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Looking to make your dream home a reality? A BDO Home Loan could be the way to achieve it.
It’s part of the Filipino dream to have a home to call your own, but there are many hurdles you need to overcome before achieving it. A BDO Home Loan, however, could fast-track making this dream a reality.
True to their commitment to “helping you find ways”, BDO makes it easier to buy your dream home with its improved home loan features. So if you have found the property you want and are now looking for a way to finance your purchase, take a look at what BDO Home Loan has to offer and what sets it apart from the rest.
Why BDO Home Loan is the Better Choice
First, BDO offers a wide range of coverage for the loan purpose. You can apply for the loan assistance to cover the following:
- Purchase of House and Lot / Townhouse Unit
- Purchase of Condominium Unit
- Purchase of Vacant Lot
- Construction of House
- House Renovation / Home Improvement
- Reimbursement of Acquisition
- Refinancing / Loan Take-out
Second, you can borrow as much as 80% of the property’s appraised value, with flexible payment terms that can be extended for as long as 20 years. Specifically, this is how the flexible loan term payment is applied:
|House & Lot/Townhouse Construction||Condominium||Lot Only|
|Minimum Loan Amount||Php500,000||Php500,000||Php300,000|
|Maximum Loan Vs. Appraised Value||80 percent||70 percent||70 percent|
|Maximum Loan Term||20 years||15 years||10 years|
Fourth, BDO offers “light payment options”—a 60-day grace period for you to start your first payment, or you can choose to pay only for the interest in the first six months and then pay the principal plus interest right after. Third, you can take advantage of an “all-in” financing scheme to cover housing loan related expenses such as taxes, insurance premiums, mortgage registration, and others—the payment of which is spread out to the terms of your loan.
And there is a lot more. BDO also offers low rates with options for longer fixing period to help you manage your monthly payments. Your loan can also be processed within (5) working days if you are in Metro Manila, and within (10) working days for those in provincial areas. BDO has more than 1,000 branches to serve you. Your approved Home Loan will even earn reward points that you can redeem at SM Department Stores.
Easy Application Process
- A Quick Self-Check of Your Qualifications
You can initially make your own self-assessment if you are qualified before filing your loan. You should be at least 21 years old, and not exceeding 70 years old by the end of the loan term. The loan is open to Filipino citizens and foreign nationals with a minimum income of PHP50,000 or its equivalent in US dollars, and have a stable source of income from employment or business. Your tenure with a company should be at least two years, or you should have a business with at least two years of profitable operations. For those employed abroad, the loan requires two to three consecutive years of employment and an assignment of a Beneficiary as Loan Administrator.
If you want to initially have an idea about how much is the monthly amortizations for a certain amount of loan, try using the BDO Home Loan Calculator which can help you find the home loan package that will suit your budget. Just input the loan amount you have in mind and it will give you the monthly payment required. For instance, by using the calculator, this is the monthly payment for a property worth PHP1M:
|Property Selling Price||Php1,000,000|
|Down payment of 20%||Php200,000|
You can change the values as you want so that you can determine the best option for you.
Once you have prequalified yourself, you are now ready to prepare the requirements.
- Documents You Need to Submit
The basic documents required of you are as follows:
- A properly filled-out Application Form
- A photocopy of one (1) valid ID with details matching your Application Form (Acceptable IDs are Passport, Driver’s License, SSS, PRC, OWWA ID, OFW ID, Seaman’s Book
- Marriage Contract for those who are married
You will also prepare and submit the following documents as proof of your income:
- If you are locally employed – a copy of your latest Income Tax Return (BIR Form 2316), three (3) months recent pay slip, and a Certificate of Employment specifying your current income
- If you are self-employed—a photocopy of audited Financial Statements for the last two years including ITR, Bank Statement or photocopy of passbook for the last (6) months, Certificate of Business Registration from DTI or SEC and Articles of Partnership or Incorporation, and Company Profile
- If you are employed abroad—a proof of remittance for the last three months, latest Crew Contract if sea-based, and a Consularized Certificate of Employment specifying income, and latest three months’ pay slip
If you have other sources of income, you can also submit documents related to it—such as Contract of Lease and photocopy of title. For foreign nationals, you can visit the BDO website for a list of acceptable visas.
Lastly, you will need to make available the following additional documents:
- For Collaterals- a photocopy of the property title, vicinity map and lot plan, and a copy of current tax
- For Construction Loan- Floor/Building Plan of proposed improvement, Bill of materials, and Building specification of proposed finishes all certified by a licensed Architect or Civil Engineer
- For the purpose of refinancing an existing loan or loan take-out – Statement of Account from the current bank and official receipts for the last three months
- File Your Application
Once you are done with document preparation, you can submit your loan application through three (3) accessible channels: online through the BDO website, or by filing it in the BDO Home Loan Provincial Business Centers, or by visiting any BDO branch nearest to you.
BDO Home Loan with its simplified process and improved features can be your partner in helping you acquire your dream home.