Eligibility requirements:
- Must be between 18 and 70 years old at loan maturity.
- Minimum household income of Php 40,000.
- Loan amount between Php 400,000 and 90% of property value
- Philippine residency or proof of valid residency.
BPI Construction Loan application steps:
- Visit the official BPI website or go to any branch.
- Fill out the housing loan application form.
- Submit required documents such as proof of income and property details.
- Wait for approval notification via SMS.
- Sign the loan documents to finalize the process.
Frequently asked questions
How long does it take to get approved for a BPI loan?
It typically takes a few business days to process and approve your application, subject to document verification.
Is it required to explain why credit is being used?
Yes, a clear purpose for the loan, such as property construction or purchase, is necessary during the application.
Do I need to have a good credit score to be approved for a BPI loan?
While a good credit score helps, meeting income and document requirements also significantly impacts approval.
Can I apply for a loan if I am self-employed?
Yes, self-employed applicants are eligible but must provide additional documentation, such as financial statements.