The Bank of the Philippine Islands (BPI) recently launched BPI MyBahay, a flexible housing loan package that will benefit the underserved and unserved segments of society.
“This is the first mortgage financing service that we are offering our clients who are having difficulties with the initial cash outlay for down-payment and are unable to meet the required monthly income,” said Dennis Fronda, BPI head of retail loans
BPI’s main offer consists of flexible housing loan packages, allowing clients to manage their cash flow effectively by servicing loan obligations for up to 30 years versus the standard 20 years repayment term.
Clients will also be able to capitalize on the value of the property to be acquired since the allowable loan amount versus the total contract price or total appraised value has been increased to 95 percent versus the standard 80 percent.
The loan package features minimal cash out of 5% versus the bank’s total appraised value of collateral or total contract price, subject to the developer tie-up program of the bank. According to BPI, the maximum collateral value or total contract price for this loan package is P3 million only.
BPI MyBahay also has a minimum gross household income requirement of P25,000 versus the standard P40,000. Its allowed loan purposes are for the acquisition and occupancy of real estate property or refinancing (loan take-out) only.
The BPI MyBahay loan program is open to all qualified individuals, at least 21 years old upon loan application and not more than 70 years old upon loan maturity.