- Listed: August 30, 2012 1:30 AM
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!
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
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
- 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.
- 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.
- Must be residential
- May or may not be owner-occupied
Any of the following:
- Single detached
- Condominium units
- Vacant lots
Apartment (up to 4-door)
- Must be free from liens & encumbrances
Located within BDO serviceable areas
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 Outside Metro Manila||P4,000.00|
|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.