One of our site users who has an american BF send us an email asking:
"my american boyfriend want to buy a condo in marikina. can he apply a condo loan in bdo (Banco de Oro) Philippines?"
An American or a foreigner can avail a loan in Banco de Oro (BDO) to finance a condo. Banco de Oro is one of the largest banks in the Philippines. They offer flexible loan terms.
An American or a US citizen can avail a loan if he/she meets the following requirements:
- At least 21 years old but not exceeding 65 years old upon loan maturity
- Stable source of income from employment or business
- Minimum gross family income of Php 50,000.00/month
- 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)
The applicant must submit the following documents:
- BDO Loan Application Form (to be secured in the bank)
- 1 valid government-issued ID with photo and signature (photocopy). You must also bring the original ID for further verification.
- Marriage Certificate/Contract, if applicable (photocopy)
- For foreigners (including American) bring photocopy of Alien Certificate of Registration (ACR) showing Visa status as permanent immigrant or Alien Employment Permit (AEP) or VISA ID
- The following income documents should be also secured:
- Latest Income Tax Return (ITR) or W2
- Latest three (3) months payslips or Certificate of EmploymentIf self-employed:
- Business Registration Certificates/Papers
- Articles of Incorporation or Articles of Partnership
- Latest Audited Financial Statements for the last 2 years with latest Income Tax Return
- Bank Statements (latest consecutive 3 months)
- Trade Reference: List of Suppliers and Customers (at least 3 each)
- List of Affiliated Hospitals/Clinics (for doctors)
- Least Contracts
Types of Visa Which Are Accepted for Foreigners
There might be other documents you are required to bring. Visit any BDO bank for more details in applying for a loan.Quota or Non-quota immigrant VisaAlien 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 VisaPermanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)Working Visa issued to Embassy Officials
Do you have any concern or problem securing or getting a loan in Banco de Oro (BDO)?