Is owning a home for your family one of your immediate goals? Buying a home is one of the biggest expense (or investment) that a person will make in their lifetime. It’s a dream that takes a lot of gut, hard work, and courage to achieve especially when buying property in the Philippines can easily reach millions.
It’s no wonder why owning a home can be considered by some as “suntok sa buwan” or one of those dreams that will never become reality. But, there is way that Filipinos are buying property and one of these ways are bank housing loans.
If you’re new to housing loans and loans in general, please watch this video with me:
BPI Family Bank’s housing loans can be used to purchase a vacant lot, a house and lot, or to acquire a condominium unit. It can also be used for refinancing of a loan with other banks or reimbursement of something paid in cash. The amount of money that you can borrow from the bank will depend on your ability to pay. Typically, this amount starts at Php 400,000 up to 50 Million Pesos. The average amount of loan is 2.5 Million.
Benefits of Choosing BPI Family Savings Bank for your Housing Loan
BPI wants to address the need for financing to make home ownership more affordable for Filipino families. In time for their 33rd anniversary, BPI Loans is waiving fees and bringing down rates for both their housing and auto loans.
Housing loan clients may save up to P60,000 in waived fees. This is under their BPI Family Savings Housing Loan All Out Promo. The required minimum loan amount is at Php 400,000 with a required minimum loan term of 10 years.
Here is a bulleted list of benefits that clients can enjoy with their BPI Housing Loan:
• Low rate options of 4.75% fixed for 1 year or 6% fixed for 5 years
• Waived processing fees up to P60,000 only for both types of loans (Documentary Stamp Tax, Mortgage Redemption Insurance and Fire Insurance are NOT included in fee waiver)
• Client may opt to avail of other fixing periods (as long as published rate is used) aside from 1 year or 5 years and still avail of the waived processing fees
The promo will run from June 1 to October 31, 2018 and is open to all borrowers nationwide who avail of a BPI Family Savings Bank Housing Loan or Property Equity Loan from June 1 to October 31, 2018 and whose loan applications are approved and booked by December 31, 2018.
Fixed Interest Rate vs. Variable Interest Rate Financing
Borrowers are typically given a choice between fixed or variable interest rate. This is an interesting concept to learn because, we want to choose the best option that can save us money and give us peace of mind.
Fixed interest rate basically means that you agree an interest rate with a bank like BPI Family Savings and this interest rate will not change for the duration of your loan term. If you want peace of mind and enjoy knowing how much you need to pay for certain, then this option is for you. In fact, BPI Family Savings Bank’s VP & Marketing and Systems Division Head, Noel Altamirano agrees that this option is suitable for employed individuals who receive a stable and steady source of income.
Variable interest rate financing means that your loan interest can change based on the prevailing interest rate which can be affected by several economic factors. This indicates that your interest rate can go up or go down. This option is suitable for borrowers who have considerably more risk appetite.
Are you Qualified for a BPI Housing Loan?
You can take this 60 second home loan test to find out if you can avail of a BPI Family Housing loan. Just enter the property type, selling price, down payment, payment terms, then compute! You can also apply directly from their website.
I hope the information I shared on this blog helps you make your dream house come true! Please share your comments below or, share this blog with someone who’s thinking about a housing loan.
Mommy Lace is a blogger from the Philippines. She started this blog to share information on pregnancy, breastfeeding, childcare, family, and health.
