BDO Home Loan

Purchase or construct new home, renovate existing home, or simply want another property for investment. Maximize loan up to 80% of the appraised value of property or apply for a minimum of P 500,000. Interest rates with options for longer fixing period to help you manage your monthly payments.

Make monthly installment more affordable with payment terms of up to 20 years. Plus the option to make first payment sixty (60) days after the release of your loan. First payment will be due 60 days after release of loan, subject to applicable interest.

Loan approval within five (5) days upon submission of complete application documents. (5 working days for Metro Manila and 10 working days for provincial areas)

Take advantage of additional loan to cover for Home Loan-related expenses such as mortgage registration fee, insurance premiums, taxes and the like.

Fixing Period	Interest Rate*
1 year	5.50% p.a.
2 to 3 years	6.50% p.a.
4 to 5 years	6.88% p.a.
6 to 10 years	8.50% p.a.
11 to 15 years	11.00% p.a.
16 to 20 years	11.50% p.a.

 *Subject to change without prior notice.

Annual interest rate repricing for existing Home Loan borrowers is

currently at 7.00% p.a. fixed for 1 year.

Eligibility Requirements

• Filipino citizen or foreigner (see Visa requirements)
• At least 21 years old but not exceeding 65 years old upon loan maturity
• Minimum gross family income of P50,000.00/month.
• Stable source of income from employment or business  
• If employed, at least 2 years with current company
• If self-employed, at least 2 consecutive successful and profitable years of operation.

Document Requirements

Basic Documents

• Signed BDO application form
• Clear copy of 1 valid ID matching application details
• Marriage Contract, if applicable
• For foreigners, photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alient Employment Permit (AEP) or Visa ID

Income Documents

If locally employed

•  Latest Income Tax Return (ITR) or W2, and
• Latest 3 months payslips or Certificate of Employment with salary breakdown

If employed abroad (or Asenso Kabayan borrowers)

• Latest 3 months proof of remittance, or
• Latest 3 months payslip, or
• Certificate of Employment or Employment Contract duly autheticated by Philippine Consulate Office, or
• For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEA

If self-employed

• Business Registration Papers (Certificate of Registration from DTI or SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)
• Latest Audited Financial Statements for the last 2 years with lastest ITR
• Bank Statements (latest consecutive 3 months)
• Trade References: List of Suppliers and Customers (at least 3 each) or List of Affliated Hospitals/Clinics (for doctors)
• Lease Contracts and copy of title (for income derived from rental)

Types of Acceptable Visa for Foreigners

• Quota or Non-Quota Immigrant Visa:
• Alien spouse of a Filipino citizen (Sec 13A Visa)

-  Natural-born Filipinos married to an Alien (Sec 13D Visa)

-  Returning Resident (Section 13E Visa)

-  Natural-born Filipinos naturalized in foreign country (Sec 13G Visa)

• Photocopy of Special Retiree's Resident Visa (SRRV) or Quota/Preference Immigrant Visa
• Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
• Working Visa issued to Embassy Officials

Collateral Documents

• Photocopy of TCT / CCT
•  Lot Plan with Vicinity Map certified by a Geodetic Engineer
•  Master Deed of Declaration of Restrictions (for condominiums)

Additional Documents:

For Construction Loan

• Building Plan or Floor Plan
• Bill of Materials and Labor Cost
• Building Specifications certified by Architect/Civil Engineer

For Refinancing or Loan Take-out

• Statement of account and official receipts for the last 3 months

There are Loan-related expenses that one must also take into consideration such as:

• Registration expenses
• Documentary Stamps on Tax
• Mortgage Redemption Insurance (MRI)
• Fire Insurance (FI)
• Handling and Notarial fees

Notes:

·    To be settled by the borrower prior to loan release.

·   Clients are required to avail of both FI (which secures the property) and a MRI (which secures the client and the loan against any unfortunate incident, i.e. death of client).

Ideally, If a client submits the complete set of loan application requirements, the bank can grant credit decision within

•     5 working days (for Metro Manila)
•     10 working days (for Provincial Areas)

Upon loan approval, client is then requested to submit the post-approval requirements (i.e. original copy of title under the name of the borrower/client, tax declaration, real estate tax receipt, payment of fees, and the like).

Once submitted, it takes another 10 working days to have the loan proceeds released.

Note : The fast turn-around and release of loan also depends on the completeness and accuracy of documents that the client will submit.

Loan related Fees for Account of Borrower Upon Submission of Loan Application

• 
  
•     Appraisal Fee P3,500 (Metro Manila), P4,000 (Outside Metro Manila)

Prior to Loan Release

• Handling Fee P5,000
• Notarial Fee P500
• Transfer Fee Variable based on selling price of property
• Registration Fee Variable based on loan amount
• Doc Stamps Tax P1.00 for every P200 of the loan amount
• Mortgage Redemption Insurance (MRI) Premium P4.75 for every P1,000 of the loan amount (assuming standard rate, for borrowers up to 49 years old) P6.50 for every P1,000 of the loan amount (assuming standard rate, for borrowers with ages 50 to 64 years old)  
• Fire Insurance (FI) Premium Based on appraised value of improvement as collateral

    
WHAT TYPES OF INSURANCE ARE REQUIRED?
 There are two (2) types of insurance to be endorsed to the Bank.

    Mortgage Redemption Insurance (MRI)A coverage which pays for the mortgage in case of untimely death before full payment of loan.

 Fire Insurance (FI)Covers for expenses of untoward incidences on your property.Contractor’sAll Risk Insurance - for construction loan only (to be converted into FI upon project construction)
     
     Master Fire Policy – for condominium only

Source: BDO