Being a full-service universal bank, BDO bags the honor of being the largest bank in the Philippines and specializes in corporate banking, private banking, all kinds of loans, credit cards, insurance brokerage, bancassurance, investment plans, stock brokerage and the like.
You’re probably eligible for an BDO Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
(or its equivalent in USD)
Your BDO Housing Loan amount eligibility is based on these factors
EMI limited to about 50% of
Loan capped 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for BDO Housing Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Documentation needed to apply for an BDO Housing Loan
- 1.Duly filled housing loan application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Postal ID, PRC ID etc
- 3. Copy of latest income Tax Return
- 4.Documentation for salaried applicants:
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of Audited Financial Statements of the past year
BDO Housing Loan DetailsUpdated on 21 Oct 2016
|Interest Rate||5.5% - 6.88%|
|Margin of Finance||Up to 80%|
BDO Housing Loans
Each one of us at some point in our life has dreamt of owning our dream home; the rooms, the french windows, the curtains or even pictured what the stairs would be like. We all have that dream.
BDO helps us realize that dream. You can now purchase and move into your dream home at the earliest with the BDO home loan.
With home loans from BDO, you can finance all your housing needs - purchase, construction, renovation of your existing home or purchasing and investing in a new plot or property. These loans also offer very low rates of interest with various flexible options to plan and manage your monthly payments.
- No lock-in term period
- Bank with the largest number of branches in the country thereby providing unparalleled ease of access
- Loan approval within 5 working days
- Rewards program for borrowers
- Minimum Loan Amount P500,000
- Can be repaid over a tenor of up to 20 years.
Features and Benefits of BDO Housing Loan
- Lowest Interest Rates - When you take a home loan from BDO you receive low rates of interest along with longer fixing tenors for repayment of the loan thereby helping you manage your finances in the best possible manner.
- Variety of Home Loan Options - BDO offers all customers an array of loans for just your housing needs. You can avail a loan to purchase a house or construct one. BDO also offers loans if you want to make renovations in your already existing property or simply buy a new plot for investment purposes.
- Quick Processing Time - It only takes 5 working days from the date of submission of all documents to get an approval on the loan applied for.
- All-in Financing - Worried that you might just get one portion of the loan and might not be able to cover other home loan related costs such as insurance on the property, taxes, mortgage fees etc.? Worry not, because BDO also offers additional loans to cover these extra costs hence making it a very satisfying experience.
- Easy and Flexible Repayment Terms - So you’ve paid up a chunk of money to cover additional costs for the property and realize you cannot pay the first installment of the loan immediately? BDO has a solution for that as well. With this feature of a BDO home loan, you have the option of paying your first installment after 60 days from the day the loan is released. You also get the flexibility of taking a loan tenor of up to 20 years. This eases your financial burden and helps you save better.
- BDO Rewards Program - BDO home loans also rewards you with points that you can redeem at any SM Department Store for any items of your choice.
- Convenient Application - Applying for a home loan from BDO will be the easiest and most fulfilling thing you will choose to do. All you have to do is fill out a BDO home loan application form and submit it in any of the 880 branches that exist all over the country. You can also apply for the loan online and a BDO home loan officer will get in touch with you immediately to help process your loan request.
Effective Interest Rates for BDO Housing Loan
The rates of interest corresponding to specific fixing periods/tenors for home loan applications with BDO are:
|Fixing Period/Tenor (in years)||Rate of Interest (p.a)|
|2 - 3||6.5%|
|4 - 5||6.88%|
The above mentioned data is subject to change without prior notification.
Currently, the repricing on the annual rate of interest for all existing home loan applicants is at 7% annually and is fixed for 1 year.
How much can you borrow?
Minimum - P500,000
Maximum - 80% of value of property
Eligibility for Housing Loan from BDO
You are eligible for a home loan from BDO if:
- You have a stable source of income from employment or business.
- If locally employed - you should have completed at least 2 years with the current employer
- If employed abroad - a 2 years contract that is consecutive for skilled workers OR a 3 years contract that is consecutive for household workers
- If self employed - at least 2 years of full time functioning that has been profitable
- You are a Filipino citizen or a foreign national
- You have completed 21 years of age while applying but not exceeding 65 years of age at the end of the tenor of the loan
- Minimum gross income of the family is P50,000 every month or its equivalent in USD
Easy Calculation of Monthly Amortization
Today, no one wants to wait till the bank processes their documents to know what their loan eligibility is or what the monthly repayment amount will be. Everyone wants the flexibility to decide the tenor they want to repay their loan over and borrow an amount that suits them best, rather than a fixed amount that the bank offers for your eligibility. For this purpose, there are easy calculators available for us online to check what the loan repayment amount will be every month by keying in the amount they want to borrow and the period over which they want to repay the loan.
Bankbazaar.com offers all users an easy to use, unique finance tool that helps everyone understand how much loan they are eligible for and what the loan repayment amount would be every month even before applying for the loan. Handy tools such as these help with efficient financial planning and helping you choose an ideal tenure to repay your loan thereby aiding the planning of your expenses, specially the repayment amount every month.
How to use the home loan calculator?
The Home Loan Calculator by Bankbazaar enables users to add the amount of money they wish to borrow as the loan, the loan tenor that they prefer and the different rates of interests offered by banks at the time of enquiry. This calculator instantly calculates and displays the monthly repayment liability on the loan. Essentially, this tool helps understand the monthly outflow of money towards the loan.
If you apply for a home loan from BDO, you will have to provide supporting documents to substantiate your eligibility and the bank to process your request for the loan. Below are the documents that you require based on the various categories of information required:
- Filled and signed application form for the home loan
- A copy of the ID card matching application
- The contract of marriage if applicable
- If Employed - Salary slip and Certificate of Employment (COE)
- If Employed Abroad - Latest proof of remittance for 3 months, Crew Contract for seafarers and Salary slip and Certificate of Employment (COE)
- If Self-Employed - A copy of Bank Statements or Passbook for the last 3 months, Certificate of business registration with DTI, copy of the Audited Financial Statements of the last 2 years and the proof of income
List of documents for foreigners (whichever is applicable)
- Quota and Non Quota Immigrant Visa
- Natural-born Filipinos raised and naturalized in a foreign country (Section 13G Visa)
- Natural-born Filipinos married to a foreigner ( Section 13D Visa)
- Foreigner spouse of a Filipino citizen (Section 13A Visa)
- Returning Resident (Section 13E Visa)
- Working Visa issued to Embassy Officials
- A copy of Special Retiree's Resident Visa (SRRV)
- A copy of Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
- A copy of TCT/CCT
- Vicinity Map and Lot Plan certified by a Geodetic Engineer
- Master Deed of Declaration of Restrictions for construction or purchase of condominiums
- Floor Plan of building
- Labor cost and the sum total bill of construction materials
- Specifications of the building certified by civil engineer and architect
Loan Take-out or Refinancing
- Statement of account and official receipts for the last 3 months
‘All-in Financing’ includes other housing loan related expenses such as documentary stamps, insurance premiums, mortgage registration fee, transfer cost and others. 5% of the appraised value of your property, payable within a maximum of five years, is covered.
Your co-borrower to the loan, your spouse or your relative can be assigned as your loan administrator or attorney-in-fact.
If you are within Manila, you will have to pay an appraisal fee of P3,500 and if you are outside Manila, the appraisal fee is P4,000.
The different payment channels that you can use to pay your BDO Housing Loan are:
- ADA (Automatic Debit Arrangement), where your payment is deducted from your linked BDO Savings or Checking account, monthly on the due date.
If you are outside the country:
- Visit any BDO Remit office or an accredited remittance partner’s office overseas and fill out a form requesting for ADA.
- Telegraphic transfer of payment using BDO’s Swift Code by filling a form at a correspondent bank outside the country.
The Insurance Installment Facility (IIF) offered by the BDO allows you to pay your insurance premium in equal installments per month at an interest rate of 0%, making insurance payments a lot more easier to handle.
News About BDO Housing Loan
Banco de Oro Universal Bank Purchases Receivables from 8990 Worth P3 Billion
Sy-owned BDO (Banco de Oro) Universal Bank has signed an agreement with mass housing developer 8990 Holdings Inc. for purchasing Php3 billion worth contract – to – sell receivables. 8990 disclosed to Philippine Stock Exchange (PSE) saying that the value of these receivables was based on the outstanding principal balance and also, the receivables should be seasoned for a minimum of 12 months having no past due experience.
Januario Jesus Atencio who is the President and CEO of 8990 has said that this investment by BDO increases the lender’s purchase agreements to Php11 billion – 1st with the BPI Family for Php1 Billion, Security Bank for Php2 Billion and Chinabank. CTS is the in – house financing program of 8990 for potential homebuyers. 8990’s CTS portfolio jumped 35% with respect to value to almost Php19 Billion last year and by 30% with respect to the terms of units from 15, 597 to 20, 330. Interest income from CTS also grew to Php1.2 Billion, an increase of 34%.
8990 continuous to strengthen its business and has lined up numerous projects for this year.
25th May 2016