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Home Loan    

   

  What are the basic things I need to know about the BPI Direct Housing Loan?
 		 
 
The following are the basic information you should know about BPI Direct Housing Loan:
  • Eligible borrowers are Filipino citizens. Foreign nationals are allowed for condominium purchases only. However, a purchase of house and lot or vacant lot will be considered if a foreign national is married to a Filipino citizen and an Affidavit of Support and Waiver of Rights over the collateral property are executed by the foreigner.
  • Borrower's age should be at least 21 but not more than 65 years old upon maturity of the loan.
  • Principal borrowers must have an income source as a regular employee or from a business with a minimum profitable operation of 2 years.
  • The amount of loan you can borrow depends on your income (capacity to pay) and the appraised value of the collateral.
    • The minimum gross monthly income requirement is P40,000.00 (combined for married applicants).
    • The maximum loanable amount vs. appraised value of collateral is 80% for house and lot but not to exceed P5.0M (provided applicant is employed and purpose is for owner-occupancy). However, loan amounts may still vary based on verified income and appraised value of the collateral.
  • The loan term is the number of years you can amortize your loan and it depends on the type of loan you are applying for:
    • Maximum of 20 years for acquisition, construction, home improvement or renovation.
    • Maximum of 10 years for refinancing, business expansion and personal consumption.
    • Maximum of 15 years for Expat Pinoy (OFW).
  • The interest rate that will be applied to your loan will be the prevailing BPI Family Savings Bank rate at the time of loan release.
 
 

 
  How do we go about applying for a BPI Direct Housing Loan?  
 
This primer includes a list of requirements and an application form. Please find below simple instructions:
  • Fill-out the application form completely and accurately. Collate all necessary documents based on the list of requirements.
  • Submit complete requirements with the application form to your nearest BPI, BPI Family Savings Bank branch, Express Banking Center or at the 2nd Floor BPI Family Savings Bank Head Office, Paseo de Roxas corner Dela Rosa St., Makati City. The credit evaluation process only starts on the day complete requirements are received by the Account Officer (incomplete requirements will delay the application process).
  • Within 5 banking days after you have submitted complete requirements, you will be advised by the Account Officer (AO) on the status of your application. By then, you will find out if your application is approved.
 
 

 
  What happens to my documents if my loan is not approved?  
 
Your Account Officer will return all the documents that you have submitted in the event that your loan is not approved.

 		 
 

 
  What fees do I have to pay?  
 
An appraisal fee is required to be paid upon submission of complete requirements. This also covers the cost of credit investigation and title verification. It is non-refundable. Upon approval of loan the following fees will be charged:
  • Mortgage Registration fee (for the annotation of the loan, to be paid prior to loan release).
  • Mortgage Redemption Insurance (MRI) premium.
  • Fire / Lightning / Earthquake Insurance premium (for collateral with improvements only).
 
 

 
  If I am applying for a construction loan, how will it be released to me?  
 
For construction loan and major renovation, the release of the proceeds is on a staggered basis. The loan release will be in accordance with the required percentage of completion. A schedule of release will be made available to you. Construction must be finished within one (1) year, otherwise, the Bank has the option to call your loan due and demandable.

 		 
 

 
  How do I go about having my existing housing loan refinanced by BPI Direct Savings Bank?  
 
Upon loan application, you must provide us with a Statement of Account indicating your outstanding balance from the other bank, and latest six (6) months official receipts of payment of loan amortization. If your amortization is debited from your account, we require the six (6) months bank statements or photocopy of your passbook. Upon loan approval, we will issue a bank guaranty to inform the other bank of your approved loan.

 		 
 

 
  My husband is an Expat Pinoy (OFW), can we apply for a housing loan?  
 
Yes. For Expat Pinoys, we can offer a loan term of up to fifteen (15) years to pay. In addition to the basic requirements that are listed in this primer, you are requested to submit:
  • Your spouse's certificate of employment / employment contract duly authenticated by the Philippine Consulate Office (for direct hires only).
  • Crew contract and exit pass from POEA (for seaman).

 
 

 
  I am a Filipino working abroad, can I apply for a housing loan?  
 
Yes, provided that you can submit your certificate of employment as well as employment contract duly authenticated by the Philippine Consulate Office. Also, you need a co-maker and attorney-in-fact who is residing in the Philippines. Your attorney-in-fact can be your wife or a relative who also has the capacity to pay. He / she needs to submit a Special Power of Attorney duly executed by you and his / her Income Tax Return (Please refer to list of additional requirements).

 		 
 

 
  I am formerly a Filipino citizen and now a citizen of another country, can I apply for a housing loan?  
 
Yes, but only for purchase of condominium units. However, under the Balikbayan law, you may purchase land of not more than 1,000 sq. m. provided that you intend to stay here for at least two (2) years and you have a source of income in the Philippines. You will be asked to execute a sworn statement showing your intention to reside in the Philippines. Upon application, you will need to indicate the following information:
  • The date you lost your Filipino citizenship.
  • The country of which you are presently a citizen.
  • Birth date and place.
  • Parents, spouse, children (if any) names and addresses.
  • The area, location and the mode of acquisition of your property.

 
 

 
  I am separated, can I apply for a housing loan?  
 
If you are legally separated and can submit copies of the court decision regarding your separation, we can process your loan having you as the sole borrower without requiring your estranged spouse to sign. However, if you are not legally separated, your estranged husband / wife must sign on all documents.

 		 
 

 
  Can I still apply for a loan if a different party owns the collateral?  
 
Yes, you can still apply provided that the owner of the property is willing to be your co-borrower / co-mortgagor. He / she must fill out a separate application form and must meet the age requirement. Upon loan approval, he / she will be required to sign on all documents. However, this will be treated on a case-to-case basis.

 		 
 

 
  Once I am granted a loan, how do I pay for the monthly amortization?  
 
There are several convenient ways to pay:
  • Auto Debit Arrangement
    Just enroll your housing loan account with any BPI, BPI Family Savings Bank branch or Express Banking Center. On your due date, every month, we will automatically deduct from your savings or current account the amount of your monthly amortization and mortgage redemption insurance (MRI).
  • Express Phone
    Simply dial 89-100 and listen to the easy-to-understand instructions you'll be hearing over the phone. Just enroll your housing loan account number with our Check Free Payment facility at any BPI, BPI Family Savings Bank branch or Express Banking Center.
  • Express Online
    Simply log-on to www.bpiexpressonline.com and access your transaction through the user-friendly instructions that you will see. Just enroll your housing loan account number and you will be instructed on how to settle your housing loan bill.
  • Express Teller ATM
    Pay your amortization through the ATM 24 hours a day, 7 days a week. Simply enroll your housing loan account number with our Check Free Payment Facility at any BPI, BPI Family Savings Bank or Express Banking Center. Once enrolled, you may visit any of our Express Teller ATMs and you will be prompted by the machine with step-by-step instructions on how to transfer funds from your account to settle your housing loan bill.
 
 

 

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