BPI accepts seafarer income for housing loans — and through Nook, you can compare rates, prepare your documents, and apply for free. See how much you could save by refinancing to as low as 6.50% p.a.
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Why this matters
BPI Family Savings Bank is one of the few major Philippine lenders that formally recognises seafarers — both officers and ratings — as eligible housing loan applicants. As a seafarer, your income is evaluated differently from a regular salaried employee: BPI typically looks at your Contract of Employment (COE), your last three to six months of allotment slips or remittance records, your sea service record (POEA or manning agency documentation), and your SIRB (Seaman's Identification and Record Book). Because your income arrives in irregular cycles tied to your contract schedule, the bank uses an averaged monthly income figure, so it pays to have clean, consistent remittance documentation before you apply. BPI's minimum qualifying monthly income is PHP 40,000 — well within reach for most officers and experienced ratings on international vessels.
If you already have an existing home loan — whether with BPI or another bank — and you took it out when rates were higher, refinancing could be a powerful move. Many seafarers locked in rates of 8% to 10% during previous fixed-rate periods and are still paying those rates today. By refinancing through Nook, you can access BPI's current 5-Year Fixed rate of 6.50% p.a. or the 1-Year Fixed at 6.70% p.a., potentially saving tens of thousands of pesos each year. For context, on a PHP 3,000,000 loan, moving from 8.50% to 6.50% over a 20-year term can translate to savings of over PHP 44,000 annually. You might also find it useful to read about how OFWs in Singapore navigate the BPI home loan process from abroad, since many of the documentation requirements and remote application strategies overlap with the seafarer experience.
Nook acts as your free digital mortgage broker — we help you gather the right documents, match you to the best available rate, and coordinate with BPI on your behalf. There are no broker fees charged to you at any point. Whether you're applying for a new purchase, refinancing an existing loan, or tapping home equity while you're at sea, Nook's team understands the unique scheduling challenges seafarers face and can move your application forward even when you're mid-contract. Interest rates are subject to change; always verify current rates with Nook or BPI before making any financial decision.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
Yes, BPI Family Savings Bank explicitly lists OFW/Seafarer as an eligible employment type for its housing loan products. Your income will be assessed using your employment contract, allotment slips or remittance records, and your sea service documentation, so having organised and consistent paperwork is key to a smooth evaluation.
BPI typically requires your current Contract of Employment (COE) or Principal Agreement, your last three to six months of allotment slips or bank remittance statements, your SIRB (Seaman's Identification and Record Book), and proof of employment from your manning agency or ship owner. Some applicants are also asked to provide an ITR or BIR Form 2316 if available, though this is not always mandatory for seafarers on international contracts.
BPI's minimum qualifying monthly income is PHP 40,000, which BPI will typically compute as an average across your documented contract periods. If your income varies between contracts, Nook can help you present your earnings history in the clearest possible way to meet this threshold.
Yes — BPI allows an authorised representative, such as a spouse or a designated family member, to act on your behalf using a Special Power of Attorney (SPA). Nook is experienced in coordinating applications for borrowers who are abroad or at sea, and can guide your representative through each step of the process while you focus on your contract.
If your current home loan rate is above 7%, refinancing to BPI's 5-Year Fixed rate of 6.50% p.a. through Nook could save you a significant amount each month — on a PHP 3,000,000 loan, the difference can exceed PHP 3,700 per month. Nook's service is completely free to borrowers: we handle the rate comparison, document preparation, and bank coordination, making the process manageable even when you have limited time ashore. You can also read how self-employed applicants approach BPI approval for additional tips on presenting irregular income profiles.
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