Owning your own home is now within your reach through the BPInoy Seafarer's Home Loan Program. Making your dream home a reality.
The BPInoy Seafarer's Home Loan Program is especially packaged by BPI Direct in partnership with its accredited Manning Agency clients for qualified seafarers. An accredited manning agency is one with existing Allottee Payroll Remittance with BPI. This means that your allotments are coursed through BPI. Through this program you are assured of:
- Low interest rates
- Easy-on-the-pocket loan amortization
- Speedy loan processing
- Worry-free loan payment even during off-board months
BPInoy Seafarer's Home Loan Program has made buying your dream home easier and affordable. Here's why:
Loan Purpose: You can use your BPInoy Seafarer's Home Loan to:
- Purchase a vacant lot
- Purchase a house and lot
- Construct a house
- Renovate your existing home
- Refinance loans with other financial institutions
Loan Amount: Enjoy up to 80% of appraised value or net selling price of an accredited project*. Minimum loanable amount is Php400,000.
*Accredited projects are those whose Developer has special arrangements with the Bank. The property need not to be appraised since the net selling price is considered by the Bank as the valuation of the property.
Loan Term: You can pay your housing loan up to 15 years depending on your collateral:
- Maximum of 15 years for house and lot and townhouse
- Maximum of 15 years for vacant lot and condominium of accredited projects
- Maximum of 10 years for vacant lot and condominium units of non-accredited projects
Customized Payment Terms: Your payment schedule is programmed such that monthly payments made during the contract period are sufficient to answer for the required monthly payments during off-board months.
Interest Rate: Choose from any of our low rates fixed for 1, 10, 15 years or up to the end of your loan term.
View current interest rates.
Payment Convenience: You can enroll in our Automatic Debit Arrangement (ADA) so your monthly amortization will be automatically debited from your deposit account.
Timely response: Once BPI Direct receives your online application form, you will receive feedback within 24 hours for Metro Manila-based and 72 hours for applicants outside of Metro Manila. Apply now.
Eligibility Criteria: 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 Php 40,000.00.
A. Duly Accomplished Housing Loan Application Form
B. Income Documents
- Seafarer: POEA-authenticated contract with accredited Manning Agency
- Office Personnel: Certificate of Employment from the Manning Agency indicating annual salary and position
C. Collateral Documents
- For Accredited Real Estate Developer: No need to submit any document
- For Construction:
- Building plans and specification
- Bill of materials and scope of work
- Official receipt of payment for the last six months or Bank Statements of deposit
- Statement of Account from other banks showing loan outstanding balance account where amortization was debited
D. Non-refundable Appraisal Fee: Plus additional expenses for provincial properties only for non-accredited projects.
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