BPI unveils home loan package for middle class, unserved Filipinos

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A view of the Metro Manila skyline on August 24, 2022. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/11/17/20220824-building-skyline-construction-gc-27.jpg"/><figcaption>A view of the Metro Manila skyline on August 24, 2022. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Consumers trying to buy a house can now avail of a more flexible home loan package with low down payment and fewer income requirements on top of rebates, said the Bank of the Philippine Islands as it launches its BPI MyBahay program.</p><p>BPI said the new loan program aims to help the underserved and unserved segments with flexible payment terms and easier parameters compared to traditional standards. </p><p>Cash-out is minimal at 5 percent compared to the previous bank&#x27;s total appraised value of collateral or total contract price subject to developer tie-up program, the Ayala-led bank said. </p><p>The allowable loan amount compared to the total contract price or the total appraised value was also increased to 95 percent compared to the standard 80 percent, it added.</p><p>BPI said the maximum collateral value or total contract price for this loan package is only P3 million.</p><p>“This is the first mortgage financing service that we are offering our clients who are having difficulties with the initial cash outlay for downpayment and are unable to meet the required monthly income,” said Dennis Fronda, Head of Retail Loans, BPI.</p><p>Instead of 20 years of repayment, BPI MyBahay offers up to 30 years to help buyers manage their cash flow effectively, the bank said.</p><p>Miminum gross household income for the loan package was also reduced to P25,000 compared to the standard P40,000, BPI said.</p><p>BPI will also &quot;reward&quot; borrowers who settle their dues on time with a 2 percent interest rebate every loan anniversary, it said.</p><p>At least 23 percent of middle-income households rented while 3 percent lived in a house or lot without owner consent, BPI said citing data from the Philippine Institute of Development Studies.</p><p>Although there is a relatively small portion of middle-income households who are informal settlers, they account for 42 percent nationwide in terms of informal settlement in places with a shortage of affordable housing.</p><p>“This is the reason BPI hopes to provide Filipinos with the opportunity to own a home with our flexible housing loan packages. We aim to help build a better Philippines, one family, one community at a time,” said Fronda. </p><p>The loan package is available to eligible borrowers who are at least 21 years old upon application and not over 70 years old upon maturity, the bank said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/01/22/return-of-consumer-confidence-driving-loan-growth-bpi">Despite rising interest rates, return of consumer confidence driving loan growth: BPI</a></li>	<li><a href="https://news.abs-cbn.com/news/08/10/22/solon-wants-rental-subsidy-for-informal-settlers">Solon seeks law granting &#x27;rental subsidy&#x27; for informal settlers</a></li>	<li><a href="https://news.abs-cbn.com/business/08/22/22/bpi-unfazed-by-competition-with-digital-banks">Head-to-head: BPI unfazed by competition with digital banks</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1641039" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Consumers trying to buy a house can now avail of a more flexible home loan package with low down payment and fewer income requirements on top of rebates, said the Bank of the Philippine Islands as it launches its BPI MyBahay program.

BPI unveils home loan package for middle class, unserved Filipinos | ABS-CBN

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BPI unveils home loan package for middle class, unserved Filipinos

BPI unveils home loan package for middle class, unserved Filipinos

ABS-CBN News

Published Nov 17, 2022 09:28 AM PHT

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BPI

BPI MyBahay

home loan

home ownership

property

real estate

housing

residential

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