Condo - Philippines

» Fast and Efficient Processing

Apply now and you get approval of your loan within 10 days

» Multipurpose

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
• Equity Loan

» Security/Collateral

• Must be residential
• May or may not be owner-occupied
• Any of the following:

   o Single detached
   o Townhouse
   o Duplex
   o Condominium units
   o Vacant lots
   o Mixed-used
   o Apartment (up to 4-doors)

• Must be free from liens & encumbrances
• Located within BDO serviceable areas

» Loanable Amount

• Minimum: P500,000.00
• Maximum: Based on appraised value of property

   o Up to 80% of appraised value for house & lot
   o Up to 80% of appraised value for townhouse
   o Up to 70% of appraised value for vacant lot
   o Up to 70% of appraised value for condominium

» Mode of Release

• For Acquisition: One-time release
• For Construction: Staggered releases as follows:

   o First Release - 70% of Appraised value of lot
   o Second Release - upon 30% completion
   o Third Release - upon 60% completion
   o Fourth Release - upon 90% completion

» Flexible Payment Terms

• 20 years for house & lot, townhouse
• 15 years for condominium
• 10 years for vacant lot
• Provided that age of the borrower does not exceed 65 years old at
   loan maturity and term of loan does not exceed the remaining economic life
   of the property
• We do not collect pre-payment penalties but we charge PhP 2,000 as a
   processing fee for full payment of loan before maturity.
• Credit Ratio - 35%

» Various Payment Options

• Automatic Debit Arrangement
• Post-dated checks

» Earn Reward Points via BDO Rewards

Which can be redeemed at any SM Department Store for items of your choice.

» Apply at your Convenience

At our branches nearest you and submit your application form and complete documents.

Application Requirements

» Eligibility Criteria

• Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium),
   or former Filipinos with or without Dual Citizenship, of legal age (not exceeding 65
   yrs old upon loan maturity)
• Individuals with minimum gross family income of P50,000.00/monthly.
• For sole proprietorships or family corporations, the business must be profitably
   operating for the last two (2) years.
• OFW/s
• Immigrants

» Pre-Approval Requirements

• If locally employed

   o Latest Income Tax return (ITR)
   o Certificate of Employment with Compensation OR latest full month payslip

• If employed abroad

   o For seamen: latest crew contract and employment history
   o For nurses, contract workers and immigrants: employment contract or
      Certification of employment & salary (to be authenticated by the Phil. Consulate
      upon loan approval)
   o Proof of monthly remittances OR payslips for the past three (3) months

• If self-employed

   o Income Tax Return (ITR) for the last 2 years
   o Financial statements for the last 2 years (Audited and In-house, if applicable)
   o Certificate of Business Registration with DTI or SEC Business Registration &
      By-Laws, whichever is applicable
   o Top three (3) major suppliers and customers with contact persons and numbers
   o Photocopy of the Statement of bank accounts for the last six (6) months OR
      photocopy of passbook for the past six (6) months
   o For Rental Income: Copy of TCT/CCT and lease contract from rented/leased
      properties

• Documentary Requirements

   o Collateral Papers

      :: Copy of TCT / CCT
      :: Lot plan and vicinity map certified by a Geodetic Engineer
      :: Master Deed of Declaration of Restrictions (for condominiums)

   o For construction/renovation

      :: Building plan or floor plan
      :: Bill of materials
      :: Building specifications (certified by a Civil Engineer)

   o For refinancing

      :: Statement of account or latest three (3) months official receipts

   o Others

      :: Marriage contract
      :: Valid ID (primary IDs eg. Driver’s License, passport, SSS, etc)
      :: Owner’s Collateral Appraisal Authorization
      :: Appraisal fee

» Insurance Requirements

• Mortgage Redemption Insurance (MRI) - equal to loan amount
• Fire Insurance - equal to the appraised value of the improvement

   o Contractor’s All Risk Insurance - for construction loan only
      (to be converted into Fire Insurance upon project completion)
   o Master Fire Policy - for condominiums only

All insurances to be endorsed to the Bank.

» Post Approval Requirements

• Original Owner’s Duplicate Copy of Title (TCT or CCT) registered under the name of the borrowers
• Original Copy of Tax Declaration (for Land & Improvement) registered under the name of the borrowers
• Original Copy of Tax Clearance for the Current Year (for Land and Improvement)
• Original Copy of Current Year’s Real Estate Tax Receipts (for Land and Improvement)

click here to download CREDIT APPLICATION FORM