MY SALARY IS BELOW THE MINIMUM REQUIRED INCOME OF Php 50,000 PER MONTH. AM I STILL ELIGIBLE TO APPLY FOR A BDO HOME LOAN?

The salary considered is combined gross family income.

• If married – you and your spouse's salary will be assessed for
  your home loan application

• If single – you may apply with a co-borrower who will have a
  joint liability in repaying the loan. Both of you will undergo the
  standard loan application evaluation process.

If you receive commissions or incentives on top of your basic salary, this may be considered in the evaluation. Along with your Certificate of Employment with Income (COEI), you may submit documents that prove regular receipt of commission or incentive.**

WHAT ARE THE FEES THAT I NEED TO PAY WHEN APPLYING FOR A HOME LOAN?

You need to pay an appraisal fee upon submission of your loan documents:

• P5,000 (if collateral is within 30km radius from any BDO Branch)

• P5,500 (if collateral is outside 30km radius from any BDO Branch)


ARE THERE OTHER LOAN-RELATED FEES THAT I NEED TO PREPARE FOR?

Yes, the following:

*Prior to Loan Release*

Handling Fee: Php 3,000

Notarial Fee: Php 100 (for MM accounts only; for outside MM, depends on fee of Notary Public in the area)

Registration Fee: Variable

Doc. Stamp Tax: Php 1.50 for every Php 200 of the loan amount

Credit Life Insurance (CLI) Premium: Php 4.75 for every Php 1,000 of the loan amount (assuming standard rate for borrowers up to 49 years old)

Php 6.50 for every Php 1,000 of the loan amount (assuming standard rate for borrowers ages 50 to 64 years old)

Fire Insurance (FI) Premium: Variable (based on the appraised value of the improvement submitted, excluding parking slot for condo or land for residential property)

Others (for House Construction or Renovation)
Inspection Fee: Php 1,500 (per inspection)

Construction All-Risk Insurance (CARI)” Variable (based on the amount of building materials and occupancy)

NOTE:
*These fees may be applied under All-In Financing
*Fees may change without prior notice

MY PARENTS WANT TO RENOVATE THEIR EXISTING PROPERTY BUT THEY ARE ALREADY RETIRED. CAN I APPLY FOR A HOME LOAN ON THEIR BEHALF, AND AS SOLE BORROWER?

You can apply as the borrower for as long as your income is sufficient to pay for the monthly amortization. You will be required to submit the necessary application documents for evaluation. Your parents, being the owners of the property, will sign as co-borrowers and mortgagors of the loan.

I'M A FOREIGNER WORKING AND LIVING IN THE PHILIPPINES FOR MORE THAN 3 YEARS NOW, AM I QUALIFIED TO APPLY FOR A BDO HOME LOAN?

Yes, BDO Home Loan also caters to Foreign Nationals but home financing is limited to properties classified as condominium. Please go to https://www.bdo.com.ph/sites/default/files/pdf/List-of-Acceptable-Visas.pdf for the list of acceptable visas.

SOURCE: https://www.bdo.com.ph/personal/loans/home-loan/faqs

For more information and updates about Bank home loan, please free to contact me at;

Maica Castillo
0956 338 1170
[iamdrivenmaica@gmail.com](mailto:iamdrivenmaica@gmail.com)