Guide on the Requirements for BPI Housing Loan You Must Submit for Application
REQUIREMENTS FOR BPI HOUSING LOAN – Here are the documents required in applyingf or the Housing Loan offer of the Bank of the Philippine Islands.
In the Philippines, banks are among the entities that you may turn to if you are looking for financial solutions in acquiring a residential property. The same applies in the move of needing a financial aid for house construction and home improvement projects.
One of the banks that you may turn to in the country is the Bank of the Philippine Islands. More popularly called BPI, it has several offers encompassing savings and checking accounts, credit cards, loans, and many other financial services.
With regards to the loans offered by the bank, one of the offers is the BPI Housing Loan that can serve the financing of many purposes related to residential properties.
You may apply for the BPI Housing Loan and repay the amount borrowed for up to 20 years. Thus, there is really an option if you want light monthly amortizations.
The BPI offers are highly accessible as they have several branches across the nation as well as a network of accredited brokers and developers.
What are the requirements for the BPI Housing Loan application process? The lists vary among locally-employed individuals, self-employed individuals, overseas Filipino workers (OFWs), pensioners, and practicing professionals.
If locally-employed, the list of requirements may differ among those normal local employments, those who are commission-based, and those who are foreigners. Here are the general requirements for BPI Housing Loan application process:
- latest COE
- latest 3 months pay slip
- latest ITR
- authorization letter to verify employment
Here are the additional requirements in some cases:
- Other Income Documents:
- Bank statements of payroll account, with authorization letter to verify
- Commission-Based Employment:
- Certificate of employment stating commissions received prior year/months/period and Commissions Receivable, if any
- Bank statement where commission is credited, with authorization letter to verify
- Foreigners
- Filipino spouse to act as primary borrower
There are different sets of requirements for BPI Housing Loan among the self-employed individuals. Here are the documents required by the bank:
- Valid DTI Registration or Mayor’s Permit
- Latest ITR with audited financial statements
- Working account (6mos) with authorization letter to verify
- Trade references with complete contact information (business name, complete address, contact person, business phone number) * Major suppliers (at least 3) * Major clients (at least 3)
- Authorization letter to conduct trade verification
There are also additional requirements in some cases. Here are the documents that must be submitted to the bank:
- Additional for part owners of a Partnership/Corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
- Additional for rental properties:
- Copy of TCTs/CCTs
- Copy of valid and notarized lease contracts Additional for transport business:
- Copy of LTFRB franchise decision of all units
- Copy of OR and CR of all units
- Authorization letter to conduct franchise verification with LTFRB
- Copy of valid ID of franchise owner
The Bank of the Philippine Islands has also set specific lists of requirements for the BPI Housing Loan application for pensioners, overseas Filipino workers (OFWs), and practicing professionals. Here are the documents required by the bank:
Pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
Overseas Filipino Workers (OFWs):
- Latest Contract, with authorization letter to verify
- Proof of bank remittance, with authorization letter to verify
- Details of crewing manager for seafarers
- Attorney-in-Fact / loan administrator (preferably a next of kin); full name, contact details, mailing address and valid government IDs
Practicing Professionals
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
Aside from the personal documents of the borrower, there are some BPI Housing Loan requirements pertaining to the collateral that you must prepare and submit to the bank.