How Do I Get a Housing Loan?
Taking out a housing loan isn't so frightening. Keep in mind these practical reminders
If you’ve been renting forever, perhaps you want to make that rent money go to a house that you can own. Taking out a housing loan from a bank isn’t as daunting as you think! Jocelyn Sta. Ana, senior vice president and head of Retail Mortgage Division of BPI Family Savings Bank gives us a list of important things to take note of:
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How do I get a bank loan?
Banks will help you assess the value of the property you want to acquire and let you borrow based on their assessment and your capacity to pay. “The interest rates vary depending on the duration of the amortization, not the amount you borrowed,” says Jocelyn. “We want to make sure that the loan is tailor-fit for each and every borrower.”
Is there a minimum income required to apply?
Yes, there is. For BPI, the minimum household income is P40,000.
What are the requirements needed?
The requirements include: an application form, income documents, and identification. For the complete detailed list, visit www.bpihousingloans.com.
Photo by Bea Marquez.
How long does the process take?
Processing your housing loan usually takes two days to a week, depending on the status of the borrower. This is also subject to how soon you can complete your requirements.
Can I get a reprieve on some months?
BPI Family Savings Bank offers a Pay-Break option for borrowers to choose a month in a year to defer from payment—useful for the time when you have to shell out for your child's tuition.
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