Here are the latest housing loan interest rates charged by Bank of the Philippine Islands (BPI) and BPI Family Savings Bank.
If you’re interested to buy a house and lot, townhouse, condo unit, or vacant lot, or perhaps to construct a new house or to improve and renovate an existing one, read below to get more details about the housing loan promos, interest rates, and offers by BPI and BPI Family Savings Bank.
Who are eligible to avail of a BPI Housing Loan?
Any Filipino of legal age may apply to get a BPI or BPI Family Savings Bank Housing Loan. In order to qualify, however, the borrower is required to earn a minimum gross monthly income of forty thousand pesos (P40,000). At the same time, the borrower must be employed or running a business for the last two (2) years.
There is also an age requirement, that is, the borrower cannot be more than 65 years old upon the maturity of the loan. For example, if you are to avail of a 10-year housing loan, you must not be more than 55 years old. Similarly, if you are to avail of a housing loan maturing in 20 years, you must apply before the age of 45; otherwise, your application might be denied.
A foreign national residing in the Philippines (with immigrant or resident visa) may apply for a BPI Housing Loan, but proceeds may only be used for purchases of a condominium unit. A foreigner married to a Filipino citizen may be eligible to acquire a house and lot subject to submission of additional documentary requirements.
How much can I borrow?
The minimum housing loan amount that can be borrowed is P400,000. The maximum amount, meanwhile, will depend on BPI’s appraisal value of the property that will be subject of the loan.
Typically, BPI approves housing loans only up to 70% of the appraised value of the house and lot and up to 60% of appraised value of the residential condo or vacant lot.
Most of the time, you cannot borrow 100% of the full acquisition price of a property. So if the purchase price of the property is higher than the loan amount approved by BPI, you will have to pay the remainder in cash. According to BPI, they may approve up to 80% of the appraised value of house and lot, as long as the loan amount will not exceed P5.0 Million and that the borrower is employed and will occupy the property.
Can an OFW (Overseas Filipino Worker) apply for a BPI Housing Loan?
Yes. To avail of a BPI housing loan, the OFW must submit the following:
- Certificate of Employment (COE) or Contract indicating salary, position, and tenure, if LOCAL HIRE;
- English-translated COE with latest 1 month payslip or Contract authenticated by Philippine Consulate, if DIRECT HIRE;
- Oath of Allegiance from the Philippine Embassy, if DUAL CITIZEN;
- Loan Administrator with complete address, contact numbers, and relationship to borrower, if the borrower will be unable to submit the application personally;
- Consularized Special Power of Attorney, if the OFW will be unable to sign the loan documents in the presence of a Bank Officer in the Philippines
How much does BPI charge as Housing Loan Interest Rates?
Here are the latest interest rates charged by BPI and BPI Family Savings Bank on home loans and property equity loans , as of December 2018.
BPI Housing Loan Interest Rates (December 2018)
| Rank | BANK / INSTITUTION | UITF | JAN - SEP 2018 RETURN % |
|---|---|---|---|
| 1 | Union Bank | UnionBank Tax Exempt Portfolio | 0.45% |
| 2 | ATRAM Trust Corporation | ATRAM Total Return Peso Bond Fund | -1.45% |
| 3 | BPI Asset Management and Trust Corporation | BPI Fixed Income Portfolio Fund-of-Funds | -1.66% |
| 4 | United Coconut Planters Bank | UCPB Peso Bond Fund (Formerly United Conservative Fund) | -1.68% |
| 5 | EastWest Banking Corporation | EastWest Peso Long Term Bond Fund | -1.70% |
| 6 | Rizal Commercial Banking Corporation | RIZAL PESO BOND FUND | -1.91% |
| 7 | Metropolitan Bank & Trust Co. | Metro Corporate Bond Fund | -1.92% |
| 8 | LandBank of the Philippines | LANDBANK Bond Fund | -2.01% |
| 9 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Income Builder Fund (Class I) | -2.83% |
| 10 | Bank of Commerce | DIVERSITY PESO BOND FUND | -3.05% |
| 11 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Income Builder Fund (Class A) | -3.90% |
| 12 | Union Bank | UnionBank Long Term Fixed Income Portfolio | -3.95% |
| 13 | China Banking Corporation | CBC FIXED INCOME FUND (formerly CBC GS FUND) | -5.30% |
| 14 | Security Bank Corporation | SB PESO BOND FUND | -5.78% |
| 15 | BPI Asset Management and Trust Corporation | ABF Philippines Bond Index Fund | -6.57% |
| 16 | BPI Asset Management and Trust Corporation | Odyssey Peso Bond Fund | -6.87% |
| 17 | BPI Asset Management and Trust Corporation | Odyssey Tax-Exempt Peso Fixed Income Fund | No Data |
The “property equity loan” is a loan product allowing borrowers to use the value of their owned property. The property is used as collateral and the loan amount that may be approved is a certain percentage of the property’s appraisal value. The interest rates charged by BPI on property equity loans are as follows.
BPI Property Equity Loan Interest Rates (December 2018)
| Rank | BANK / INSTITUTION | UITF | JAN - SEP 2018 RETURN % |
|---|---|---|---|
| 1 | BDO Unibank, Inc. | BDO PESO BOND FUND | -1.30% |
| 2 | Philippine Business Bank | Diamond Fund | -1.51% |
| 3 | Metropolitan Bank & Trust Co. | Metro Aspire Bond Feeder Fund | -1.68% |
| 4 | Metropolitan Bank & Trust Co. | Metro Max-5 Bond Fund | -1.77% |
| 5 | BDO Unibank, Inc. | BDO GS FUND | -1.82% |
| 6 | Union Bank | UnionBank High Net Worth Medium-Term Peso Fixed Income Fund | -1.93% |
| 7 | BDO Unibank, Inc. | BDO PERA BOND INDEX FUND | -2.07% |
| 8 | BPI Asset Management and Trust Corporation | Odyssey Peso Medium Term Bond Fund | -2.17% |
| 9 | Asia United Bank | Peso Investment Trust Fund | -2.17% |
| 10 | Union Bank | UnionBank Philippine Peso Fixed Income Portfolio | -2.18% |
| 11 | BDO Unibank, Inc. | BDO MERIT FUND MEDIUM TERM PORTFOLIO | -3.00% |
| 12 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Asia Dynamic Bond Feeder Fund (PHP Unhedged Class A) | No Data |
| 13 | Maybank Philippines Inc. | Maybank Tiger Peso Bond Feeder Fund | No Data |
The “fixed pricing period” is the number of years the interest rate will be fixed. After the “fixed pricing period,” the interest rate will be “repriced” and may increase (or decrease, but very unlikely) depending on market conditions. As of December 2018, BPI’s yearly repricing rate is 7.50% per annum.
Disclaimer: Please note that the rates shown above are indicative and may be changed by BPI and BPI Family Savings Bank (BFSB) anytime.
Historical Interest Rates of BPI Housing Loans
For comparison, we also show below the historical housing loan and equity loan interest rates charged by BPI and BFSB in previous years.
BPI Housing Loan Rates (October 2018)
| Rank | BANK / INSTITUTION | UITF | JAN - SEP 2018 RETURN % |
|---|---|---|---|
| 1 | Union Bank | UnionBank Tax Exempt Portfolio | 0.45% |
| 2 | ATRAM Trust Corporation | ATRAM Total Return Peso Bond Fund | -1.45% |
| 3 | BPI Asset Management and Trust Corporation | BPI Fixed Income Portfolio Fund-of-Funds | -1.66% |
| 4 | United Coconut Planters Bank | UCPB Peso Bond Fund (Formerly United Conservative Fund) | -1.68% |
| 5 | EastWest Banking Corporation | EastWest Peso Long Term Bond Fund | -1.70% |
| 6 | Rizal Commercial Banking Corporation | RIZAL PESO BOND FUND | -1.91% |
| 7 | Metropolitan Bank & Trust Co. | Metro Corporate Bond Fund | -1.92% |
| 8 | LandBank of the Philippines | LANDBANK Bond Fund | -2.01% |
| 9 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Income Builder Fund (Class I) | -2.83% |
| 10 | Bank of Commerce | DIVERSITY PESO BOND FUND | -3.05% |
| 11 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Income Builder Fund (Class A) | -3.90% |
| 12 | Union Bank | UnionBank Long Term Fixed Income Portfolio | -3.95% |
| 13 | China Banking Corporation | CBC FIXED INCOME FUND (formerly CBC GS FUND) | -5.30% |
| 14 | Security Bank Corporation | SB PESO BOND FUND | -5.78% |
| 15 | BPI Asset Management and Trust Corporation | ABF Philippines Bond Index Fund | -6.57% |
| 16 | BPI Asset Management and Trust Corporation | Odyssey Peso Bond Fund | -6.87% |
| 17 | BPI Asset Management and Trust Corporation | Odyssey Tax-Exempt Peso Fixed Income Fund | ---- |
BPI Property Equity Loan Rates (October 2018)
| Rank | BANK / INSTITUTION | UITF | JAN - SEP 2018 RETURN % |
|---|---|---|---|
| 1 | BDO Unibank, Inc. | BDO PESO BOND FUND | -1.30% |
| 2 | Philippine Business Bank | Diamond Fund | -1.51% |
| 3 | Metropolitan Bank & Trust Co. | Metro Aspire Bond Feeder Fund | -1.68% |
| 4 | Metropolitan Bank & Trust Co. | Metro Max-5 Bond Fund | -1.77% |
| 5 | BDO Unibank, Inc. | BDO GS FUND | -1.82% |
| 6 | Union Bank | UnionBank High Net Worth Medium-Term Peso Fixed Income Fund | -1.93% |
| 7 | BDO Unibank, Inc. | BDO PERA BOND INDEX FUND | -2.07% |
| 8 | BPI Asset Management and Trust Corporation | Odyssey Peso Medium Term Bond Fund | -2.17% |
| 9 | Asia United Bank | Peso Investment Trust Fund | -2.17% |
| 10 | Union Bank | UnionBank Philippine Peso Fixed Income Portfolio | -2.18% |
| 11 | BDO Unibank, Inc. | BDO MERIT FUND MEDIUM TERM PORTFOLIO | -3.00% |
| 12 | Manulife Asset Management and Trust Corporation (MAMTC) | Manulife Asia Dynamic Bond Feeder Fund (PHP Unhedged Class A) | ---- |
| 13 | Maybank Philippines Inc. | Maybank Tiger Peso Bond Feeder Fund | ---- |
See also: UPDATED List of Housing Loan interest rates by Philippine banks
