Complete Guide to BPI Family Housing Loans

Published: January 22, 2018 | Updated: May 20, 2020 | Posted by: Munmun Nath | Loans

If you are still on the lookout for an affordable and reasonable housing loan, you may want to pause and have a look at the BPI Family Housing Loan. BPI Family Housing Loans are not only for purchasing a new house, it is also available for the construction, improvement, and renovation of properties.

What are the Types of BPI Family Housing Loans?

Apart from the housing loans, the BPI Family Housing Loan also offers the property equity loans. The housing loan serves several purposes such as:

  • The acquisition of vacant lot, house and lot, a townhouse and residential condominium
  • House construction
  • Home improvement
  • Home renovation

On the contrary, property equity loans use the equity in your home (the value of your home deducts the amount you owe on the property) as collateral. You can use the loan for any purposes other than purchasing houses.

Am I Eligible for the BPI Family Housing Loan?

Any Filipino of legal age is eligible to apply for the BPI Housing Loan. However, the borrower must not be more than 65 years old upon the maturity of the loan.

At the same time, a foreign national also can avail of the BPI Housing Loan but his or her application is restricted only for condominium purchases. A foreign national is a person who is not a citizen but is currently residing in the Philippines for a period.

However, if the foreign national marries a Philippine citizen, he or she is eligible to acquire a house and lot by providing an Affidavit of Support and the Waiver of Rights over the collateral property. An Affidavit of Support is a document an individual (Filipino citizen) signs to accept the financial responsibility for another person who is coming to the Philippines to live permanently.

The minimum gross monthly income to earn the qualification for the BPI Family Housing Loan is PHP 40,000. At the same time, borrowers need to show the proof of being employed or in business for the last 2 years.

bpi family housing loans

Source: erishdeguzman20

How Much Can I Borrow?

The minimum loan amount of the BPI Family Housing Loan is PHP 400,000. However, the maximum amount of the loans varies according to the types of your property:

  • • Up to of 60% of the appraised value of a vacant lot or residential condominium
  • • Up to 70% of the appraised value of a house and lot

(If the borrower is employed and the loan serves for the owner occupancy, the maximum loan amount can go up to 80% of the appraised value of the house and lot.)

What Payment Terms are Available?

This BPI Family Savings Bank provides housing loan borrowers a wide range of payment term options. You are free to choose among the payment terms available from 5, 10, 15 to 20 years in order to get the monthly amortization amount that you’re most comfortable with.

However, there are some restrictions on the maximum payment terms depending on the type of your property:

  • 25 years of payment terms for the house & lot and townhouse
  • 10 years of payment terms for the vacant lot and residential condominium
  • 10 years of payment terms for the refinancing and multi-purpose loan
  • 5 years of payment terms for the business loan
BPI Family Housing Loan

Source: luxury_homes

What are the Interest Rates Offered by BPI Family Housing Loan?

As a glance, you may choose the yearly tenor with a 5.25% interest rate without any hesitation. However, the lowest rate comes with a yearly repricing. In other words, it is a variable interest rate that is subjected to change after a year. You will only pay the 5.25% interest rate in the first year. In the following year, the interest rate fluctuates with the market condition.

For example, if you chose the 6-10 years plan, you will be charged an interest with a fixed rate of 8.50% for 6-10 years. After the 10th year, the interest rate will be reset again. There are chances that the interest rate will remain unchanged or increase. However, it is really rare for the interest rate to go down.

Ready to apply for a BPI Family Housing Loan? Take their 60-second Loan Test to find what it would take to own your new home.

bpi family housing loans


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