Guide on BPI Housing Loan Requirements 2024 for Application
BPI HOUSING LOAN REQUIREMENTS 2024 – For overseas Filipino workers (OFWs) who want to apply for the loan offer, you can check here the documents required by the Bank of the Philippine Islands.
Are you excited to achieve the house of your dreams for your family soon? You do not have to wait long to finally be able to live under roofs you can call your own. The Bank of the Philippine Islands may help you out.
More popularly called BPI, the Bank of the Philippine Islands has several loan offers for qualified individuals. Meanwhile, there is nothing to worry about, the loan offers of the bank is open not only for locally-employed and self-employed Filipinos but as well as overseas Filipino workers (OFWs).
Aside from the BPI Personal Cash Loan offer, the bank also has a housing loan offer that is ready to finance your purchase whether it is a vacant lot, a house and lot, a condominium unit, or a townhouse. The bank only requires 10% downpayment based on the value of the property.
Who are qualified to apply for the Housing Loan offer of the Bank of the Philippine Islands? The BPI Housing Loan requirements include qualifications in applying for the loan offer. To be eligible to apply for the loan, here are the qualifications that an applicant must met:
- 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 the case of overseas Filipino workers who want to apply for the loan offer, there is a unique set of BPI Housing Loan requirements that must be prepared and submitted to the bank. Here are the documents required by the bank for the loan application:
- 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
Aside from the personal documents of the OFW who want to apply for the loan, 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)