Guide on BPI Housing Loan Requirements 2024 for Application
BPI HOUSING LOAN REQUIREMENTS 2024 – For self-employed individuals who want to apply for the loan offer, you can check here the documents required by the Bank of the Philippine Islands.
Do you want to acquire your own house but you are not employed? The Bank of the Philippine Islands’ Housing Loan offer is also open for non-salaried individuals who have stable source of income. Thus, there is really a way for you to achieve that dream house.
The Bank of the Philippine Islands is one of the trusted banks that is in the service of the Filipino people for decades now. It got a variety of bank account offers, loans, credit cards, and many more finance products and services.
With regards to its loan offers, aside from the BPI Personal Cash Loan, the reputable banking entity also offers the Housing Loan that can finance the purchase of a vacant lot, a house and lot, a condominium unit, and a townhouse.
Who are qualified to apply for the loan offer of the Bank of the Philippine Islands? Before checking out the BPI Housing Loan requirements for application, it is important to check on the qualifications set by the bank.
To be eligible to apply for the BPI Housing Loan offer, here are the qualifications 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
Just like the requirements set for the salaried individuals, the BPI Housing Loan requirements for the non-salaried individuals also include general documents and additional requirements. Here are the general documents required by the bank for application:
- duly-accomplished and signed BPI Housing Loan Application Form
- 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), and major clients (at least 3)
- Authorization letter to conduct trade verification
In the case of part owners of a partnership/corporation, an individual ITR and the payroll account where claimed salaries are credited, with authorization letter to verify, are required. In the case of the self-employed individuals who are running a rental property business, here are the additional BPI Housing Loan requirements for application:
- 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
In the case of professionals, here are the additional documents required by the Bank of the Philippine Islands for application to the Housing Loan offer:
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
The BPI Housing Loan requirements also include the collateral documents of the property involved in the loan. Here are the collateral requirements under the BPI 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)