For many OFWs, one of the main goals for working abroad is so that they can afford to buy a new house for their family in the future. This is the reason why they work hard day after day, trying to save as much as they can for their dream home.
Well, here’s a good news for you. With the right housing loan, you don’t have to wait for years before you can acquire your very own property.
The Bank of the Philippine Islands (BPI) is one of the leading banks in the country and they are offering a housing loan option for interested OFWs.
BPI Housing Loan Requirements for Pre-Processing
Here are the required documents so you can qualify for pre-processing:
- A completed Housing Loan Application Form.
- If married, you and your spouse will need to sign on the same form.
- If with co-borrower or co-mortgator, you should fill-up separate forms.
- 2 Valid IDs.
OFW Income Documents
Of course, you need to prove that you can afford to pay the loan. To do that, you have to submit these documents:
- A Philippine Consulate-authenticated contract or certificate of employment.
- Proof of monthly remittances.
- Authenticated or notarized Special Power of Attorney (in BPI FSB format).
- If you are a seaman, a POEA-validated crew contract and exit pass.
As far as collateral documents are concerned, you need the following:
- Clear copy of Owner’s Duplicate copy of TCT/CCT.
- A Geodetic Engineer-certified lot plan with location map.
- Photocopy of Tax declaration, tax receipts, and tax clearance.
- Endorsement letter from accredited developer mentioning the contract price.
These are the basic requirements if you want to apply for a BPI housing loan. For inquiries, you can always pay a visit to their nearby branches. You may also visit their official website for detailed information about housing loan applications.