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How OFWs Can Apply For BPI Housing Loan

For OFWs planning to get a housing loan, BPI can be your best option especially because of their flexible and customizable packages to help match your financial needs. With BPI you will be given low rates, flexible payment terms of up to 25 years and a down payment option for as low as 20%. If this suits you well, then there are other things you need to know about BPI Housing Loan and How OFWs can apply for it.


BPI Housing Loan allows you to borrow:
• Minimum amount of P400,000
• Maximum amount of 70% for the appraised value of your preferred house and lot
• Maximum amount of 60% for the appraised value of your preferred vacant lot or condominium unit

Who are eligible for a BPI Housing Loan?

• Citizen of the Philippines who is of legal age but should not be more than 65 years old upon loan maturity
• Foreign Nationals can purchase condominium units only.
• For foreign national married to Filipino citizen, you need to secure an Affidavit of Support as well as Waiver of Rights towards the collateral property.

Documents Needed:

1. Application Form

• Duly Accomplished Application Form
• 2 Valid IDs
• For married applicant, both spouses should sign the application form
• Separate application form is required if applicant has co-borrower or co-mortgagor

2. Income Documents

• If locally employed
– Certificate of Employment (COE) indicating salary, position and length of service
– Latest Income Tax Return (ITR) for the last 2 years
• For Overseas Filipino Workers (OFW)
– Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
– Crew Contract and Exit Pass validated by POEA (seaman)
– Proof of monthly remittances
– Notarized or authenticated Special Power of Attorney (BPI FSB Format)

If Self-employed
– Contract / Certificate of Employment (COE) authenticated by Philippine Consulate
– Crew Contract and Exit Pass validated by POEA (seaman)
– Proof of monthly remittances
– Notarized or authenticated Special Power of Attorney (BPI FSB Format)

• If Practicing Doctor
– Clinic Address and schedule

• If from Commission
– Bank statements/vouchers for the past 6 months

• If from Rental of Properties
– Rental/Lease Contract (indicating name of tenants and rental amounts with complete addresses of properties being rented)
– Photocopy of Title (TCT/CCT)

• Collateral Documents
– Clear copy of Owner’s Duplicate Copy of TCT/CCT
– Lot Plan with Location/Vicinity Map certified by licensed 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)

If you think you can comply with all the requirements listed above, then you might qualify for BPI Housing Loan. You can also use the BPI Loan Calculator to evaluate your monthly repayments, as per your desired property value. Once ready, you can inquire through any BPI branch nearest you.

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