Features of BPI Solar Mortgage Loan & Application
BPI SOLAR MORTGAGE – You can avail a Top-Up Equity Loan to solar power your home for affordable electric expenses.
Nowadays, a lot of residential property owners have considered powering up their house using solar panels. It has been known that it is a much affordable way in dealing with electric consumptions.
Truth be told that solar panels are costly. Meanwhile, nowadays, in the Philippines, there are entities that offer solar loans to the public. One of them is the Bank of the Philippine Islands or more popularly called BPI.
BPI is one of the trusted and most popular banks in the country. It is operating for several years now and has continuously upgraded its offers. It got different kinds of bank accounts, BPI credit cards, as well as loans.
When it comes to the loan offers, the most popular are the BPI Housing Loan, BPI Cash Loan, and BPI Auto Loan. However, what is quite unknown to many people is that the bank also offers the BPI Solar Mortgage.
The Solar Mortgage offer of the bank is a top-up equity loan that borrowers of the BPI Housing Loan may apply for. You can consolidate your loans under one account and the bank accepts car as the collateral.
How much is loanable under the BPI Solar Mortgage offer? The minimum loanable amount under the offer is Php 400,000. The loan is payable from one (1) year up to 20 years. In the case of using a car as the collateral, here are the eligibilities set by the bank:
- car must not be older than 5 years upon loan maturity
- up to 5 years term for new loans
- For the existing loans, the remaining term of the existing loan should be at least 20% of the original term
There several application modes under the BPI Solar Mortgage. A client can choose from any of the following:
- Top-up Equity Loan — an additional loan on top of the housing loan with the option to consolidate the loans under a single loan
- Property Equity Loan — client can use the house as collateral to secure a loan for the acquisition of solar panels
- Multi-Purpose Loan — client can use a car as the collateral for the solar panel loan acquisition
- Mortgage Switch — clients of other banks can transfer the loan to BPI and avail its housing loan offers