BPI Family Savings Bank, the country’s largest thrift bank, aims to jack up its new home loan bookings this year to P60 billion, aided by the rollout of the first-of-its-kind housing loan program that can credit up to P100,000 in cash to the borrower’s savings account.
Based on BPI Family’s new housing loan and property equity loan offer, which will be available for a limited period until May 31 this year, a client will be given P10,000 in cash credited to his or her BPI Family bank account for every P1 million in approved housing loan amount with a tenor of at least 10 years.
“We continue to see strong demand for housing loans as more people have more disposable income. Aligned with BPI group’s push for financial inclusion, we believe that every Filipino family deserves a chance to acquire their dream home,” BPI Family president Ginbee Go said.
The P60-billion targeted new home loan disbursement this year represents a 60-percent growth from last year’s new booking of housing loans.
Overall housing loan portfolio is seen to expand by 15 percent this year.
Interest rate on this housing loan program is within the 7 to 9 percent range a year, and may be fixed or floating depending on the borrower’s preference.
A client may opt to lock up applicable interest rates for as many years as preferred.
For instance, interest rate may be fixed at 8.5 percent for the first five years.
For eligible clients who do not have a BPI or BPI Family Savings Bank, they will be required to open a new deposit account aside from the deposit account used for the loan payment.
The free savings account will be credited to the client’s preferred deposit accounts with BPI two months after the borrower’s amortization payment on the first monthly due date. The maximum rebate is P100,000, which will be applicable to loan accounts worth at least P10 million.
The housing loan business accounts for about 55 percent of BPI Family’s loan portfolio. Average loan size is about P2.5 million but the bank eventually plans to cast a wider net by going after those with a smaller loan requirement or lower-cost housing acquisition.