Guide on BPI Housing Loan Requirements 2024 for Application
BPI HOUSING LOAN REQUIREMENTS 2024 – For locally-employed individuals who want to apply for the loan offer, you can check here the documents required by the Bank of the Philippine Islands.
It brings a huge advantage to be living in your own house. Are you planning to purchase a residential property and you need a trusted entity to help finance your purchase? You might like to consider the offer of the Bank of the Philippine Islands.
The Bank of the Philippine Islands or more popularly called BPI is one of the banking entities that has gained the trust of millions of Filipinos — not only in the country but worldwide. It has several offers from saving and checking accounts to credit cards to loans and a lot more.
Aside from the BPI Personal Cash Loan, another loan offer of BPI is the Housing Loan that can finance the purchase of a vacant lot, a house and lot, a townhouse, and a condominium unit. The BPI Housing Loan requirements include both the qualifications and the documents that must be submitted to apply for the loan offer.
To qualify for the Housing Loan of BPI, in the case of locally-employed individuals, here are the eligibility requirements that a loan applicant must meet:
- a Filipino citizen
- at least 21 years old at the time of the BPI Home Loan Application
- not more than 65 years old upon the loan maturity
- earning a household income of at least Php 40,000
With regards to the BPI Housing Loan requirements for application, there are general documents that all applicant must submit and as well as specific requirements. Here are the general requirements under the loan offer:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
The bank also allows the presentation of bank statements of payroll account, with authorization letter to verify, as a proof of income. In case the employed individual is earning through a commission-based work, here are the proof of income that must be submitted:
- 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
In case the aspiring loan applicant is a foreigner, a Filipino spouse must act as the primary borrower under the loan offer.
Aside from the personal documents of the borrower, the BPI Housing Loan requirements also include the collateral documents of the property to be purchased. 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)