Lists of BPI House Construction Loan Requirements You Must Submit To Apply
BPI HOUSE CONSTRUCTION LOAN REQUIREMENTS – You can check here the documents that the Bank of the Philippine Islands require.
Are you ready to build your own house? You do not have to shoulder all the construction expenses and shelve out all your savings. There are loan offers that you can turn to for financial assistance in dealing with a construction project.
In the Philippines, one of the banking entities that you may turn to is the Bank of the Philippine Islands. Its Housing Loan offers includes the financing of a house construction. It is open for individuals who are at least 21 years old at the time of the loan application but not more than 65 years old upon the loan maturity.
BPI requires a minimum household income of Php 40,000. The loan offer is open for both salaried and non-salaried individuals and there are varying BPI House Construction Loan requirements for application.
Here is a guide on the BPI House Construction Loan requirements for application:
Locally-Employed
- duly-completed and signed BPI Housing Loan
- valid ID
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
Commission-Based
- duly-completed and signed BPI Housing Loan
- valid ID
- 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
Foreigner
- duly-completed and signed BPI Housing Loan
- valid ID
- Filipino spouse to act as primary borrower
Pensioner
- duly-completed and signed BPI Housing Loan
- valid ID
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
OFW
- duly-completed and signed BPI Housing Loan
- valid ID
- 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
Self-Employed
- duly-completed and signed BPI Housing Loan
- valid ID
- 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
For individuals who are part owners of a partnership or a corporation and want to apply for the loan offer, there are additional documents that the Bank of the Philippine Islands require for application. The same thing with the case of individuals who are running property rental businesses. Here are the additional documents required by the bank:
For part owners of a Partnership/Corporation:
- Individual ITR
- Payroll account where claimed salaries are credit, with authorization letter to verify
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
Practicing Professionals
- duly-completed and signed BPI Housing Loan
- valid ID
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
The BPI House Construction Loan requirements also include collateral documents pertaining to the documents of the property where the house will be built as well as the plan. Here are the collateral documents required by the bank in applying for the loan offer:
- photocopy of Owner’s Duplicate Copy of the Condominium Certificate of Title or Transfer Certificate of Title (as applicable)
- photocopy of the updated Tax Declaration, Tax Clearance, Tax Receipt
- Signed Authorization Letter for Tax Mapping and Inspection of Property (for properties in secondary market)
- photocopy of notarized Contract-to-Sell or Offer-to-Sell from registered owner of property (for private sellers)
- photocopy of notarized Contract-to-Sell / Letter of Endorsement / Official Computation Sheet from developers (for accredited developer tie-up properties)
- Appraisal Fee (for un-accredited projects)
- Non-refundable appraisal fee of Php 5,000 (inclusive of title verification)
- Complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
Aside from the loan offer to finance a house construction, the Bank of the Philippine Islands is also ready to finance a home renovation.
