List of BPI Home Loan Requirements for Application
BPI HOME LOAN REQUIREMENTS 2024 – Here are the documents that the Bank of the Philippine Islands require in applying for the offer.
In the Philippines, you can now achieve your target residential property even without paying for it under a one-time cash payment. It is because of the loan offers. One of the loan providers in the country is the Bank of the Philippine Islands or more popularly called BPI.
BPI has a home loan offer that can finance the acquisition of a house and lot, a vacant lot, a townhouse, and a condominium unit. You may borrow up to 90% of the purchase price of the residential property. The bank has set both the eligibility and documentary requirements in applying for the loan offer.
Who are qualified to apply for the BPI Home Loan offer? The eligibility requirements for the BPI Home Loan application includes that the loan applicant must be at least 21 years old but not more than 65 years old upon the loan application. Also, he/she must have a minimum household income of at least Php 40,000.
With regards to the BPI Home Loan requirements that you need to submit in applying for the loan offer, it depends whether you are locally-employed, self-employed, a pensioner, an overseas Filipino worker (OFW), or a practicing professional. Here are the documents required by the bank:
For Locally-Employed Individuals:
- Latest COE
- Latest 3 months pay slip
- Latest ITR
- Authorization letter to verify employment
For Self-Employed Individuals:
- 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 OFWs:
- 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
For Pensioners:
- Certificate of Pension, with authorization letter to verify
- Bank statements of pension account, with authorization letter to verify
- SSN
For Practicing Professionals:
- Working account with authorization letter to verify
- Latest ITR with audited financial statements
- Clinic/office address with complete contact details (as applicable)
There are also collateral requirements that you must submit to BPI. Here are the documents that you must submit as well:
- 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)
