BPI Housing Loan Application
07-20-2013, 01:50 AM
| BPI Housing Loan Application |
Are you ready for your own love nest? When you talk to your partner about buying a home, you can use this home loan calculator together so that you can budget for the costs: http://www.bpihousingloans.com/calculator
Who are eligible to apply for a BPI Family Housing Loan?
• Filipino citizens, of legal age but not more than 65 years old upon maturity of the loan.
• Foreign nationals are allowed for condominium purchases only.
• If you are a foreign national and married to a Filipino citizen, you may acquire a house and lot
provided you first execute an Affidavit of Support and Waiver of Rights over the collateral property.
2. How much can I borrow?
• Minimum of P400,000
• Maximum of 70% of appraised value of house and lot
• Maximum of 60% of appraised value of vacant lot or residential condominium
• Up to 80% of appraised value of house & lot not to exceed P5M
(provided applicant is employed and purpose is for owner occupancy)
3. How much should my minimum total household income be to qualify for a loan?
• Minimum of P40,000
4. What are the loan terms available?
• Maximum of 25 years for house and lot
• Maximum of 10 years for vacant lot, residential condominium, business loan, refinancing,
or multi-purpose loans
5. What are the requirements to apply and avail of a loan?
Checklist of Requirements
A. Housing Loan Application Form
• Duly accomplished Application Form
• 2 valid Identitifcation Cards
• If married, both spouses to sign on the application form
• If with co-borrower or co-mortgagor, separate application form is needed
B. Income Documents
If locally employed (working within the Philippines)
• Certificate of Employment (COE) indicating salary, position and length of service
• Latest Income Tax Return (ITR) for the last 2 years
If Expat Pinoy (Overseas Filipino Worker)
• Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
• Crew Contract and Exit Pass validated by POEA (seaman)
• Proof of monthly remittances
• Notarized or authenticated Special Power of Attorney (BPI FSB Format)
• Articles of Incorporation and By-Laws with SEC Registration Certificate
• Audited Financial Statements for the last 2 years
• DTI Registration
• Income Tax Return w/ Statement of Assets and Liabilities (SAL) for last 2 yrs
• List of Trade References (at least 3 names with telephone nos. of major
• Bank Statements for the past 6 months
If Practicing Doctor
• Clinic address/es and schedule
If from Commission
• Vouchers or Bank Statements (last 6 months reflecting commission income)
If from Rental of Properties
• Rental/Lease Contract (indicating name of tenants and rental amounts with complete
addresses of properties being rented)
• Photocopy of Title (TCT/CCT)
C. Collateral Documents
• Clear copy of Owner’s Duplicate Copy of TCT/CCT
• Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer
• Photocopy of Tax declaration / Tax receipts / Tax clearance
• Endorsement Letter / computation sheet / Contract to Sell from developer stating the
contract price (for accredited developer/project)
Well, madaling sabihin to pero mahirap gawin especially if you have already a family to feed. as you know, a housing loan is not 100% shouldered by the financing facility such as bpi or pagibig. people still need to come up with at least 20% of the property price and this is called equity. so san kukuha ng pang equity na say, 300k? uutang na naman? eh di patong patong na utang na lang. mas madali mag rent. you can manage your finances well at the same time makakapamili ka. kung pipiliin mo naman yung 5t a month you're like living in a box lang. the best thing to do is, save little by little and then when the time is right (yes, in God's time), you can buy outright the property. mahirap pilitin kung sa kalaunan naman ay ang mga tao din ang magigipit di ba? marami dito sa amin kuha ng kuha ng property sa isang subdivision ang ending foreclosed. so sayang lang din ang pera.
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