Approved Specialization

Polytechnic University of the Philippines

Sta. Mesa, Manila

College of Architecture and Fine Arts

Housing Loan in Banks

Submitted By:

Luay, Mark Paulo D.

Tabios, Rose Ann M.

Submitted To:

Arch. Gegajo

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BDO Home Loan

Buying and owning a home are two different things. BDO Home Loan All-in Financing

brings together everything you need at all stages of owning a home including financing

charges such as Transfer Cost, Title Registration Fees, Insurances and Incidental Expenses.

Application Requirements

• Eligibility Criteria Filipinos, Filipinos married to foreigners, Foreigners (if collateral

is a condominium), or former Filipinos with or without Dual Citizenship, of legal age

(not exceeding 65 yrs old upon loan maturity)

• Individuals with minimum gross family income of P50,000.00/monthly.

• For sole proprietorships or family corporations, the business must be profitably

operating for the last two (2) years.

Pre-Approval Requirements

If locally employed

• Latest Income Tax return (ITR)

• Certificate of Employment with Compensation OR latest full month payslip

If employed abroad

• For seamen: latest crew contract and employment history

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• For nurses, contract workers and immigrants: employment contract or Certification

of employment & salary (to be authenticated by the Phil. Consulate upon loan

approval)

• Proof of monthly remittances OR payslips for the past three (3) months

If self-employed

• Income Tax Return (ITR) for the last 2 years

• Financial statements for the last 2 years (Audited and In-house, if applicable)

• Certificate of Business Registration with DTI or SEC Business Registration & By-

Laws, whichever is applicable

• Top three (3) major suppliers and customers with contact persons and numbers

• Photocopy of the Statement of bank accounts for the last six (6) months OR

photocopy of passbook for the past six (6) months

• For Rental Income: Copy of TCT/CCT and lease contract from rented/leased

properties

Documentary Requirements

• Collateral Papers

• Copy of TCT / CCT

• Lot plan and vicinity map certified by a Geodetic Engineer

• Master Deed of Declaration of Restrictions (for condominiums)

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• For construction/renovation

• Building plan or floor plan

• Bill of materials

• Building specifications (certified by a Civil Engineer)

• For refinancing

• Statement of account or latest three (3) months official receipts

• Others

• Marriage contract

• Valid ID (primary IDs eg. Driver's License, passport, SSS, etc)

• Owner's Collateral Appraisal Authorization

• Appraisal fee

Post Approval Requirements

• Original Owner's Duplicate Copy of Title (TCT or CCT) registered under the name of

the borrowers

• Original Copy of Tax Declaration (for Land & Improvement) registered under the

name of the borrowers

• Original Copy of Tax Clearance for the Current Year (for Land and Improvement)

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• Original Copy of Current Year's Real Estate Tax Receipts (for Land and

Improvement)

Competitive Rates

• Budget and project your expenses, knowing your rate and payments will stay the

same. You have an option to fix interest rates up to 20 years based on prevailing

home loan rate.

• Fixed Rates (as of January 3, 2011):

7.88% fixed for 1 year

9.75% fixed for 2-3 years

10.00% fixed for 4-5 years

11.00% fixed for 6-10 years

11.25% fixed for 11-15 years

11.5% fixed for 16-25 years

• Yearly repricing after the fixing period

Bank Charges

Appraisal Fee P3,500

Appraisal Fee outside Meto Manila P4,000

Processing Fee P3,000.00

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P4,430.00 for every million, assuming

Mortgage Redemption Insurance
standard rating

Depends on the appraised value of the

Fire Insurance
Improvement

Mortgage Registration Expense (based on

Depends on the loan amount
loan amount)

Use the funds for any of these Loan Purposes

Acquisition of vacant lot, house and lot, townhouse, condominium unit

• House construction

• House renovation/Home Improvement

• Refinancing of existing house loan

• Reimbursement of acquisition cost or construction cost

• Acquisition with refinancing

• Refinancing and equity loan

• Equity Loan

Security/Collateral

• Must be residential

• May or may not be owner-occupied

• Any of the following:

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• Single detached

• Townhouse

• Duplex

• Condominium units

• Vacant lots

• Mixed-used

• Apartment (up to 4-doors)

• Must be free from liens & encumbrances

• Located within BDO serviceable areas

Loanable Amount

• Minimum: P500,000.00

• Maximum: Based on appraised value of property

• Up to 80% of appraised value for house & lot

• Up to 80% of appraised value for townhouse

• Up to 70% of appraised value for vacant lot

• Up to 70% of appraised value for condominium

Mode of Release

• For Acquisition: One-time release

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• For Construction: Staggered releases as follows:

• First Release - 70% of Appraised value of lot

• Second Release - upon 30% completion

• Third Release - upon 60% completion

• Fourth Release - upon 90% completion

Flexible Payment Terms

• 20 years for house & lot, townhouse

• 15 years for condominium

• 10 years for vacant lot

• The age of the borrower should not exceed 65 years old at loan maturity and the

term of loan should not exceed the remaining economic life of the property

• We do not collect pre-payment penalties but we charge PhP 2,000 as a processing

fee for full payment of loan before maturity

Various Payment Options

• Automatic Debit Arrangement

• Post-dated checks

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BPI Direct Housing Loan

Loan Purpose: You can use your BPI Direct Housing Loan to:

 purchase a vacant lot

 purchase a house & lot

 construct a house

 renovate your existing home

 refinance loans with other financial institutions

Loan Amount: Enjoy up to 80% of appraised value or net selling price of an accredited

project*. Minimum loanable amount is Php 400,000.

* Accredited projects are those whose Developer has special arrangements with the

Bank. The property need not to be appraised since the net selling price is considered by

the Bank as the valuation of the property.

Loan Term: You can pay your housing loan up to 15 years depending on your

collateral:

 Maximum of 15 years for house & lot and townhouse

 Maximum of 15 years for vacant lot and condominium of accredited

projects

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 Maximum of 10 years for vacant lot and condominium units of non-

accredited projects

Interest Rate: Choose from any of our low rates fixed for 1, 3, 5 years or up to the end

of your loan term.

HOUSING LOAN
Tenor Interest Rates
Yearly 8.75%
2-3 years 9.75%
4-5 years 10%
6-10 years 11%
11-15 years 11.25%
16-20 years 11.50%

PROPERTY EQUITY LOAN

Tenor Interest Rates
Yearly 9.75%
2-3 years 10.75%
4-5 years 11%
6-10 years n/a
11-15 years n/a
16-20 years n/a

Payment Convenience: You can enroll in our Automatic Debit Arrangement (ADA) so

your monthly amortization will be automatically debited from your deposit account.

Timely Response: Once BPI Direct receives your online application form, you will

receive feedback within 24 hours for Metro Manila-based and 72 hours for applicants

outside of Metro Manila.

Eligibility Criteria: If you have been employed or in business for the last 2 years with a

minimum gross monthly income of Php 50,000, you are qualified to apply for a BPI Direct

Housing Loan.

Pre-Processing Requirements:

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1. Income Documents

 Certificate of employment & compensation

 Latest ITR

2. Collateral Documents

 For Accredited Projects:

 Endorsement Letter or Computation Sheet or Contract to Sell from

developer with contract price and description of unit indicated thereon

 For Non-Accredited Projects:

 Clear Copy of Owner's Duplicate Copy of TCT/CCT

 Lot Plan/Vicinity Map

 Photocopies of tax declaration, tax receipts and tax clearance

Additional Documents for Construction Loan

 Building plan (complete set)

 Bill of materials/specification/cost estimates

 Scope of Work

 Building permit

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Additional Documents for Loan Refinancing

 Statement of Account from Mortgage Lender

 Proof of Payment for the last 6 months

3. Non-refundable Appraisal Fee plus additional expenses for provincial properties only

for non-accredited projects

Checklist of Requirements

Pre-processing Requirements

A. Borrower Information

• Duly accomplished application form

• 2 valid identification cards

B. Income Documents

If locally employed

• Certificate of Employment (COE) indicating salary, position & length of service

• Income Tax Return (ITR) for the last 2 years or W2

If Expat Pinoy (Overseas Filipino Worker)

• Certificate of Employment duly authenticated by the Philippine Consulate

• Crew Contract & Exit Pass from POEA (for seafarers)

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 Approved Specialization

• Proof of monthly remittances

• Notarized or authenticated Special Power of Attorney (BPIFSB format)

If Self-Employed

• Articles of Incorporation/By-laws/SEC Registration

• Audited Financial Statements for the last 2 years

• Department of Trade & Industry (DTI) Registration

• ITR with Statement of Assets & Liabilities (SAL) for the past 2 years

• Bank statements for the last 6 months

• List of Trade References (at least 3 names with contact nos. of major

suppliers/customers)

If Practicing Doctor

• Clinic address/es and schedules

If from Commission

• Vouchers or bank statements (for the last 6 months reflecting commission income)

If from Rental of Properties

• Rental/Lease contracts (indicating name of tenants & rental amounts with

complete addresses of properties being rented)

• Photocopy of Transfer Certificate of Title (TCT) &/or Condominium Certificate of

Title (CCT)

C. Collateral Documents

• Clear copy of owner's duplicate of TCT/CCT

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 Approved Specialization

• Lot/Vicinity map certified by 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)

For Construction Loan

• Complete set of building plan

• Bill of materials/specification/cost estimates

• Building permit

Refinancing of Loan

• Statement of account from mortgage lender

• Proof of payment for the last 6 months

D. Fees

Non-refundable appraisal fee of P3,000

Post Approval Requirements

• Original owner's copy of TCT/CCT

• Certified true copy of the latest Realty Tax Declaration on land and improvements

under the name of the borrower/mortgagor

• Original copy of latest Real Estate Tax Clearance

• Health Declaration form (supplied) for MRI enrollment with Ayala Life

• Medical examination with Ayala Life, if applicable

• Fire/Lightning/Earthquake insurance coverage through BPI-MS, if applicable

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• Opening of deposit account with any BPI or BPI Family Savings Bank

• For Corporate borrowers, Board Resolution/Secretary's Certificate (form supplied), if

applicable

• Four copies of Special Power of Attorney, if applicable

Fees

• Mortgage Registration Fees

• Mortgage Redemption Insurance Premium

• Fire/Lightning/Earthquake Insurance Premium

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