Owning a home is a dream for many Filipinos, but financing a property can often seem out of reach. Fortunately, developers are now building more affordable communities to help individuals and families find housing that suits their budgets.
While premium communities may seem expensive, there are financial options available that can make them accessible—even for those who are not financially well-off.
This article explores how you can afford a home in a good neighborhood, the BDO home loan requirements, and how AP Residences can assist in the home-buying and financing process.
Affordable Housing Developments
Real estate developers are now prioritizing the creation of affordable yet quality communities. Many new housing projects offer well-planned neighborhoods with essential amenities like parks, schools, and commercial areas.
These developments cater to families and young professionals looking for a comfortable and secure place to live without breaking the bank.
Affordable housing doesn’t mean compromising on quality. Many of these communities are strategically located near business districts and transportation hubs, making them great investments for homebuyers.
If you are looking for a home, it’s important to explore different projects and see which ones match your financial situation.
How to Afford a Home in a Premium Community
Many people assume that living in a premium community is only for the wealthy. However, there are ways to make it financially feasible:
- Flexible Financing Options – Some developers offer in-house financing, staggered down payments, or lower reservation fees to make homeownership more manageable.
- Government Assistance Programs – Programs like Pag-IBIG housing loans provide lower interest rates and longer repayment terms, making monthly payments more affordable.
- Bank Home Loans – Financial institutions like BDO provide home loans that allow buyers to spread payments over several years.
- Improving Credit Score – A good credit standing can help buyers qualify for better loan terms and lower interest rates.
- Saving for a Bigger Down Payment – The larger your initial payment, the lower your loan amount and monthly amortization.
Even those with moderate incomes can afford homes in desirable locations when they consider these financing options.
Understanding BDO Home Loan Requirements
BDO is one of the leading banks in the Philippines offering home loans with competitive terms. If you’re considering this option, it’s important to understand their basic requirements.
1. Eligibility Criteria
- Must be between 21 and 70 years old upon loan maturity.
- Must be a Filipino citizen or a foreigner with an Alien Certificate of Registration (ACR) or Special Resident Retiree’s Visa (SRRV).
- Must have a stable income (minimum of PHP 50,000 per month for both employed and self-employed individuals).
- Should have at least two years of employment or business operation.
2. Required Documents
For Employed Individuals:
- BDO home loan application form
- Government-issued ID
- Certificate of Employment with salary details
- Latest Income Tax Return (ITR) or payslips for the last three months
- Proof of billing (electricity, water, or credit card bills)
For Self-Employed Individuals:
- Business registration documents (DTI or SEC)
- Audited Financial Statements
- Bank statements for the last six months
- List of suppliers and clients with contact details
For Overseas Filipino Workers (OFWs):
- Proof of remittances for the last six months
- Special Power of Attorney (SPA) if applying through a representative
3. Property Documents Needed
- Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- Tax Declaration and Clearance
- Updated Real Estate Tax Receipt
- Reservation Agreement or Contract to Sell from the developer
Meeting these requirements ensures a smoother home loan application process.
How AP Residences Can Help
Finding and financing a home can be overwhelming, but AP Residences is here to assist. As a trusted real estate developer, AP Residences not only offers quality homes but also helps buyers navigate the financing process. Their team can:
- Guide you in choosing the best financing option based on your financial situation.
- Assist in preparing and submitting home loan applications.
- Connect you with partner banks, including BDO, to streamline loan processing.
- Offer flexible payment schemes for easier homeownership.
If you’re unsure about which financing option suits you, AP Residences can help make the process stress-free and accessible.
Conclusion
Homeownership is no longer just for the wealthy. With affordable communities being developed and flexible financing options available, more people can now afford to own a home.
BDO home loans provide a practical solution for financing a home, and with the right financial planning, even premium communities can become an achievable goal.
AP Residences can guide you through the entire process, from selecting the right home to securing the best financing.
If you’re ready to take the first step towards homeownership, explore your options today and make your dream home a reality.
