Bank of the Philippine Islands (BPI) unveiled this week its new “all-in” home financing product with the option of paying zero upfront fees.
Loan fees can be included in monthly amortization allowing clients to “maintain their savings while at the same time afford their dream home,” BPI Family Savings Bank president Ma. Cristina L. Go said in an online press briefing.
Finance charges are usually about three percent of the total loan amount. With the average housing loan of P3.5 million, clients won’t need to pay P105,000 upfront using the “all-in” product, added BPI head of retail loans Dennis Fronda.
“You don’t have to shell out big amount of money right away, allowing you to allocate funds to other financing priorities,” he said.
Interest rate ranges from 6 percent to 7.25 percent depending on the loan period, the bank said.
Payments will also be automatically paid through an auto-debit arrangement (ADA) account with BPI, the bank said.
Fronda said the loan can be applied to over 10 partner developers, including Ayala Land and SMDC, among others.