Guide on the Total Household Income Requirement in Applying for the BPI Home Loan
BPI HOME LOAN – Here is a guide on how much is the required total household income in applying for the housing loan offer of the Bank of the Philippine Islands.
More commonly known as BPI, the Bank of the Philippines Islands is one with other banks in providing cash assistance for those who wanted to acquire their own house and lot. It is also open for the purchase of a residential lot, a condominium unit, or a townhouse.
With regards to the eligibility qualifications set under this offer which is one of several BPI loan offers, both Filipinos and foreigners may be qualified. Here are the conditions with regards to the nationality of the eligible borrower:
- Foreigner married to a Filipino citizen
- Foreigner with Immigrant / Resident Visa
Under the BPI Family Housing Loan offer, the loanable amounts depend on the purpose of applying for the loan. Here is a list of how much you can borrow under this offer:
- Minimum Loanable Amount – Php 400,000.00
- Maximum Loanable Amount
- Buying a house and lot – Up to 70% of the appraised value
- Buying a vacant lot or condominium unit – Up to 60% of the appraised value
- Buying a house and lot not exceeding Php 5-million – Up to 80% of the appraised value
You may pay for the loan for up to ten(10) years for the purchase of a vacant lot or a residential condo unit. If you applied for the purchase of a house and lot, you may pay for the borrowed amount for up to twenty-five(25) years.
There are requirements in applying for the BPI Home Loan offer. It include the required total household income for eligibility to the loan offer.
Based on the official website of the Bank of the Philippine Islands, to qualify for the loan, the applicant must have a total of at least Php 40,000.00 household income monthly. It may be applicable regardless of the application purpose.
You may apply for the said loan offer online. For a guide on how to do it, you may visit – BPI HOUSING LOAN: How To Apply For Housing Loan Through BPI Online.
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