MANILA, Philippines—The tycoon Lucio Tan-led Philippine National Bank unveiled on Wednesday what it claimed to be the cheapest home loan deal available in the local banking industry, in a bid to expand its consumer loan portfolio.
For a limited period of time until March 14, PNB said borrowers could avail of a special 7.77 percent per annum five-year fixed rate to fund their home purchase. The consumer may also opt to avail of a 5.55 percent fixed interest for the first year.
A PNB statement said these rates were the “lowest home loan rates in the market” under its promo Happy New Home! Happy Low Rates! Low rates are also available for two-, three-, four-, 10-, 15- and 20-year tenors, the bank said.
“This special offer is PNB’s way of bringing customers closer to realizing their dreams. With PNB’s low interest rates, Filipino homebuyers will surely and easily afford their dream homes,” the bank said.
Aside from the purchase of residential house and/lots, the home loan can also be used to purchase condominium units, home repairs, renovation, construction, and even refinancing of existing home loans with other banks or loan agencies, the bank said.