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Home Loan

Overview

WHAT WE OFFER

 

Various Home Loan Options

BDO offers financing assistance for the following loan purpose:

• Purchase of House and Lot / Townhouse Unit

• Purchase of Condominium Unit

• Purchase of Vacant Lot

• Construction of House

• House Renovation / Home Improvement

• Reimbursement of Acquisition

• Refinancing / Loan Take-out

Affordable Cash Out

All-in Financing

• Spread out payments of your mortgage fees and loan-related charges up to the term of your Home Loan.

Light Payment Options
Choose from the following options:

• 60-day Grace Period
  First payment to start sixty (60) days after the release of your loan, subject to applicable interest.
 

• Interest Only for the first six (6) months
  Principal and interest payments to start right after.

More

Flexible Loan Terms

  House & Lot/ Townhouse/ Construction Condo Unit Vacant Lot
Min. Loan Amount P500,000 P300,000
Max. Loan vs.
Appraised Value of Property
80% 70% 70%
Max. Loan Term 20 years 15 years 10 years

 

Low Interest Rates
Enjoy low rates with options for longer fixing period to help you manage your monthly payments.

Fast Processing Time
Get loan approval within five (5) working days for Metro Manila and ten (10) working days for provincial areas upon submission of complete application documents.

Reward Points via BDO Rewards
Earn BDO Rewards points which can be redeemed at any SM Department Store for items of your choice.

 

HOW TO APPLY

 

Step 1: Check Your Qualifications

• At least 21 years old but not exceeding 70 years old at the end of the loan term

• Filipino Citizens or Foreign Nationals

• Minimum gross income of P50,000/month or its equivalent in US Dollars

• With stable source of income from employment or business

Locally Employed Self-Employed Employed Abroad

At least 2 years with current company

At least 2 consecutive profitable years of operation

• 2 to 3 years
  consecutive
  employment

• Assignment of
  Beneficiary as Loan
  Administrator if not
  in the Philippines at
  the time of
  application.

Step 2: Prepare The Requirements

Basic Documents

• Completely filled-out application form

• Photocopy of one (1) valid ID matching application details

  Acceptable IDs: Passport, Driver’s License, SSS, PRC,
  OWWA ID, OFW ID, Seaman’s Book

• Marriage contract, if applicable

 

Income Documents

Locally Employed Self-Employed Employed Abroad

• Latest Income Tax
  Return or BIR Form
  2316

• Latest three (3)
  months payslip

• Certificate of
  Employment with
  Income (COEI)

• Photocopy of
  Audited Financial
  Statements for the
  last two (2) years
  with latest ITR

• Bank Statements or
  Photocopy of
  Passbook for the
  last six (6) months

• Certificate of
  Business
  Registration from
  DTI or SEC, Articles
  of Partnership or
  Articles of
  Incorporation
  (whichever is
  applicable)

• Business
  Background or
  Company Profile

Any of the following:

• Proof of Remittance
  for the last 3
  months

• Latest Crew
  Contract, if sea
  based

• Consularized
  Certificate of
  Employment with
  Income (COEI) or
  latest three (3)
  months payslips

If with Additional Source of Income from Rental of Property/ies

• Lease Contract
• Photocopy of Title

 

List of acceptable Visas for Foreign Nationals
   (for submission, whichever is applicable). Click here.

 

• Collateral Documents

• Photocopy of Title
• Lot Plan with Vicinity Map
• Photocopy of Tax Declaration
     

Additional Documents

For Construction Loan*

• Building / Floor Plan of proposed improvement
• Bill of materials
• Building Specification of proposed finishes

*All documents must be certified by an Architect or Civil Engineer
 

For Refinancing / Loan Take Out

• Statement of Account from current bank and official
  receipts for the last three (3) months

Step 3: Submit Application Form and Requirements

Submit through any of the following channels:

Apply Online

• BDO Home Loan Provincial Business Centers

• More than 1,000 BDO Branches Nationwide

 

TOOLS TO HELP YOU

 

Home Loan Calculators

Compute for a loan package that suits your budget

Home Loan Steps & Tips

Home ownership made possible through BDO Home Loan.

Check out practical steps and tips to owning your new home.

 

 

 

 

 

Interest Rate

New Home Loan Applications

Fixing Period
Interest Rate
1 year
6.50% p.a.

Note: Quoted rate is subject to change without prior notice.

 

Existing Home Loan Borrowers

Applicable Re-Pricing Rate will apply.

 

 

  Home Loan Calculator

  Compute for a loan package that suits your budget.

 

 

Application Requirements

Step 1: Check Your Qualifications

• At least 21 years old but not exceeding 70 years old at the end of
  the loan term

• Filipino Citizens or Foreign Nationals

• Minimum gross income of P50,000/month or its equivalent in
  US Dollars

• With stable source of income from employment or business

Locally Employed Self-Employed Employed Abroad

At least 2 years with current company

At least 2 consecutive profitable years of operation

• 2 to 3 years
  consecutive
  employment

• Assignment of
  Beneficiary as Loan
  Administrator if not
  in the Philippines at
  the time of
  application.

 

Step 2: Prepare The Requirements

Basic Documents

• Completely filled-out application form

• Photocopy of one (1) valid ID matching application details

  Acceptable IDs: Passport, Driver’s License, SSS, PRC,
  OWWA ID, OFW ID, Seaman’s Book

• Marriage contract, if applicable

 

Income Documents

Locally Employed Self-Employed Employed Abroad

• Latest Income Tax
  Return or BIR Form
  2316

• Latest three (3)
  months payslip

• Certificate of
  Employment with
  Income (COEI)

• Photocopy of
  Audited Financial
  Statements for the
  last two (2) years
  with latest ITR

• Bank Statements or
  Photocopy of
  Passbook for the
  last six (6) months

• Certificate of
  Business
  Registration from
  DTI or SEC, Articles
  of Partnership or
  Articles of
  Incorporation
  (whichever is
  applicable)

• Business
  Background or
  Company Profile

Any of the following:

• Proof of Remittance
  for the last 3
  months

• Latest Crew
  Contract, if sea
  based

• Consularized
  Certificate of
  Employment with
  Income (COEI) or
  latest three (3)
  months payslips

If with Additional Source of Income from Rental of Property/ies

• Lease Contract
• Photocopy of Title

 

List of acceptable Visas for Foreign Nationals
   (for submission, whichever is applicable). Click here.

 

• Collateral Documents

• Photocopy of Title
• Lot Plan with Vicinity Map
• Photocopy of Tax Declaration
     

Additional Documents

For Construction Loan*

• Building / Floor Plan of proposed improvement
• Bill of materials
• Building Specification of proposed finishes

*All documents must be certified by an Architect or Civil Engineer
 

For Refinancing / Loan Take Out

• Statement of Account from current bank and official
  receipts for the last three (3) months

Step 3: Submit Application Form and Requirements

Submit through any of the following channels:

Apply Online

• BDO Home Loan Provincial Business Centers

• More than 1,000 BDO Branches Nationwide

 

Click here for the printable version of the complete list of requirements.       

 

FAQs

APPLYING FOR A HOME LOAN

 

MY SALARY IS BELOW THE MINIMUM REQUIRED INCOME OF P50,000 PER MONTH. AM I STILL ELIGIBLE TO APPLY FOR A BDO HOME LOAN?

The salary considered is combined gross family income.

• If married – you and your spouse's salary will be assessed for
  your home loan application

• If single – you may apply with a co-borrower who will have a joint
  liability in repaying the loan. Both of you will undergo the standard
  loan application evaluation process.

If you receive commissions or incentives on top of your basic salary, this may be considered in the evaluation. Along with your Certificate of Employment with Income (COEI), you may submit documents that prove regular receipt of commission or incentive.

WHAT ARE THE FEES THAT I NEED TO PREPARE WHEN APPLYING FOR A LOAN?

You need to pay an appraisal fee upon submission of your loan documents:

• Php3,500 (properties within Metro Manila)

• Php4,000 (properties outside Metro Manila)

ARE THERE OTHER LOAN-RELATED FEES THAT I NEED TO PREPARE FOR?

Yes, the following fees need to be settled prior to the release of your loan:

Prior to Loan Release*
Handling Fee Php3,000
Notarial Fee Php100 (for MM accounts only; for outside MM, depends on fee of Notary Public in the area)
Registration Fee Variable
Doc. Stamp Tax Php1.50 for every Php200 of the loan amount
Mortgage Redemption Insurance (MRI) Premium Php4.75 for every Php1,000 of the loan amount (assuming standard rate for borrowers up to 49 years old)

Php6.50 for every Php1,000 of the loan amount (assuming standard rate for borrowers ages 50 to 64 years old)

Fire Insurance (FI) Premium Variable
(based on the appraised value of the improvement submitted, excluding parking slot for condo or land for residential property)
Others (for House Construction or Renovation)
Inspection Fee Php1,500
(per inspection)
Construction All-Risk Insurance (CARI) Variable
(based on the amount of building materials and occupancy)

*These fees may be applied under All-In Financing.

Note: Fees may change without prior notice

MY PARENTS WANT TO RENOVATE THEIR EXISTING PROPERTY BUT THEY ARE ALREADY RETIRED. CAN I APPLY FOR A HOME LOAN ON THEIR BEHALF, AND AS SOLE BORROWER?

You can apply as the borrower for as long as your income is sufficient to pay for the monthly amortization. You will be required to submit the necessary application documents for evaluation. Your parents, being the owners of the property, will sign as co-borrowers and mortgagors of the loan.

I'M A FOREIGNER WORKING AND LIVING IN THE PHILIPPINES FOR MORE THAN 3 YEARS NOW, AM I QUALIFIED TO APPLY FOR A BDO HOME LOAN?

Yes, BDO Home Loan also caters to Foreign Nationals but home financing is limited to properties classified as condominium. Please click here for the list of acceptable visas.

 

MAINTAINING MY HOME LOAN

 

HOW CAN I PAY MY MONTHLY AMORTIZATION?

Monthly Loan payments are deducted from an enrolled BDO Savings or Checking Account assigned via Automatic Debit Arrangement (ADA).

Ensure that your enrolled BDO account is sufficiently funded before the due date of your monthly loan payment to avoid penalties and late payment charges.

For OFWs/Immigrants, the following payment options are available:

Via Remittance to a BDO Account

• Visit any BDO Remit Office or accredited remittance
  partner abroad.

• Fill out the form and request crediting of remittance to the
  BDO Account assigned under ADA and indicate the
  following details:

    ¤ Account Name
    ¤ BDO Account Number
• Monthly Amortization is deducted from the BDO Account
  every due date.

Via Fund Transfer thru SWIFT Code

• Visit any of BDO's Correspondent Bank abroad.

• Fill out the form and indicate the necessary information

    ♦ If Credited to BDO Deposit Account
       ¤ Beneficiary Bank (use SWIFT Code BNORPHMM)
       ¤ Beneficiary Name (should be the account name of the client)
       ¤ Beneficiary's BDO Deposit Account Number
       ¤ Amount of Payment
       ¤ Purpose of Remittance, specify PAYMENT FOR HOME LOAN

    ♦ If Direct Payment via PN No.
       ¤ Beneficiary Bank (use SWIFT Code BNORPHMM)
       ¤ Beneficiary Name (should be the name of the client)
       ¤ Promissory Note Number (PN No.)
       ¤ Amount of Payment
       ¤ Purpose of Remittance, specify PAYMENT FOR HOME LOAN

WHY AM I REQUIRED TO HAVE INSURANCES FOR MY HOME LOAN? WHAT ARE THOSE INSURANCES FOR?

Insurances attached to your loan are not just additional expenses but coverage that protect you, your family and your property in case of untoward incidents.

• Mortgage Redemption Insurance (MRI) keeps you protected in
  case an unfortunate incident happens to you before the end of
  your loan.

• Fire Insurance (FI) covers for expenses on your property caused
  by fire, calamity, catastrophe, etc.

    ¤ For Construction Loan
       Constructor's All Risk Insurance is required in the entire
       duration of the construction period. It will be converted to FI
       upon completion of construction.

HOW DO I PAY FOR THE INSURANCE PREMIUM?

Insurance Premiums can be paid via Automatic Debit Arrangement (ADA) or Over-the-Counter (OTC) at any BDO branch nationwide.

This is charged one time for a 12-month coverage and renewed
annually with corresponding renewal premium.
HOW DO I ACCESS MY BDO HOME LOAN ACCOUNT VIA ONLINE?

BDO's Online Banking Facility will enable you to access your Home Loan details online. You should have a BDO deposit account or credit card to enroll. To set up an account in BDO Online Banking:

    1. Enroll at www.bdo.com.ph. Click here to access the BDO
        Online Banking Facility
    2. Activate via any BDO ATM
    3. Add your Home Loan account under Enrollment Services

Once your account is set-up, you may view your Account and Transaction Details, such as account number, interest rate, monthly amortization, outstanding balance, etc.

There is also a Services menu where you can update your contact information, request for copies of your loan documents and others.

 

OTHER HOME LOAN-RELATED CONCERNS

 

WHAT IS FIXED INTEREST RATE?

“Fixed Interest Rate”  is the interest rate that does not fluctuate or remains the same for a specific period of time.

The interest rate is normally fixed from the date the loan is released, e.g. for 1 year fixed rate and loan is released September 1, 2017, rate is fixed up to September 1, 2018.

   • You have the option to have your interest fixed for 1, 2, 3, 4 to 5
     years. After the initial fixing period, it will be yearly repricing and
     yearly fixed, thereafter.

WHAT IS INTEREST REPRICING?

This is the review and change of interest rate based on the current loan rate or as indicated in your signed loan documents. It occurs after the end of your fixed rate period.

I'M BUYING A NEW PROPERTY BUT THE SELLER WANTS ME TO PAY IT IN CASH. I HAVE ANOTHER PROPERTY WITH TITLE REGISTERED UNDER MY NAME, CAN I OFFER THIS PROPERTY AS COLLATERAL FOR LOAN?

Yes, you can. This type of loan falls under acquisition of property using a different collateral. Your loan application will undergo the standard process, where the property that you will submit as collateral will be appraised by Bank. The loan amount will be based on the appraised value of the collateral. Once your loan is approved, the bank will release the funds which you can use to pay the seller of the property you want to buy.

I'M PLANNING TO APPLY FOR A CONSTRUCTION LOAN, HOW WILL MY LOAN BE RELEASED AND WHEN WILL I START MY MONTHLY PAYMENTS?

For Construction Loan, funds are released in staggered basis depending on the percentage of completion of the improvement that you will construct. Releases are usually at 0%, 30%, 60% and 90% completion. Maximum construction period is 1 year.

Upon release of loan, you will start paying the interest only until full loan amount has been released. Monthly amortization for both principal and interest to start right after.

HOW WILL I GET A COPY OF MY BDO HOME LOAN DOCUMENTS?

Your loan documents, as well as other notices in relation to your BDO Home Loan will be sent to you electronically via email and/or SMS to the contact details you provided during your application.

Please ensure to keep your contact information updated.

To update your contact details:
   1. Go to www.bdo.com.ph/loans and select Loan Services or
       click here.
   2. Choose your existing loan product and click update contact
       information.
   3. Fill in all mandatory contact information and click submit.

 

Home Finder

 

 

Home ownership made possible through BDO Home Loan.
Check out practical steps and tips to owning your new home.

 

 

 

List of Real Estate Properties for Sale

Get your new home from the list of BDO's foreclosed properties.
To know more about a property you’re interested in, you may
get in touch with BDO Asset Management Group at
(02) 702-7088 / (02) 702-6000.

Loan Services
Online Survey

 

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