Guide on BPI Property Equity Loan Requirements for Application
BPI PROPERTY EQUITY LOAN REQUIREMENTS – You can check here the documents that the Bank of the Philippine Islands require in applying for loan.
Are you in need of some extra funds? If you are a residential property owner, you may turn to the Bank of the Philippine Islands, more popularly called BPI, to obtain some money through the value of your residential property.
The Bank of the Philippine Islands is one of the most reputable banking entities in the country. It has helped countless Filipinos in their different financial needs as well as in different banking transactions.
BPI has several loan offers. One of them is the BPI Property Equity Loan. It is a housing loan offer but it is one of the types that is not common among many people. It is designed to provide funds for the client based on the residential property’s value. The property is used as the collateral under the offer.
There are varying BPI Property Equity Loan requirements for application as the offer is open for salaried and non-salaried individuals. Here are the documents required in applying for the loan offer:
Locally-Employed
- duly-completed and signed BPI Housing Loan
- valid ID
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
Commission-Based
- duly-completed and signed BPI Housing Loan
- valid ID
- Certificate of employment stating commissions received prior year/months/period and Commissions Receivable, if any
- Bank statement where commission is credited, with authorization letter to verify
Foreigner
- duly-completed and signed BPI Housing Loan
- valid ID
- Filipino spouse to act as primary borrower
Pensioner
- duly-completed and signed BPI Housing Loan
- valid ID
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
OFW
- duly-completed and signed BPI Housing Loan
- valid ID
- 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 (preferably a next of kin); full name, contact details, mailing address and valid government IDs
Self-Employed
- duly-completed and signed BPI Housing Loan
- valid ID
- 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 (business name, complete address, contact person, business phone number) * Major suppliers (at least 3) * Major clients (at least 3)
- Authorization letter to conduct trade verification
The bank has set additional BPI Property Equity Loan requirements for some self-employed loan applicants like for the part owners of a partnership or corporation and those who are running a rental property business. Here are the additional documents required by the bank in some cases:
For part owners of a Partnership/Corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
For rental properties:
- 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
Practicing Professionals
- duly-completed and signed BPI Housing Loan
- valid ID
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
Also part of the BPI Property Equity Loan requirements are collateral documents set under the offer. Here are the collateral requirements you must submit to apply for the loan:
- 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)
