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Housing Options for Pinoy Seamen: BPINoy Home Loan

Feb 16, 2013

 Overseas workers including Filipino seamen wish to put their hard-earned money to good use and one way to do that is by investing in real estate. However, many may find this suggestion difficult because of the huge amount that one needs to shell out to purchase a property. Fortunately Pinoy seamen can easily build their dream house for their family through the help of a housing loan program from the Bank of the Philippine Islands (BPI). 

 

The BPInoy Seafarer's Home Loan Program was especially packaged by BPI Direct in partnership with its accredited Manning Agency clients for qualified seafarers and employees. Through this program, one is assured of low interest rates, easy-on-the pocket loan amortization, speedy loan processing and worry-free loan payment even during off-board months. They even tied-up with accredited real estate developers to make available properties that are of the highest quality, yet very affordable.

 

How can BPI Direct help me pay my monthly amortization during these off-board months?

This is what is special about the BPInoy Seafarer's Home Loan Program. Your payment schedule was programmed such that the monthly payments you make during your contract period are sufficient to answer for the required monthly payments during your off-board months.

 

Who are qualified to apply for this type of loan?

Seafarers and employees of Manning Agencies with an existing Allottee Payroll Remittance Agreement with BPI are qualified to apply for this loan. You should not be over 60 years old and earning a minimum monthly salary of P40,000.00.

 

What are the pre-processing documentary requirements?

          

•         For seafarers - Certificate of Employment from your Manning Agency and your POEA-authenticated contract.

•         For Manning Agency employees - Certificate of Employment indicating annual salary and position

 

What are the loan terms available and interest rate?

Loans are payable for a minimum of 5 years and a maximum of 15 years and the interest rate will be one of the lowest in the market.

 

What is the minimum loanable amount?

The minimum loanable amount is P400,000.00.

 

Who are the partner real estate developers? Can I purchase a property from other developers?

Currently, the partners are Avida Land and Ayala Land. Yes, you can purchase a property from other developers and still qualify to apply for the BPInoy Seafarer's Home Loan.

 

What are the other requirements?

 

1.            Duly accomplished Application Form

2.            Income Documents

•         Seafarer: POEA-authenticated contract with accredited Manning Agency

•         Office Personnel: Certificate of Employment from the Manning Agency indicating annual salary and position

 

3.            Collateral Documents

•         For Accredited Real Estate Developer: No need to submit any document

•         For Construction

a)    Building plans and specification

b)    Bill of materials and scope of work

•         Refinancing

a)    Official receipt of payment for the last six months or Bank Statements of deposit account where amortization was debited.

b)    Statement of Account from other banks showing loan outstanding balance.

 

How can I apply for the BPInoy Seafarers Home Loan Program?

Simply log on to www.bpidirect.com and choose Learn More under Loans. You may also call BPI Express Phone 89-100.

 

Taken from: OFW Products and Services Page

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