Noting the impact of the pandemic on borrowers’ capacity to pay amid the desire to have their own house, a local bank introduced an all-in financing loan payment program aimed to help manage their cash flows.
In a briefing on Tuesday, Bank of the Philippine Islands (BPI) head of retail loans Dennis Fronda said fees and charges, which account for about 3 percent of total loan amount, will be included in the monthly amortization and will be spread throughout the loan term.
“For the many Filipinos, this will go a long way in helping them manage their budget,” he said.
Fronda said the maximum tenor of loans that this program can be availed of is 20 years.
He added now is a good time to take out loans because of the low interest rate environment, lower prior to the pandemic.
Fronda said borrowers who currently have an existing housing loan with BPI or BPI Family Bank can tap up or get additional loans for the existing property they are paying or buy another property.
Asked why the loan program is initially for housing loans, Fronda said they have plans to expand this to auto loans.
Source: Philippines News Agency
