Bank opens housing loans for OFWs

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Wednesday, June 9, 2010


HOUSING loans for overseas Filipino workers (OFWs) were capitalized by BPI Family Savings Bank (BFSB) through its Housing Madness program in cities of Bacolod, Davao, Cagayan de Oro, and Iloilo.

Iloilo hosts the program on June 9-11, 2010 at the fountain area of Robinsons Place Iloilo.

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For the first time in Iloilo City, BFSB partners with seven developers that include Avida Land Corp., Camella Communities, EON Realty & Devt. Corp. and Aries Corp., Leisure Corp for Centennial Townhomes, HCBC Land Development Corp., IVQ Landholdings Inc. for Princeworld Realty Corp., Property Company of Friends (Pro-Friends) and Philippines Diversified Developers Corp. (PDDC) for Vela Ananda in providing decent and affordable lot and housing units for average or high-end earners.

Jocelyn Sta Ana, senior vice president and head of BFSB retail mortgage division said the special financing offer for quality house and lot projects will be availed readily by Ilonggo customers who have consistent loan demands from P1.5 million to P3 million and above for house and lot needs.

"We will make it easy for the people to borrow money for their housing or condominium needs as our contribution in helping solve the national backlog of 4.5 million housing units in the country," Sta Ana said.

However, Sta Ana said the bank loan amount is unlimited and open for customers at competitive pricing with 9.5 percent interest. In Panay area, the bank is set to have an exposure of about P40 million to P50 million per month as its target for the special loan promotion.

Under the program, the housing loan clients can enjoy special rates or low monthly amortization, fast credit decision and waive appraisal fee of P3,500 from accredited developers.

Borrowers whose loan applications have been approved and availed also get a free BPI Express Credit Gold MasterCard.

On the other hand, the bank is a consumer arm of the Bank of Philippine Island that offers multi-purpose loans in business and personal consumption. (Lydia C. Pendon)

Bank opens housing loans ofws

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