Guide on BPI Housing Loan Fees & Charges for Clients
BPI HOUSING LOAN FEES – Here is a guide on the charges set by the Bank of the Philippine Islands under its loan offer.
In the Philippines, there are a lot of banking entities with multiple loan offers. The list continue to grow but there are undeniably those that have already built a name in the field. One of them is the Bank of the Philippine Islands or more popularly called BPI.
BPI has been in the service of the Filipino people for decades already. It offers different savings and current bank accounts, loans, and credit cards. One of the loan offers is the Housing Loan.
Under the Housing Loan offer, the bank can finance the cost of a residential property purchase, a house construction, a home renovation, or an existing home loan take-out for you. However, before applying for it, it is best to know about the BPI Housing Loan fees and charges.
The Bank of the Philippine Islands stated that the borrowed amount is payable for up to 20 years. It also boasts low interest rates under its offer.
Before you decide on the loan amount that you wish to apply for, it is best to know the BPI Housing Loan fees and charges. It will give you an overview of the possible deductions from your loan proceeds.
Here are the BPI Housing Loan fees and charges:
| Housing Loan Charges & Fees | Amount |
|---|---|
| Service Fee (Inclusive of government fees) | Depends on Loan Amount |
| Documentary Stamp Tax | Depends on the Loan Amount (Php 1.50 for every Php 200) |
| Processing and Handling Fees | Php 10,000 |
| Notarial Fee | Php 1,300 |
| Appraisal Fee | Php 5,000 |
| Group Financial Security Plan Premium | Depends on Loan Amount and age of borrower |
| Fire Insurance Premium | Depends on the Loan Amount |
| Carry Over Fee- Refinancing Seller’s account | Depends on the annotated amount |
| Cancellation of Mortgage Fee (Loan Take – out) | Depends on the amount annotated in the TCT |
| Cancellation of encumbrance (Sec 7/Sec 4) | Php 2,708.96 / Php 2,890.41 |
Undeniably, by knowing the BPI Housing Loan charges most especially the processing fee, you can now decide better whether or not you will take the offer. Also, it can help you decide on how much you will need.
To apply for the loan offer, there are requirements for the BPI Housing Loan application process.