In today’s hyperconnected and fast paced world, owning your dream house is a far fetched dream to realize. With the housing loan option from the Bank of Philippine Islands, this dream can now be a reality while being in tune with your specific requirements.
The absolute clincher for the Bank of Philippine Islands Home Loan is the fact that your application will be processed within 5 working days - no need to wait for days on end with the cloud of indecision and no added worries hanging over you.
You’re probably eligible for an BPI Housing Loan if you are
Less than 65 years old
Salaried / Self-employed
with regular income
Your BPI Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for BPI 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 25 years
Alternatively add your parents
Documentation needed to apply for an BPI Housing Loan
- 1.Duly filled housing loan application form
- 2.Photocopy of ID proof such as driver's license, passport, SSS ID, Postal ID, PRC ID etc
- 3. Copy of latest income Tax Return
- 4. Relevant Collateral Documents
- 5.Documentation for salaried applicants:
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 6. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of Audited Financial Statements of the past year
BPI Housing Loan Interest Rate and other DetailsUpdated on 03 Dec 2016
|Interest Rate||5.50% to 11.50%|
|Margin of Finance||Up to 80%|
About Bank of Philippine Islands (BPI)
BPI was founded on August 1, 1851, and at the time was the only domestic commercial bank operating in the Philippines. Back then, it was named ‘El Banco Español Filipino de Isabel II’, named, in light of obvious logic, after the Queen of Spain, Isabel II. On January 1, 1912, El Banco formally took the name that identifies it today.
In 2015, BPI has earned many more credentials alongside its reputation as the oldest bank in the entire Southeast Asia. A pioneer of banking and finance in the Philippines, BPI continues to be counted amongst the most progressive and innovative banks in the country. BPI’s comprehensive listing of products and services include corporate, consumer and investment banking, asset management, lending and leasing, securities, insurance and foreign exchange.
Home Loans from BPI
The BPI Home Loan is a very diverse and popular financial product. The features and benefits offered here are in line with the popular expectations, and thus, BPI is able to command a sizable portion in this very competitive segment.
Highlights of Housing Loan from BPI
The principal features of the BPI Home loans are as follows -
- Quick and easy approval in less than 5 working days.
- The loan can be applied for through any of the following mediums - at 800+ BPI and BPI Family Savings Bank branches across the country, through any of BPI’s accredited developer partners or via the BPI website.
- Low interest rates, as comfortable as just 20% with flexible repayment tenure ranging upto 25 years.
- Home loans amounting to 80% of the price of property, to a maximum of Php 5 Million (provided applicant is employed and purpose is for owner occupancy). The breakup - New house, lot - 80% of the appraised value, vacant lot or residential condominium - 60% of appraised value.
- Also, get a free BPI BLUE MasterCard as an added benefit. Use this powerful credit card to help furnish your brand new home.
- A competent customer support wing will ensure that all your concerns and queries are properly and quickly taken care of.
Effective Interest Rates of BPI Housing Loan
The effective rate of interest on the BPI home loan varies from 5.5% to 11.5%.
BPI Housing Loan- Eligibility
To be eligible for a home loan from BPI, the applicant must fulfil the following criteria:
- The applicant must be residing in the Philippines or be married to a Filipino.
- The applicant must have completed 21 years old at the time of application and not more than 65 years on the completion of the tenor.
- Minimum total household income of the applicant must be above Php 40,000.
- If the applicant is of foreign national, then he/she is eligible only for the purchase of condominiums.
BPI Housing Loan -Documentation Requirements
The following documents must be produced as a compulsory prerequisite to avail a home loan from BPI.
- A complete and signed application form from the bank.
- A government issued ID proof such as SSS, Passport, Driver’s License etc.
- Income Tax Returns with BIR Bank Stamp (Form 2316) or salary slips of the last three months.
- Bank statements of the last 3 months.
- Mortgage Redemption Insurance (MRI) Application Form.
- Latest Income Tax Return (BIR Form 1700 / 1701) of the last 2 years.
- If self-employed, financial statements (audited) for the last 2 years.
- DTI Business Permit or SEC Registration.
- Relevant Collateral Documents.
An ideal home loan is a combination of customer friendly features, robust customer support and lasting professional relationships built between the customer and the bank. At BPI, all these factors are treated with the utmost respect and thus, the resultant product is a universal favorite.
BPI Housing Loan - Frequently Asked Questions
With a BPI home loan, you can borrow a minimum of Php 400,000 and a maximum of 70% of the appraised value of the house or plot that you wish to purchase.
Yes! You can link your loan to your BPI or BPI Family Savings account and ensure that your funds are paid through an automatic debit arrangement.
News About BPI Housing Loan
BPI Family Savings Bank Confident of Closing The Year On a Strong Note
Owing to a sustained growth in its lending business backed by an increased boost in consumer demand, BPI Family Savings Bank is confident of a good close to the year 2015. Retail Lending business continues to be the backbone of this thrift banking subsidiary of BPI (Bank of the Philippine Islands).
The banking giant is cashing on an year that witnessed a sustained demand for retail loans. The BPI family posted a P173 billion loan portfolio in 2014, which is a significant 25 percent of the total loan outlay of BPI. During the first half of this year, retail loans witnessed some heavy movement in the housing loans sector with a little over 54 percent of P107 billion being held by this segment. To aid the year end goals, the bank is planning to target areas outside Metro Manila by setting up 19 new branches to serve the emerging markets in various provinces.
BPI is the third largest bank in the country in terms of its asset size and posted a record P13.8 billion net income for the first three quarters of 2015.
15th November 2015
BPI Reports 8 Percent Increase in Net Income
Bank of Philippine Islands or BPI as commercially known, reported an increase of 8 percent in its net income for the first 9 months of 2015 from P12.8 billion it raked during the same period last year. The third largest bank in the Philippines reported a net income of P13.8 billion, owing to the strengthening core business verticals.
BPI mopped up a revenue of P44.1 billion, a growth of 9 percent, year on year. Operating expenses saw a climb of 6.7 percent at P22.89 billion at the end of first 9 months of this year. The home grown banking mammoth witnessed surge in loans as well as deposits by recording a double digit growth. The total worth of the loans portfolio stood at P780.07 billion, a noticeable increase of 112 percent over the year.
As an icing on the cake, BPI was declared as the Best Retail Bank in the Philippines for 2015 by Asian Banker.
11th November 2015
BPI Family is Confident of 15 Percent Growth in Consumer Loans
Buoyed by the good growth in middle class and low interest rates that continue to keep demand at peak, BPI Savings Bank is looking forward to a growth of 15 percent in its consumer finance division. At the end of 2014, the total loan portfolio stood strong at P173 billion.
The loan portfolio held by BPI Family accounts for 25 percent of the total loans held by the Bank of Philippine Islands(BPI), the commercial banking arm of Ayala group. The group is expecting little change in interest rates for the next 3 years. This confidence is further justified by the technological integration steps taken by BPI in this regard. The bank extends convenient application options to loan aspirants through digital channels such as internet and mobile banking.
To achieve this projected growth, the focus is also on Ka-Negosyo loans to increase its presence in this domain due to the growing trend of young people wanting to be entrepreneurs.