If loans are put into good use and lenders have been chosen wisely, it can give most Filipinos the chance to get their dream homes with financial ease. Filipinos finance their various housing needs with a home loan, and this includes the BDO home loan.
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Will the BDO Home loan fit your housing needs just right?
- Who can apply for the BDO home loan?
BDO offers its home loan to Filipinos and foreign nationals who are 21 to 65 years old. The applicant must have a minimum gross family income of P50,000 a month. this means that you can combine your salary with your spouse to be eligible.
Of course, you must prove that you have a stable income. The key factor is to convince the bank that you can handle the loan repayments. If you are not employed as a regular employee in a company, you need to have a thriving business which has been profitable for the past two years.
- What are the BDO home loan requirements?
You need to make sure that you can provide the require documents. Like any other loan, your loan will not be processed (let alone approved) if you do not complete your require documents. You will need a photocopy of Tax Declaration, Transfer Certificate of Title (TCT), two valid government ID, marriage contract, and Floor Plan of proposed improvement if you are applying for Construction Loan.
- How much is BDO home loan’s amount?
The actual loanable amount will still depend on the value of the real estate property you want to purchase or mortgage. It may also depend on your capacity to pay since the bank will review your financial status and credit history. The minimum amount you can borrow is P500,000.
- BDO home loan fees to settle
Aside from the interest, you need to pay the appraisal fee, handling fee, notarial fee, registration fee, documentary stamps and insurance. Buying a house involves taxes which you must be responsible for. Before you get a housing loan, make sure that you are also prepared for these.
- What are the possible downsides
- Yearly repricing is applied. This means that the longer term you have, the higher interest rate you’ll be charged with.
- The process until cash disbursement takes at least 15 days. Given that you have completed your require paperwork, the process will take five days. Then you have to wait for another 10 days for the cash to be disbursed.
- The required monthly income is higher compared to other banks’ home loans. If you are the sole earner in your family, then this is steep.
- BDO offers high minimum loanable amount for a home loan compared to the offers of other banks. If you want to have a minor home reconstruction which you think will cost below P500,000, then you have to find another loan to suit your needs.
In need of quick cash for a minor house repair, but have no time to wait for a bank loan approval? Get it from Cash Mart.