Home Loan

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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 PAY WHEN APPLYING FOR A HOME LOAN?

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

• P5,000 (if collateral is within 30km radius from any BDO Branch)

• P5,500 (if collateral is outside 30km radius from any BDO Branch)

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
Credit Life Insurance (CLI) 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.

• Credit Life Insurance (CLI) Premium 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?

You may pay your insurance premiums via:

Built-In Insurance
BDO offers payment of insurance premiums on installment for Credit Life Insurance (CLI) and Fire Insurance (FI) under the Built-In Insurance.

Payment will be spread out in 12 monthly installments without interest and will be billed together with your loan amortization.

CLI and FI will also be renewed automatically up to the term of your loan under this payment scheme.

Currently available to Home Loan clients availing of 1-year fixed rate.

Automatic Debit Arrangement (ADA) or Over-the-Counter (OTC)
If you are not enrolled under the Built-In Insurance, you may settle your annual insurance premium in full via ADA or thru OTC payment at any BDO Branch nationwide.

Insurance coverage is renewed annually with corresponding renewal premiums.

Always take note of your policy numbers as reference when paying.

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/personal/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.

You are inquiring about Home Loan

Please fill in the fields below and an Account Officer will get in touch with you. All fields are mandatory.

To know more about Home Loan or to apply for a loan online, you may click the corresponding button at the bottom of the page.

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Im Inquiring from: *

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