BPI Family Housing Loan

Frequently Asked Questions (FAQ's)

1. Who are eligible to apply for a BPI Family Housing Loan?

Any of the following who are of legal age but not more than 65 years old upon maturity of the loan:

• Filipino
• Foreigner married to a Filipino citizen (subject to specific documentary requirements)
• Foreigner with issued immigrant / resident visa (subject to specific documentary requirements) but solely for the acquisition of a condominium unit only

                                                                                                                                                                                                           

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 Pre-Processing 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)

If Self-Employed

• 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 the last 2 yrs
• List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
• 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)

Source: BPI Housing Loans