A quick fix solution to home renovation woes

MANILA, Philippines -  A lot of people, particularly housewives, dream of renovating their homes knowing that this will improve the quality of life for the family.

A refurbished living room or a remodelled dining room can certainly do wonders to the well-being of the family and some say, even improve relationships.

Come to think of it, people will want to sleep on a super-sized fluffy bed in a spacious air-conditioned bedroom, much like a master suite, after a hard-day’s work at the office.

A housewife would love to update the kitchen and furnish it with top-of-the line equipment like a Viking stove or a hand-forged copper sink.

Sometimes, a housewife would simply want to build an extra room in the house to put all the toys and gadgets cramped under the dining table for her sanity’s sake.

However, home improvements can prove costly and you first need to raise the capital to have the required work done.

But if you think that a bonus or commission is coming up in a few months and that hard-earned money is worth spending on home renovation, why not take a loan?

If you’re looking for a bank that offers great deals on home improvement loans, there’s Citibank Savings you can count on to.

A leader in innovation for financial products and services, Citibank Savings designed a personal loan geared at empowering its customers with ready cash in as fast as two hours.

Unlike banks who process loan applications in as long as two weeks, at Citibank, as long as you submit all the complete requirements, you can have the cash in your hands in as fast as two hours.

“For a dream home renovation, all it takes is two hours to achieve it,” Citibank Savings president Tonet Itchon says in an interview.

Designed to meet the financial needs of both employees and entrepreneurs, Citibank Savings Personal Loan empowers its customers with cash loan to address a variety of uses, which they can easily pay at an affordable monthly instalments.

“ The Citibank Savings Personal Loan is designed to meet whatever financial need our clients’ may have – not necessarily for emergencies. We found that many use it to enrich their lives, by travelling with their friends, and family, or fixing up their homes, even expanding their small businesses,” Itchon says.

Launched in July last year, Citibank’s two-hour turnaround loan is a multipurpose loan that doesn’t need collateral and a co-maker.

Prospective borrowers can loan from as low as P25,000 to as much as P2 million and has a flexible monthly instalments from 12,18,24,36 and 48 months. Plus, it has super fast processing time- cash in two hours when you submit complete documents.

Typically clients are 21 to 65 years old, employed executives of private companies with an annual gross income of at least P250,000 and who always look for the best deal, best value in any transaction.

Renovate now

Itchon pointed out that clients renovate their homes not only to improve the quality of their lives but also to add value to their property.

“Most clients borrow for home improvement like upgrading their kitchen, repainting and re-roofing their homes in time for rainy season. But there are people who renovate their homes as an investment. The trend nowadays is to refurbish the house, then either sell it or rent it out,” Itchon says.

But whether you plan to give the kitchen or the living room a major “face-lift,” you need not worry about overspending as Citibank Savings has financial managers called Personal Bankers who will help you decide and plan the payment of your loan.

Citibank Savings provides financial planning as part of evaluation of application to help loan applicants avoid falling into a debt trap.

“As a responsible lender, we integrated financial planning as part of the loan process, When the applicant passes credit evaluation, our Personal Bankers sit down with them for a financial check-up and together, they discuss the monthly amortization that best fits the client’s budget,” Itchon says.

“We just don’t provide the cash, we also provide the financial counselling as part of the evaluation of a client’s loan application. In that conversation, we tell them to consider their income sources before taking on any debt. This is important, especially for the prospective borrower to know his limits,” Itchon explains.

To qualify for the loan, prospective borrowers must be 21 to 65 years old, holds a credit card, with a minimum annual gross income of at least P250,000. A prospective borrower can enjoy as low as 1.26 percent monthly add-on rate on a 24-hour tenor, equivalent to 26.9 percent effective interest rate.

There are 36 Citibank branches all over the country and the cash in two hours guarantee is available in 15 Citibank Savings Branches. Here’s more amazing good news, for new clients who get a Citibank Savings Personal Loan and apply through www.citibank.com.ph from now until June 30, 2011. You can qualify and get a free trip to Boracay.