Guide on Whether You Can Apply for BPI Home Loan In Case You Don’t Meet the Required Income or Not
BPI HOME LOAN – Here is a guide on whether you can apply for the housing loan offer of the Bank of the Philippine Islands if you don’t meet the required income or not.
Most banks in the Philippines now got home loan offers. They aim to provide cash assistance to clients who wanted to purchase a vacant lot, a house and lot, a condominium unit, or a townhouse.
In fact, some of these offers provided by bank also cover house construction and home renovation purposes. The interest rates, the loanable amounts, the eligibility qualifications, and a lot more may vary from bank to bank. One of the banks with the said offer is the Bank of the Philippine Islands (BPI).
With regards to the BPI Home Loan offer, there are minimal eligibility requirements in applying. For a person to be eligible to apply for the offer, he or she must be:
- of legal age but not more than 65 years old on the day that the loan will mature
- a Filipino, a foreigner married to a Filipino citizen, or a foreigner with a resident visa
- having a stable source of income
The Bank of the Philippine Islands has set a minimum total household income requirement in applying for BPI Home Loan. It must not fall below Php 40,000.00. How about if you don’t meet the said income requirement?
All loan applications are under the evaluation process of the bank. You may still apply but it depends on the evaluation of the bank and the decision whether to approve or reject your application.
Do you want to know how much you can borrow under the said offer? You may visit – BPI HOME LOAN – Minimum & Maximum Loanable Amounts.
The loan term offered by BPI depends on the purpose of the application. The maximum tenor for the purchase of a house and lot is twenty-five (25) years while the other purposes’ maximum loan term is ten (10) years.
You might want a guide on how to apply for this loan offer and the documents that you must prepare. Feel free to visit – BPI HOUSING LOAN: How To Apply For Housing Loan Through BPI Online.
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