Guide on BPI Housing Loan Requirements 2024 for Application
BPI HOUSING LOAN REQUIREMENTS 2024 – For pensioners who want to apply for the loan offer, you can check here the documents required by the Bank of the Philippine Islands.
There are countless loan offers in the Philippines. However, undeniably, most of these loans are not open for pensioners. Only a few entities have opened their loans to individuals receiving pension and one of these banking firms is the Bank of the Philippine Islands.
The Bank of the Philippine Islands or more popularly called BPI has several branches across the nation. Thus, the loan offers which are open for pensioners are really accessible. It has a multi-purpose cash loan offer, housing loans, and auto loans.
The housing loan offers of BPI are ready to serve several purposes. One of which is the financing of a residential property acquisition. Under the offer, you can seek financing in the purchase of a vacant residential lot, a house and lot, a condominium unit, or a townhouse.
The loan offer is open for locally-employed individuals, self-employed individuals, overseas Filipino workers (OFWs), and pensioners who meet the qualifications set by the bank. In the case of pensioners, here are the eligibility requirements that a pensioner must meet to qualify for the loan offer:
- 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
In applying for the loan offer, there are only a few BPI Housing Loan requirements for application. Here are the documents required by the bank from pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
The BPI Housing Loan requirements also include the collateral documents of the target property. Here are the collateral requirements in applying for 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)
Aside from the Housing Loan offer, the Bank of the Philippine Islands has the BPI Personal Cash Loan, a multi-purpose loan offer which has its own set of features.