Have you thought about acquiring your own home yet, or renovating one? If yes, this article is spot on for you!

The write-ups we see on the internet can get very confusing at times, and it doesn’t help that we also don’t get accurate loan requirements specific to personal OFW loan or housing loan for OFW.

One of the highly recommended banks to consider is BPI (Bank of the Philippine Islands). Why BPI?

1. BPI Bank has a simplified and efficient loan application and loan approval process.

  • In under five minutes, you can already know whether you are qualified or not by going through the online pre-qualification tool. You will be able to evaluate your capacity to purchase.
  • You will know the status of your loan in just 5 days, for as long as your loan documents are complete and accurate.

2. They also offer a number of virtual do-it-yourself tools that will allow you independently go through the steps and brainstorming required to kick off your housing project. The straightforward approach and prerequisites available online will save you precious time and effort going to the bank and talking to different people! It’s like having a personal banker within reach, anytime of the day!

  • The BPI home loan calculator automatically computes your monthly amortization if you can provide a few details like the property type (lot only, condominium, house and lot); price of the property; how much downpayment you can give (between 20% and 50%); and payment terms (how long you wish to pay.)
  • The self-assessment tool is for eligibility and capability check, almost similar to the loan calculator, but this one considers your personal details such as your citizenship, age, and monthly income.
  • Aiding the five-day loan processing time is an online application form that gathers information to populate the auto-filled downloadable PDF form that serves as your official application form for submission to the bank. You need to provide information about the property – building type, address, the selling price; your personal details, and other relevant information needed by the bank to evaluate your application.

3. The tools and easy steps are just a plus, though! BPI loan rates offer one of the most competitive in housing loan interest rates, with special consideration to Expat Pinoys or OFWs like us. Down-payment could be as low as 20% and your payment tenor can be up to 25 years!

How Much Can I Borrow With A BPI Home Loan?

Minimum₱400,000.00
Maximum of 70%appraised value of house and lot
Maximum of 60%appraised value of vacant lot or residential condominium
Up to 80%appraised value of house & lot not to exceed ₱5M

You may go to any of the BPI branches nationwide that’s most convenient for you, or go through their partner developers, or, apply online bpihousingloans.com.

Work on your requirements

  1. Housing Loan Application Form (Downloadble PDF File)
    • Duly accomplished Application Form
    • 2 valid Identification Cards
    • If married, both spouses to sign on the application form
    • If with co-borrower or co-mortgagor, separate application form is needed
  2. Income Documents
    • If locally employed (working within the Philippines)
      • Certificate of Employment (COE) indicating salary, position and length of service
      • Latest Income Tax Return (ITR) for the last 2 years
      • If Expat Pinoy (Overseas Filipino Worker)
        • Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
        • Crew Contract and Exit Pass validated by POEA (seaman)
        • Proof of monthly remittances
        • Notarized or authenticated Special Power of Attorney (BPI FSB Format)
      • If Self-Employed
        • Articles of Incorporation and By-Laws with SEC Registration Certificate
        • Audited Financial Statements for the last 2 years
        • DTI Registration
        • Income Tax Return w/ Statement of Assets and Liabilities (SAL) for the last 2 yrs
        • List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
        • Bank Statements for the past 6 months
      • If Practicing Doctor
        • Clinic address/es and schedule
      • If from Commission
        • Vouchers or Bank Statements (last 6 months reflecting commission income)
      • If from Rental of Properties
        • Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
        • Photocopy of Title (TCT/CCT)
    • Collateral Documents
      • Clear copy of Owner’s Duplicate Copy of TCT/CCT
      • Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer
      • Photocopy of Tax declaration / Tax receipts / Tax clearance
      • Endorsement Letter / computation sheet / Contract to Sell from developer stating the contract price (for accredited developer/project)
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Kenneth
Kenneth

Not true. BPI is the worst I ever encountered, with the loan proceeds given after 7 months. Employees are always absent or not available, poor coordination and lack of transparency on process flow. Better try PSBank instead with their 24 hour customer service, loan rebates, early repayment discounts.