the Philippine Islands, the minimum loan term is one (1) year and it is payable for up to 20 years.
To qualify to top up your existing housing loan to BPI for a solar panel installation, here are the eligibility and documentary requirements that should be met:
- existing loan must have a minimum paid-up amount of at least Php 400,000
- loan top-up may be consolidated under a new housing loan account along with the existing housing loan instead of a separate account
- one or multiple existing loan accounts can be consolidated
- submission of proof of loan purpose is required
To apply for the top-up loan offer, you will need to submit a quotation of the solar panels from the provider where you wish to acquire the solar panels from. As of the moment, Helios is the accredited solar panel provider of the BPI.