Landbank lowers housing loan rate

MANILA, Philippines - State-owned Land Bank of the Philippines is offering reduced interest rates for its housing loan program, its top official said.

Landbank president and CEO Gilda  Pico said the special housing loan rate is in line with the bank’s 50th anniversary celebration.

“The Gintong Pabahay promo offers a lower interest of five percent per annum for the first year for all prospective availers and existing borrowers of Landbank’s housing loan programs: the EASY Home Loan, Bahay para sa Bagong Bayani, and the LBP End-Buyers Financing Tie-Up with Developers,” Pico said.

Pico said the Gintong Pabahay promo also forms part of their commitment to support the government’s National Shelter Program.

“We hope to help provide easy and affordable access to home financing services for Filipinos working here and abroad,” she said.

The promo runs until Dec. 31, 2013, within which period all loan applications with complete documents should be submitted and received by the Landbank lending units.

Pico said loanable amounts vary depending on clients’ housing needs.

The bank has also tied up with home developers for the latter’s endorsement of qualified end-buyers.

“We are optimistic that this tie-up will help provide credit assistance to buyers of socialized, low-cost and mid-range housing projects and in turn positively impact the lives of more Filipinos in need of low-income housing,” added Pico.