AYALA-LED Bank of the Philippine Islands (BPI) signed 10 new housing developers last week for accreditation under its MyBahay affordable housing loan program.
“From the summit, we are processing 10 more as of this writing,” Dexter Lloyd Cuajotor, vice president and head of retail lending and bancassurance group at BPI, told The Manila Times last week.
The bank sent accreditors to the 4th Affordable Housing Summit in Quezon City to accredit housing developers as to whether their projects could qualify for bank financing.
The summit was organized by the Organization of Socialized Housing Developers of the Philippines Inc. (OSHDP).
Prior to the event, BPI had already accredited at least 42 member-developers of the OSHDP. Approval of the application of the 10 new developers will bring the total to about half of OSHDP’s membership.
“We’re here because we want to reach as many affordable housing developers [as we can] so we can book the loans of their clients. Because that’s true, we also see a backlog from our end,” Cuajotor said.
Marcelino Mendoza, OSHDP chairman, said that BPI had been at the forefront of financing housing developers for over five decades now.
“We see them as vital strategic partners in ensuring the vibrancy of the real estate sector and as an important cog in the country’s economic recovery post-pandemic,” he added.
The BPI MyBahay program offers a minimum allowable loan of P300,000 up to a maximum of P3.325 million, with a repayment term of up to 30 years. There is also a 2-percent interest rebate for clients deemed to be “good payers” for the year.
Through the program, BPI will be financing 95 percent of the total contract price for accredited projects with a value of up to P3.5 million.
To qualify more loan applications and give clients additional options aside from Pag-IBIG or the Home Mutual Development Fund, BPI lowered the P25,000 combined household income criteria and the program has so far extended loans to about 400 families.
The bank said it was targeting providing P3 billion worth of affordable housing loans to Filipino families.
Cuajotor said interested developers, whether local or national in scope, were welcome to reach out to them for accreditation.
Shares of BPI slipped 50 centavos, or 0.4 percent, to P126 apiece on Friday.
Be the first to comment