Home loans now more accessible for the underserved

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.

The bank of the Philippine islands (bPi) is seeking to help address current home ownership woes in the country with bPi Mybahay, a new 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 outlAay for down-payment and are unable to meet the required monthly income,” said Dennis Fronda, Head of Retail Loans, bPi.

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.

Among the many firsts that this loan package offers are on down payment and income requirements, as well as rebates. it features minimal cash out of five percent 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.

As added benefits, the bank will directly reward borrowers who settle their dues promptly by providing a two percent interest rebate every loan anniversary, primarily conditioned on accounts without any late payments.

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.

PhotographS courteSy of BpI BPI’s MyBahay loan brings families closer to their dream home.

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