Home Financing Guide for BPI: Ultimate Guide for Beginners
Own your dream home with the BPI Family Housing Loan!
Buying a home can be an exciting and fun experience. But finding the right home is just one step in the process – choosing the right home financing option can be just as important.
If you’re looking for a reasonable and affordable housing loan, you may want to pause and have a look at the BPI Family Housing Loan.
In this article, we’ll discuss everything you need to know about BPI Housing Loans to help you decide whether or not this is the right home financing option for you.
What is the BPI Family Housing Loan?
The BPI Family Housing Loan is perfect for earners with conservative purchasing patterns, as it can be customized. Every loan package is personalized to the needs and budget of the customer.
BPI Housing Loans aren’t just for purchasing a new house – it’s also available for the improvement, renovation, and construction of properties.
Who is eligible to apply for a BPI Family Housing Loan?
Anyone who meets the eligibility criteria indicated below, and who are of legal age – but not more than 65 years old upon maturity of the loan – are eligible to apply for a BPI Family Housing Loan. Anyone who meets the eligibility criteria indicated below, and who are of legal age – but not more than 65 years old upon maturity of the loan – are eligible to apply for a BPI Family Housing Loan.
- Filipino citizen
- Foreigner married to a Filipino citizen
*subject to specific documentary requirements[1] - Foreigner with issed immigrant / resident visa
*subject to specific documentary requirements[1]
I’m an OFW – can I still apply for the BPI housing loan?
Yes. However, you must submit the following:Yes. However, you must submit the following:
- COE or contract specifying your position, tenure, and salary (if local hire)
- English translated COE with latest 1 month payslip or contract verified by the Philippine Consulate (if direct hire)
- Consularized Special Power of Attorney (if you’ll be unable to sign the loan documents in the presence of a bank office in the Philippines)
- Oath of Allegiance from the Philippine Embassy (if dual citizen)
- Loan administrator with contact number, address, and relationship to borrower (if you’ll be unable to personal submit requirements)
What are the requirements to apply for the BPI Family Housing Loan?
Here’s what you need to prepare before applying for the BPI family Housing Loan. Here’s what you need to prepare before applying for the BPI family Housing Loan.
A. Housing Loan Application Form
- Duly filled out Application Form
- 2 valid government-issued IDs (with signature and photo)
- If married, both spouses have to sign the application form
- If with co-mortgagor, a separate application form is required
B. Income Documents
If you are employed within the Philippines, you need:
- Certificate of Employment (COE) specifying your position, salary, and tenure
- Latest Income Tax Return (ITR) for the last two years
If you’re an OFW:
Contract or COE authenticated by the Philippine Consulate - Proof of monthly remittances
- Authenticated or notarized Special Power of Attorney (BPI FSB Format)
If you’re self-employed:
- DTI Registration
- Audited Financial Statements (for the last two years)
- Bank Statements for the past 6 months
- Income Tax Return with Statement of Assets and Liabilities for the last two years
To view the complete list of requirements, click here.
Where can I apply?
You can apply through any of the following:You can apply through any of the following:
- Online, through the BPI website which you can visit here.
- Over 800 BPI and BPI family Savings Bank branches nationwide
- Any BPI accredited brokers and developers
To qualify for the loan, much should my minimum total household income be?
At a minimum, you should have a total household income of Php 40,000.
How much can I borrow?
With the BPI Family Housing Loan, you can borrow as much as:With the BPI Family Housing Loan, you can borrow as much as:
- Minimum of Php 400,000
- Maximum 70% of the appraised value of house and lot
- Maximum of 60% of the appraised value of residential condominium or vacant lot
- Up to 80% of the appraised value of house and lot not to exceed Php 5 million
What are the available loan terms?
The BPI Family Housing Loan offers different loan terms for you to choose from.
- Maximum of 25 years for a house and lot
- Maximum of 25 years for a house and lot
- Maximum of 10 years for business loan, residential condominium, vacant lot, multi-purpose loans, or refinancing
How long is the processing period of my home loan application?
After verification and submission of the complete set of requirements for the home loan application, the credit result may be available within two weeks or less.
Ready to Apply?
After verification and submission of the Are you ready to apply for a BPI Family Housing Loan? Take their Loan Test to find what it would take to own your dream home.
NOTE: This article is for informational purposes only. You should always obtain proper financial and legal advice. IRL Properties is not affiliated with BPI.