Banco de Oro could be the largest bank in the Philippines that is giving many services for its Filipino customers. One of the products it offers is the BDO Housing loan for those people who don’t have enough money to buy or build their own home.
If you would like to apply for a housing loan, there are some requirements you should satisfy before proceeding to the application. In this post, you will learn the necessary documents and other important requirements in BDO housing loan application.
Eligibility for BDO Housing Loan Application
Before you could apply for a loan, first, you should determine if you are eligible to apply otherwise it would be useless to gather all documents since you will not allowed to apply. You must satisfy the eligibility requirements below as mentioned in BDO’s website. As an applicant, you should be either of the following and satisfy the requirements such as:
- Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, of legal age (not exceeding 65 yrs old upon loan maturity)Individuals with minimum gross family income of P50,000.00/monthly.
- For sole proprietorships or family corporations, the business must be profitably operating for the last two (2) years.
Documents and Important Requirements for Housing Loan
If you are planning to apply directly in BDO Housing Loan just bring the following requirements when going to the bank:
1. Insurance Requirements
- 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 during application.
2. Pre- approval Requirements
For documentary requirements, you should furnish the following documents before your housing loan will be approved.
- Collateral Papers
- Copy of TCT / CCT
- Lot plan and vicinity map certified by a Geodetic Engineer
- Master Deed of Declaration of Restrictions (for condominiums)
- For construction/renovation
- Building plan or floor plan
- Bill of materials
- Building specifications (certified by a Civil Engineer)
- For refinancing
- Statement of account or latest three (3) months official receipts
- Marriage contract
- Valid ID (primary IDs eg. Driver’s License, passport, SSS, etc)
- Owner’s Collateral Appraisal Authorization
- Appraisal fee
3. Post Approval Requirements
After the approval of you loan, there are some requirements you need to also submit to complete your application such as the following:
- Original Owner’s Duplicate Copy of Title (TCT or CCT) registered under the name of the borrowers
- Original Copy of Tax Declaration (for Land & Improvement) registered under the name of the borrowers
- Original Copy of Tax Clearance for the Current Year (for Land and Improvement)
- Original Copy of Current Year’s Real Estate Tax Receipts (for Land and Improvement)
The above-mentioned requirements are the complete documents in BDO housing loan application. You should gather all before visiting the bank before applying.
Reference & Photo Source: BDO