Building and having our own house is a big achievement and the same time an investment. However, building a house isn’t easy. It requires time, effort and most especially money. Good thing there are financing company who helps people who wanted to have their own house. One of the best housing loan that was being offered nowadays is BPI Housing Loan, if you want to know more about it, this might help.
Who are eligible to apply for a BPI Housing Loan?
- Filipino Citizen
- Not more than 65 years old
- Foreigner with issued resident vis
- A foreigner who married a Filipino Citizen
- Applicant household income should be Php 40,000 a month
How much can I loan?
With BPI Housing Loan, you can loan Php 400,000 or as much as 70% of appraised value of house and lot. While for condominiums and vacant lots you can loan as much as 60% of the property’s appraised value.
In addition, there are instances that they will allow you to borrow as much as 80% of appraised value of house and lot, as long as it will not exceed 5 million. However, the property you will build must be use for occupancy and you must be employed.
What are the Requirements Needed?
- Application Form
- Valid IDs (2)
- Certificate of Employment
- Income Tax Return (Last 2 years)
- For married, the spouse must fill up the application form as well
- Separate application forms must be fill up as well if you have co-borrower
Loan Terms and Interest Rate:
For house and Lot can be paid for 25 years
For vacant lots, condominium, business loan, refinancing, or multi-purpose loan can be paid for 10 years
Interest Rate:
| Years | Interest Rate |
| 1 | 6.25% |
| 2 | 6.25% |
| 3 | 6.75% |
| 4 | 7.25% |
| 5 | 7.25% |
| 10 | 9.50% |
| 15 | 10.50% |
| 20 | 12% |
BPI Housing Loan may be a big help if you want to have your own house, but you check your financial capability first before applying, because loan is still debt. If you can’t pay it you will be in serious amount of debt and it might be hard for you to recover.
So think first, and if you think you can pay for the loan without any problem then you can go ahead and apply for it.
For more inquires, you may contact BPI using this link: BPI Contact Us or call them using this hotline: (+632) 889-10000; or (+632) 889-10000
Be the first to comment