Guide on BPI House Renovation Loan Requirements for Application
BPI HOUSE RENOVATION LOAN REQUIREMENTS – Listed here are the documents that the Bank of the Philippine Islands require in applying for loan.
Are you excited to improve the look of your house or make some repairs? You do not have to wait for several months or years to do that renovation goal or to shelve out a big part of your savings. You may apply for a loan.
When it comes to financing home renovation projects, one of the entities that you may turn to is the Bank of the Philippine Islands. BPI is ready to finance the renovation of an existing house, house remodeling, and a major repair of an existing residential property.
The loan offer is open for both employed and self-employed individuals. The Bank of the Philippine Islands has set varying lists of documents in applying for the loan offer. Here are the BPI House Renovation Loan requirements for application:
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
If you are a self-employed individuals who is a part owner of a partnership or a corporation or you are running a property rental business, there are additional requirements that the bank requires for application. Here are the additional requirements set by the bank:
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)
In applying for the loan offer, there are also collateral documents that the applicant must submit. Here are the other BPI House Renovation Loan requirements for 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)
- complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
Aside from the loan for renovation, the Bank of the Philippine Islands also has the BPI Property Equity Loan which allows individuals to use their properties as the collateral to obtain funds.
