Below is a reproduction of BPI's Bank housing Loan Application Primer
BPI FAMILY BANK HOUSING LOANS GUIDE
HAPPY FAMILY HOUSING LOAN
A
studio type condo unit.
A single bedroom townhouse.
A three-bedroom bungalow.
Whether
you want to purchase a new home or simply renovate, the HAPPY FAMILY HOUSING
LOAN gives you the power to bring you closer to the life you want to live.
Fast 5 Day Credit Approval
All
it takes is five days to get the results of your application once you submit the
complete requirements.
Easy to Apply. Easy to Qualify
Get
a housing loan practically anywhere you are - in over 600 BPI and BPI Family
Bank "branches or in any of the 32 Express Banking Centers nationwide. And
to qualify, all you need is a minimum family income of P40,000 a month. It's
really that easy!
Affordable Monthly Amortization
For
a minimum loan amount of P400,000, you could easily fit your monthly
amortization to your budget.
INTRODUCTION
Thank
you for considering BPI Family Bank to help you achieve your dream of having
your own home. We have prepared this special brochure to provide you with an
easy to understand guide for a fast and easy Housing Loan application. This
Brochure has two major parts:
1.
The
Question and Answer portion where frequently asked queries are answered for your
full understanding.
2. The complete List of Requirements.
If
you have other queries which are not covered in this brochure, please feel free
to call our Housing Loan Customer Service at 845-6888 or 89-100.
Again,
thank you for choosing BPI Family Bank, your housing loan bank.
Sincerely,
Mr.
Ricardo M. Dela Torre
Senior Vice-President
BPI Family Bank
QUESTIONS & ANSWERS
| 1. | Q. | What are the basic things 1 need to know about the Happy Family Housing Loan? | |||
| A | The following are the basic information you should know about Happy Family Housing Loan. | ||||
| 1 | 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. | ||||
| 2 | Borrower's age should be at least 21 and not more than 65 years old upon maturity of the loan. | ||||
| 3 | Principal borrowers must have an income source as a regular employee or from a business with a minimum profitable operation of 2 years. | ||||
| 4 | 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 70%. However, lower loanable amounts may be granted on certain types of collateral. | ||||
| 5 | The loan term dictates 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 5 years for overseas contract workers. | ||||
| 6 | The interest rate that will be applied to our loan will be the prevailing BPI Family Bank rate at the time of loan release. | ||||
| 7 | The acceptable collateral in the Greater Metro Manila Area (GMMA) are properties within 5Okms. radius from the BPI Family Bank Head Office. In other provinces, the collateral must be within the 20 kms. radius from the Bank of the Philippine Islands/BPI Family Bank Business Center. | ||||
| 2. | Q. | How do we go about applying for a HappyFamilyHousingLoan? | |||
| A. | This primer includes a list of requirements and an application form, all you have to do is: | ||||
| 1 | Fill-out the application form completely and accurately. Collate all documents necessary based on the list of requirements. | ||||
| 2 | Submit complete requirements with the application form to your nearest Bank of the Philippine Islands/BPI Family Bank branch, Express Banking Center or at the ZIF BPI Family Bank Head Office, Pasco 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). | ||||
| 3 | Within 5 banking days after you have submitted complete requirements you will be advised by the Account Officer (A0) of the status of your application. BY then, you will find out if your application is approved | ||||
| 3. | Q. | What happens to my documents if my loan is not approved? | |||
| A. | Your account officer will return all the documents that you have submitted in the event that your loan is not approved. These can be picked up personally at the BPI Family Bank Head Office or the branch. | ||||
| 4 | Q. | What fees do 1 have to pay? | |||
| A. | An application fee of P3,000.00 is required to be paid upon submission of complete requirements. This covers the cost of appraisal, 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). | ||||
| 5. | Q. | If I am applying for a construction loan, how will it be released to me? | |||
| A. | For construction loan and major renovation, the release of the proceeds is on a staggered basis. You will be given three months to complete a certain percentage of the construction work before the release of the next loan proceeds. A schedule of release will be made available to you. Construction must be finished within one year, otherwise, the Bank has the option to call your loan due and demandable. | ||||
| 6. | Q. | How do I go about having my
existing housing loan refinanced by BPI Family Bank? |
|||
| A. | Upon
loan application, you must provide us with an updated Statement of Account
indicating your out standing 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. |
||||
| 7 | Q | I am single and my income cannot meet your minimum requirement of P40,000.00, can 1 get my brother/ sister to act as co-borrower?. | |||
| A | No. If you are single, your gross monthly income must be at least P40,000.00 to qualify for the loan. | ||||
| 8. | Q. | My husband is an overseas worker, can we apply for a housing loan? | |||
| A. | Yes, but your repayment term is up to a maximum of five (5) years only. In addition to the basic requirements that are listed in. this handout you are requested to submit: | ||||
| • | Your spouses certificate of employment/ employment contract duly authenticated by the Philippine Consulate Office (for direct hires only). | ||||
| • | Exit pass from POEA (for seaman / crew contract). | ||||
| 9. | Q. | I am a Filipino working abroad, can 1 apply for a housing loan? | |||
| A. | Yes, provided that you can submit your certificate of employment as well as employment contract duly authenticated by the Philippine Consulate Office. To do this, you need a co-maker or attorney-in-fact who is residing in the Philippines. Your attorney-in-fact can be your wife, a relative or a friend who also has the capacity to pay. He/she needs to submit the Special Power of Attorney you signed and his/her Income Tax Return (Please refer to list of requirements for other items). In addition, only contract workers whose jobs are technical or professional in nature are considered. | ||||
| 10 | Q. | I am formerly a Filipino citizen and now a citizen of another country, can I still apply for a housing loan?. | |||
| A. | You can only purchase condominium units. However, under the new Balikbayan law, you can purchase not more than 1,000 sqm. of land; provided that you execute a sworn statement showing your intention to reside permanently in the Philippines upon application of your loan containing 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, the location and the
mode of acquisition of your property. |
||||
| 11. | Q. | I am separated; can I apply for a housing loan? | |||
| A | 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. | ||||
| 12. | Q. | Can 1 still apply for a loan if a different party owns the collateral? . | |||
| A | Yes, you can still apply given that the owner of the property is willing to be your co co-mortgagor. He/She must fill out 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.. | ||||
| 13. | Q. | Once I am granted a loan, how do I pay for the monthly amortization? | |||
| A. | There are four convenient ways to pay: | ||||
| 1. Auto Debit Arrangement | |||||
| Just enroll your housing loan account with any BPI, BPI Family Bank branch or Express Banking Center. At your appointed date, every month, we will automatically deduct from your savings or current account the amount of your monthly amortization and MRI. | |||||
| 2 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 BPI/BFB Check Free Payment Facility at any BPI, BPI Family 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. | |||||
| 3. 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 BPI or BFB Cheek Free Payment Facility at any BPI, BPI Family Bank or Express Banking Center. | |||||
| 4. Over the Counter Payment | |||||
| Just visit any BPI, BPI Family Bank or Express Banking Center from Monday to Friday. | |||||
|
LIST OF REQUIREMENTS |
|||||
| A. | REQUIRED AT ALL TIMES: | ||||
| • | Fully filled - out application form for borrowers, co-borrowers / mortgagors. | ||||
| • |
Photocopy of owner's duplicate copy of TCT/CCT (all pages and with book and page
numbers) |
||||
| • | Photocopy of updated tax declaration on land improvement. | ||||
| • | Lot plan with vicinity map certified by a Geodetic Engineer. | ||||
| • |
Bank statements (last six (6)
months) |
||||
| • | Proof of billing indicating complete postal address | ||||
| • |
For all existing loans : six (6) months official receipts. |
||||
| • | Application Fee. | ||||
| (For Employed Applicants) | |||||
| • | Certificate of employment indicating position, salary, and years in service | ||||
| • | Latest Income Tax Return | ||||
| (For Business - Owner Applicants) | |||||
| • | DTI or SEC business registration certificate | ||||
| • | SEC Articles of Incorporation / Partnership | ||||
| • | By-Laws | ||||
| • | Latest ITR and financial statements | ||||
| • | List of trade reference (contact persons, addresses, tel. no. of suppliers and customers, at least 3) | ||||
| (For applicants whose source of income is from rentals) | |||||
| • | Photocopy of lease contracts | ||||
| • | If there are no lease contracts, photocopies of TCT/CCT of rented-out properties | ||||
| • | List of tenants (name, tel. no., and rental fee) | ||||
| • | Vouchers or Bank statements for the last 6 months | ||||
| (For Overseas Filipino Workers) | |||||
| • | POEA Authenticated Contract or COE from local agency | ||||
| • | Latest income Tax Return | ||||
| • | Authenticated COE | ||||
| (For Professional Doctors) | |||||
| • | Clinic address and schedule Latest Income Tax Return | ||||
| B. | SPECIAL REQUIREMENTS | ||||
| (For construction 1 renovation 1 home improvement) | |||||
| • | Complete set of building plans Bill of materials / cost estimates Work specifications | ||||
| (For refinancing) | |||||
| • | Updated statement of account indicating outstanding balance | ||||
| (if over-the-counter) | |||||
| • | Latest six (6) months official receipt of amortization | ||||
| (if debited from account) | |||||
| • | Latest six (6) months bank statement / photocopy of passbook | ||||
| (if with PDC'S) | |||||
| • | Photocopy of latest six (6) months cleared checks |
||||
Please use your back button to return to your previous page.
