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Practical Insights on BDO Home Loans

If loans are put to good use, and lenders have been chosen wisely, it can give most Filipinos a chance to get their dream homes with financial ease. Filipinos finance their various housing needs with home loans, including the BDO home loans.

practical-insights-on-bdo-home-loansWill the BDO Home loan fit your housing needs just right?

Who can apply for the BDO home loan?

BDO housing loan is for 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. You can combine your salary with your spouse’s 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. Are you not a regular employee in a company? You need to have a thriving business that 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 required documents. Like any other loan, your loan will not be processed (let alone approved) if you do not complete your required documents. If you apply for BDO Construction Loan, you will need a photocopy of the Tax Declaration, Transfer Certificate of Title (TCT), two valid government IDs, marriage contract, and Floor Plan of the proposed improvement.

How much is the BDO home loan amount?

The actual loanable amount will still depend on the value of the real estate property you want to purchase or mortgage. Also, it may depend on your capacity to pay. The bank will review your financial status and credit history. The minimum amount you can borrow is P500,000.

BDO housing 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 of BDO, ensure you are also ready for these. In addition, don’t forget to use a BDO mortgage calculator. This way, you can have a rough estimate of the monthly payment you need to settle. 

What are the possible downsides?

    1. Yearly repricing is applied. This means that the longer term you have, the higher your BDO home loan interest rate will be charged.
    2. The process until cash disbursement takes at least 15 days. Given that you have completed your required paperwork, the process will take five days. Then you must wait another 10 days for the cash to be disbursed.
    3. 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.
    4. BDO offers a high minimum loanable amount for a home loan compared to the offers of other banks. You must find another loan to suit your needs if you want a minor home reconstruction that you think will cost below P500,000.

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