Guide on BPI Housing Loan for Renovation Features and Application
BPI HOUSING LOAN FOR RENOVATION – Are you excited to improve the look or interior of your residential property?
Everyone is well aware that a residential property is an investment — this is in the case of the lot. However, with regards to the house, whether it is a bungalow house, an apartment, a condominium unit, or a townhouse, it requires maintenance.
From time to time, there is a need for some roof and ceiling repairs. The repainting of a house may also be something that the owners have to prepare for if you want to keep its look clean and new. A renovation or repair may cost you thousands of money.
Meanwhile, there is nothing to worry about as long as you have a stable source of income. There are home renovation loan offers that you may turn to for the financing of your house’s renovation.
One of the offers that you may turn to is the BPI Housing Loan for renovation by the Bank of the Philippine Islands. It boasts its loan offer with low interest rates, easy application process, and flexible loan terms. It is open to finance any of the following:
- renovation of an existing house
- remodeling
- major repair of an existing residential property
With regards to the loanable amounts in applying for the BPI Housing Loan for renovation, the bank set the minimum loanable amount at Php 400,000. Up to 90% of the property value may be borrowed under the loan offer.
The loan is payable from one (1) year up to 20 years. Here are the interest rates set by the bank based on the loan term:
| Fixing Period | 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% |
Both salaried and non-salaried individuals may apply for the BPI Housing Loan for renovation. There are different lists of requirements from the loan applicants based on the source of income.
Aside from the loan for renovation, the Bank of the Philippine Islands also has the BPI Property Equity Loan which allows individuals to use their properties as the collateral to obtain funds.
