Lists of BPI Housing Loan Requirements for New Home Acquisition
BPI HOUSING LOAN REQUIREMENTS – You can check here the documents required by the Bank of the Philippine Islands in applying for the loan offer.
Are you planning to purchase a residential property soon under a loan? You may turn to the Bank of the Philippine Islands or more popularly called BPI.
BPI is one of the trusted entities in the Philippine banking industry. It has several loan offers including the BPI Housing Loan for a new home acquisition. It can finance your purchase of a house and lot, a condominium unit, or a townhouse.
The BPI Housing Loan is open for individuals who are at least 21 years old at the time of the loan application and not more than 65 years old at the time of the loan maturity. The household income required by the bank for eligibility is at least Php 40,000.
The loan offer is open for both employed and self-employed individuals. Furthermore, it is not only open for locally-employed individuals but as well as overseas Filipino workers. There are varying BPI Housing Loan requirements for application. Here is a guide:
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
In the case of some self-employed individuals who wish to apply for the loan offer, there are additional requirements set by the Bank of the Philippine Islands. Here are the additional requirements for part owners of a partnership or corporation and for individuals running a business of property rentals:
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)
Aside from the personal documents of the borrower, the BPI Housing Loan requirements also include some collateral documents for application. Here are the collateral requirements that must be submitted 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)
- Photocopy of latest Statement of Account with existing mortgagor (for refinancing)
- Complete set of Building Plan, Bill of Materials, Scope of Work/Cost Estimates (for construction loan)
Aside from the BPI Housing Loan for new home purchase, the Bank of the Philippine Islands also offer a Housing Loan for the financing of a house construction.
