BPI Family Bank offers lowest housing loan rates

MANILA, Philippines - BPI Family Savings Bank, the thrift bank unit of conglomerate Ayala Corp., is offering home buyers and homeowners a once in a lifetime opportunity to lock in and take advantage of the exceptionally low mortgage rates it will offer for  projects of the Ayala Land (ALI) group.

“This is BPI’s own stimulus package. We will pump-prime the real estate industry,” said BFSB president Alfonso Salcedo Jr. in a press briefing yesterday as he stressed the interest rates the bank will offer will be the lowest in the market.

Mortgage rates have now moved to under nine percent compared with the high teens rate several years ago, Salcedo noted.

For a one-year term loan, the interest rate ranges from 8.75 percent to 9.75 percent. It increases to 10.25 percent for a five-year term, and further to 10.75 percent to 11 percent.

He said the group is targeting first-time home buyers and those seeking a long-term property investment. 

To help Filipinos make their dream of owning a home a reality, BPI and ALI are holding a two-day property exhibit on May 30-31 at Glorietta 5 in Makati City to showcase the projects of ALI’s powerful brands — Ayala Premier, Alveo Land and Avida Land.

“BFSB and ALI are working together towards providing a wide range of housing products for different segments across the market at the best financing packages,” said Jocelyn Sta. Ana, vice-president and head of retail mortgage of BFSB.

Sta. Ana said applicants with a minimum gross monthly income of P40,000 can qualify for a housing loan. 

Clients of BPI, particularly those in good financial standing, will be given preferential treatment.

Sta. Ana said the group will also entertain walk-in applicants and non-BPI depositors.

“We are aiming for the quickest turnaround in terms of processing of applications. They will know on the spot how much they can borrow for a certain property they’re interested in and can even immediately close a deal,” Sta. Ana said.

Sta. Ana said the company will try and tailor-fit a package that is suitable to an applicant’s budget and cashflow.

BFSB, a subsidiary of the Bank of the Philippine Islands, offers a number of savings and loan products catering to middle-class families. It has more than 100 branches all over the counry. 

ALI, on the other hand, is a leading real estate developer.