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How Can a Foreigner/Non-Filipino Apply a BDO Loan for Financing Condominium?

For those who are asking questions whether a foreigner/non-Filipino can be accepted or allowed to apply for BDO (Banco de Oro) loan for financing a condominium. Yes, a foreigner is allowed to loan in BDO if he/she meets the needed requirements.

Eligibility Requirements:
  • Filipino citizen or foreigner (see Visa requirements)
  • At least 21 years old but not exceeding 65 years old upon loan maturity
  • Minimum gross family income of Php 50,000.00/month.
  • Stable source of income from employment or business
  • If employed, at least 2 years with current company
  • If self-employed, at least 3 profitable years of operation (if with business) or 3 years practicing profession (if practicing professional)

Document Requirements

Basic Documents:
  • Signed BDO application form
  • Photocopy of 1 valid government-issued ID with photo & signature
  • Marriage Contract, if applicable
  • For foreigners, photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alient Employment Permit (AEP) or Visa ID

Income Documents:

If locally employed
  • Latest Income Tax Return (ITR) or W2, and
  • Latest 3 months payslips or Certificate of Employment with salary breakdown

If employed abroad (or Asenso Kabayan borrowers)
  • Latest 3 months proof of remittance, or
  • Latest 3 months payslip, or
  • Certificate of Employment or Employment Contract duly authenticated by Philippine Consulate Office, or
  • For seamen, latest Crew Contract and employment history or Crew Contract and Exit Pass from POEA

If self-employed
  • Business Registration Papers (Certificate of Registration from DTI or
  • SEC, Articles of Partnership or Articles of Incorporation, whichever is applicable)
  • Latest Audited Financial Statements for the last 2 years with latest ITR
  • Bank Statements (latest consecutive 3 months)
  • Trade References: List of Suppliers and Customers (at least 3 each)
  • or List of Affliated Hospitals/Clinics (for doctors)
  • Lease Contracts and copy of title (for income derived from rental)

Types of Acceptable Visa for Foreigners

Quota or Non-Quota Immigrant Visa

Alien spouse of a Filipino citizen (Sec 13A Visa)
  • Natural-born Filipinos married to an Alien (Sec 13D Visa)
  • Returning Resident (Section 13E Visa)
  • Natural-born Filipinos naturalized in foreign country (Sec 13G Visa)
Photocopy of Special Retiree's Resident Visa (SRRV) or Quota/Preference Immigrant Visa

Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)

Working Visa issued to Embassy Officials

Collateral Documents:
  • Photocopy of TCT / CCT
  • Lot Plan with Vicinity Map certified by a Geodetic Engineer
  • Master Deed of Declaration of Restrictions (for condominiums)

Do you have any concern with regarding foreigner's getting a BDO loan for a condominium?
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