BDO Housing Loan Process

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“How can I apply for a Bank Home Loan?”

 

BDO Home Loan
      Your worry-free home financing solution is here!
      With BDO Home Loan, your dream of owning a home can become a reality!


Choose from convenient BDO Home Loan plans that suit your needs--low interest rates with longer payment terms, and so much more in store.

Apply now and get approval of your loan within 10 days!

Loan Purpose
Use the funds for any of these Loan Purposes:

  • Acquisition of vacant lot, house and lot, townhouse, condominium unit
  • House construction
  • House renovation/Home Improvement
  • Refinancing of existing house loan
  • Reimbursement of acquisition cost or construction cost
  • Acquisition with refinancing
  • Refinancing and equity loan

  • Equity Loan

Loanable Amount
Minimum: P500,000.00
Maximum: Based on appraised value of property

  • Up to 80% of appraised value for house & lot
  • Up to 80% of appraised value for townhouse
  • Up to 70% of appraised value for vacant lot

  • Up to 70% of appraised value for condominium

Payment Terms

  • 20 years for house & lot, townhouse
  • 15 years for condominium
  • 10 years for vacant lot
  • The age of the borrower should not exceed 65 years old at loan maturity and the term of loan should not exceed the remaining economic life of the property

  • We do not collect pre-payment penalties but we charge a one-time processing fee of P3,500 for full payment of loan before maturity.

Who Can Apply?

  • Filipinos, Filipino married to foreigners, Foreigners (if collateral is a condominium), or Filipino citizens with Dual Citizenship, of legal age (not exceeding 65 years old upon loan maturity)
  • Individuals with minimum gross family income of P50,000.00/month.

  • For sole proprietorships or family corporations, the business must be profitably operating for the last two (2) years.

Insurance

  • Mortgage Redemption Insurance (MRI) - equal to loan amount
  • Fire Insurance - equal to the appraised value of the improvement
  • Contractor's All Risk Insurance - for construction loan only (to be converted into Fire Insurance upon project completion)

  • Master Fire Policy - for condominiums only

All insurances to be endorsed to the Bank.

Security/Collaterals

  • Must be residential
  • May or may not be owner-occupied

  • Any of the following:

    • Single detached
    • Townhouse
    • Duplex
    • Condominium units
    • Vacant lots
    • Mixed-used

    • Apartment (up to 4-door)

  • Must be free from liens & encumbrances

  • Located within BDO serviceable areas

Payment Option

  • Automatic Debit Arrangement (ADA) against BDO deposit account

Other costs that usually accompany a Home Loan?

Home loan is usually accompanied by the following extra costs:

Appraisal Fee P3,500.00
Appraisal Fee Outside Metro Manila P4,000.00
Handling Fee P5,000.00
Mortgage Redemption Insurance P4,430.00 for every million, assuming standard rating
Fire Insurance Depends on the appraised value of the improvement


 *Mortgage Registration Insurance is based on loan amount.


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Documents Required Upon Loan Application

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    Housing Loan Application (HLA) notarized with ID photo – original copy
    Approved Membership Status Verification Slip (MSVS) – original copy
    Certified true copy of Transfer Certificate Title (TCT) of the property by the Registry of Deeds (latest title)
    Photocopy of updated Tax Declaration
    Location plan and Vicinity map