BDO Loan is one of the services of BDO being offered to its customers who want to have a sufficient fund for their business ventures, house construction and other personal needs. There are different types of BDO Loans that you can apply depending on the purpose of the loan.
A loan is the process of acquiring money from a person, bank or any financial institution with a defined period of payment and interest rate. The interest rate depends mainly on the amount loaned and the duration of payment. Usually, when the amount of loan is big and the term of payment is longer, the interest rate is higher also.
Types of BDO Loans
One of my previous posts that I published several months ago discusses the features of each BDO loan. You can see the post here for more information.
Basically, the type of loan can be classified depending on its purpose. BDO has various kind of loans such as housing loan, car loan, personal loan and small business loan.
A loan can give you the best benefit when it is used properly and at the proper time. However, some people misuse loan for their own personal wants. A loan is better use during times when you can’t get enough funds for building your house or business or when badly needed in your kid’s education.
Different Purposes for BDO Housing Loan
Many people especially OFW are looking for ways on how to finance the construction of their house. They can apply for a housing loan at the bank, PAG-IBIG or even to their relatives. However, many still wants to apply for a loan at the bank because it is faster and there is no “debt of gratitude” that is attached.
If you are thinking or planning to apply for a housing loan at BDO, here are some of the purposes why an individual apply for a Home Loan.
1. Acquisition of vacant lot, house & lot, townhouse, or condominium
2. Refinancing of existing house loan
3. House construction from the start
4. House renovation or home improvement
5. Reimbursement of acquisition cost or construction cost
6. Acquisition with house construction
7. Acquisition with refinancing
8. Refinancing Equity Loan
9. Equity Loan
What are the Requirements for BDO Housing Loan?
Application for BDO Housing Loan requires several documents and requirements that you need to furnish and submit to the bank during loan application. If you are looking what are the requirements for BDO Home loan, you can see this post to give you more information: Requirements for BDO Housing Loan
In addition, to give you the normal interest rate for BDO Home loan, you can see it in this post. Take note that this interest may be changed and may not be the latest, so you must visit their website to get the exact interest rate.
Ways to Apply for BDO Housing Loan
There are two ways on how you can apply for housing loan at BDO: ONLINE or MANUAL application. Below you can see the details on how to apply through these two methods.
1. Procedures for Online Application
- Furnish all the details needed in BDO’s online application form.
- Click the Submit button.
- You should wait for 3 days for your loan application to be processed.
- Download the loan application form here.
- After furnishing and filling out the form, submit at your preferred branch together with the application requirements
Steps for BDO Home Loan Application
Are you looking for the procedures on how to apply for a BDO home loan? Here are the steps that you can follow when applying a loan.
1. First, you should search for a real estate property from the following:
- BDO Accredited Developers
- BDO Accredited Brokers, or
- Individual Sellers
2. After the agreement about the sale of house and lot or lot had finished, the loan application form and the required documents must be submitted to any of the following:
- BDO Home Loan Sales, or
- BDO Branches nationwide
3. If you do your loan application through online, BDO will notify you by sending an email and they will conduct a call-out so you can complete all the documents needed for submission.
4. After receiving your loan application and the necessary documents, a text message will be sent to your mobile phone informing you that the application is process.
5. You should wait for evaluation and the approval process to assess your application. When it is approved, they will inform you via call-out and SMS.
6. Then, you must submit the following post-approval documents:
- Payment of Registration Fees (at any BDO branch)
- Collateral Documents (original copy)
- Signed Bank Loan Documents
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