Are you eligible for a BDO home loan?
Yes, you are eligible to apply if:
- you are at least 21 years old
- you do not turn 65 years old before loan maturity
- your gross family income is at least 50,000 pesos a month
- if employee: you have been employed for 2 years or more with your current company
- if self-employed or businessperson, your profession or business has been profitable for at least 2 years
- you are a Filipino citizen
- if foreigner, please see your visa requirements at the bottom of this post
What basic documents are required in the application for a BDO housing loan?
- BDO application form (filled-up and signed)
- Copy of 1 valid ID matching data written on BDO application form
- Marriage contract, if married
What documents are required as proof of income?
For Employees in the Philippines:
1. Latest Income Tax Return (ITR) or W2
2. Payslips for the last 3 months
or Certificate of Employment and Income with salary breakdown
For Employees Abroad or OFWs:
Proof of remittance for the last 3 months
or payslips for the last 3 months
or Certificate of Employment and Income authenticated by Philippine Consulate
or Employment Contract authenticated by Philippine Consulate
Latest Crew Contract and Employment History
or Crew Contract and Exit Pass from POEA
- Certificate of Registration from SEC or DTI
- Articles of Incorporation or Partnership
- Bank Statements for the last 3 consecutive months
- Trade References: List of Suppliers and Customers
- List of Affiliated Hospitals or Clinics (for doctors)
- Lease Contracts and copy of title (for real estate rentals)
What Initial Property Documents are Required?
- Photocopy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT ) in the name of the seller
- Lot Plan with Vicinity Map certified by a Geodetic Engineer
- If condo, Master Deed of Declaration of Restrictions
After BDO approves your loan application, you will need to transfer the TCT or CCT and Tax Declaration to your name. Before loan release, you will submit to BDO the original copy of the TCT or CCT, the latest tax declaration and the latest real estate tax receipt, all under your name.
What is the Minimum Loan Offered by BDO?
What is the Maximum Loan Term?
How Much Can I Borrow?
Up to 80% of the Appraised Value of the Lot, or House and Lot, or Townhouse, or Condo
Are there expenses in applying for a BDO Housing Loan?
You pay the appraisal fee upon submission of application:
Appraisal Fee 3,500 pesos (Metro Manila)
4,000 pesos (outside Metro Manila)
You pay these prior to loan release:
Handling Fee -- 5,000 pesos
Notarial Fee -- 500 pesos
Registration Fee -- depends on loan amount
Mortgage Redemption Insurance (MRI)
Fire Insurance (FI)
Are there other expenses related to the housing loan?
Your biggest expense will be the cost of transferring the TCT or CCT to your name. You will pay the transfer tax (0.5% to 0.75% of sales price), documentary stamp tax (1.5% of sales price), any unpaid real estate tax, and registration fee.
The capital gains tax should paid by the seller, but there are times that the seller is able to persuade the buyer to also pay for the capital gains tax (6% of sales price), as part of the deal.
ADDITIONAL DOCUMENTS REQUIRED from FOREIGNERS:
Photocopy of Alien Certificate of Registration (ACR) showing Visa status
or Alient Employment Permit (AEP)
or Visa ID
Your visa should be one of the following:
- Alien spouse of a Filipino citizen (Sec 13A Visa)
- Natural-born Filipino married to an Alien (Sec 13D Visa)
- Returning Resident (Section 13E Visa)
- Natural-born Filipino naturalized in foreign country (Sec 13G Visa)
- Special Retiree's Resident Visa (SRRV)
- Quota/Preference Immigrant Visa
- Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
- Working Visa issued to Embassy Officials