Features of the BPI Housing Loan for Home Construction Purpose
BPI HOUSING LOAN FOR HOME CONSTRUCTION – Here is a guide on the features of the loan offer of the Bank of the Philippine Islands.
Amid the countless ready for occupancy units which include house and lot, townhouses, and condominium units, a lot of individuals stick in the pursuit of achieving their dream house. In most cases, the dream house contain specific features.
There are people who have their own design including the number of rooms they want, how the kitchen would look like and where it would be located in the house, the design in the living room, the number of bathroom, etc. Are you one of these individuals?
However, truth be told that a house construction may require either thousands or millions of money depending on the design. Meanwhile, nowadays, there are several entities that are ready to finance home constructions. One of these is the Bank of the Philippine Islands or more popularly called BPI.
The BPI Housing Loan for Home Construction is ready to finance the construction of a residential property in several cases. Here are the eligible cases for the house construction loan:
- house construction on a vacant lot
- house construction after demolishing an existing structure
- house construction and lot purchase combined
How much is loanable under the BPI Housing Loan for home construction? Here are the minimum and maximum loanable amounts under the loan offer:
- Minimum Loanable Amount — Php 400,000.00
- Maximum Loanable Amount — up to 90% of the property value
The loan is payable from one (1) year up to 20 years and there are varying interest rates depending on the loan term. Here are the interest rates set by BPI under the loan offer:
| Fixing period (years) | Rate |
| 1 | 7.00% |
| 2 | 7.25% |
| 3 | 7.75% |
| 4 | 8.00% |
| 5 | 8.25% |
| 10 | 10.25% |
| 15 | 10.50% |
| 20 | 12.00% |
The BPI Housing Loan for home construction is open for both employed and self-employed individuals. There are varying requirements for application:
Aside from the loan offer to finance a house construction, the Bank of the Philippine Islands is also ready to finance a home renovation.
