Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) said on October 14, 2021,…
Those who take out a home loan will benefit from an all-in financing scheme.
A local bank established an all-in financing loan payment program to help borrowers manage their financial flows, recognizing the impact of the pandemic on borrowers’ ability to pay while pursuing their dream of owning a home.
Fees and costs, which account for around 3% of the entire loan amount, would be included in the monthly amortization and spread out over the loan period, according to Bank of the Philippine Islands (BPI) head of retail loans Dennis Fronda, who spoke at a press conference on Tuesday.
“This will go a long way in helping many Filipinos manage their money,” he remarked.
According to Fronda, the maximum loan term available through this scheme is 20 years.
He stated that because of the low-interest-rate environment, which existed before the epidemic, now is an excellent time to take out loans.
Borrowers with an existing home loan with BPI or BPI Family Bank, according to Fronda, can tap into or obtain additional loans for the present property they are paying for or to purchase another property.
When asked why the loan scheme is only for house loans, Fronda stated they plan to expand it to include auto loans in the future.