BPI home loan for march 2023

BPI Housing loans assist borrowers in buying and renovating homes and doing construction work. You may apply online and lock in an interest rate for a needed period. Pay in fixed installments that could include upfront bank fees, or choose a plan allowing you to make smaller repayments that grow every year.

Types of BPI Home Loans

1. A BPI Housing loan is repaid in fixed monthly payments during 1 — 20 years with an option to lock an interest rate. A loan purpose may be home acquisition, renovation, or construction.
2. All-in financing Housing loan allows borrowers to include the upfront bank fees as part of the loan. Your bank fees lump sum payment is added to your monthly loan payments that could be automatically debited from your account without cash withdrawals. This loan is available for individual applicants who purchase a property from bank-partner developers. Loan terms vary from 1 to 20 years, the minimum loan amount is P400,000, and the maximum loan amount is up to 90% of property value.
3. Housing Loan Step Up PayPlan is designed for you to control your payments; it allows you to pay lower amounts during the first years, which will slowly step up during the succeeding years. After that, your monthly repayment amount will rise by 5-10%, so your home loan payments will stay affordable. In addition, you could choose a fixed interest rate period: 3, 5, and 10 years. The loan is available for individual applicants borrowing for a home acquisition minimum of 10 years. The minimum loan amount is one million; a down payment should be at least 10%.
4. Property Equity loan. With this financing, you can access funds against your existing property and cover tuition fees, health needs, travel expenses, consolidate debt, etc. The maximum loan amount is P300,000; the loan term is five years.

How to apply for a BPI Home Loan?

You may apply through the BPI branch, accredited broker or developer, or online.

1. Visit the BPI official website and click the «Apply now» button under the needed product.
2. Input your chosen property details, browse and select a house from BPI Family Housing Loan Real Estate Directory, or borrow for home construction or renovation. Enter the property address and estimated market value.
3. Fill out the borrower's personal information: name, date of birth, citizenship, civil status, home address, email, and mobile number.
4. Enter your income information: source of income (employment or business), company name, address, phone number, position, monthly income, and your other sources of income.
5. Enter the details about other deposits and loans you may have: name of the bank, monthly amortization, outstanding balance, and date of availment.
6. Enter the account number if you have an existing BPI / BPI Family Savings Bank account. If you don't have an account with BPI, upload your ID and income documents according to the pre-processing requirements list.
7. Choose whether you are related to BPI, its subsidiaries, and affiliates. Review the Terms and conditions.

Applications are processed during business hours: from 8:30 am to 5:30 pm, Monday — Friday.

Requirements

To be eligible for a BPI Home loan, you must:

• Be a Philippines citizen or provide a co-maker who's a Philippines citizen and is in the Phils
• Have a BPI/ BPI Family Savings Bank account or provide two valid Identification Cards, and income verification documents: the Latest Income Tax Return, Certificate of Employment for locally employed and particular documents for ex-pats, self-employed, and doctors, and Collateral Documents
• Have a minimum household income of 40,000 could be required.

Pros and cons

Pros

• Flexible payment options
• Lock-in interest periods are available
• Upfront fees may be included in monthly installments
• May borrow for home purchase, construction, or renovation
• Pay your loan in full or in parts
• Could request for a loan extension, grace period, or interest-only payments

Cons

• Stricker conditions for other than regular loan lending solutions
• Can't apply 100% online
• Should provide income-supporting and collateral documents

How to make a payment?

Your money could be automatically debited from the BPI or BFSB deposit account through an Automatic Debit Arrangement (ADA). You may also make a payment using BPI Online or over the counter.

You could make partial payments or repay your loan in full. First, request a «Statement of Account to Fully Pay (SOAFP)» and pay the exact amount on the specified payment date. Or fill in the Partial Payment Form, and send it to the bank at least three banking days before the payment date.