Chinatrust launches ‘new’ home, salary loans

Chinatrust Commercial (Phils.) Bank Inc. is expecting its loan portfolio to grow to P2 billion by yearend with the introduction of new consumer loan products.

First, it launched a newer version of its original 2001 home loan product and followed this up with a salary loan program.

The "revitalized" home loan offer even includes a special bonus for borroweres.

"For the first time in many years, home loan borrowers will receive a significant cash gift which has no string attached," Chinatrust president Joey Bermudez disclosed.

For a minimum approved loan of over P2 million, a P100,000 tax-paid cash incentive will be given.

And another P50,000 cash gift will be extended to booked loans less than P2 million, but not lower than P1 million. Rate fixing is likewise available up to a maximum of five years to those who opt for a fixed amortization for an extended period.

"We have a self-imposed commitment that we will not launch any consumer product that is remotely similar to what is available in the market today," Chinatrust vice president for mortgage banking Mayet Luna said.

"This we believe is a first a quantifiable and real benefit to consumers without any waiting period. An account will be opened in their name upon loan approval.

Chinatrust Five@Zero Home Loan promo which ended last September 2002 was an equally compelling offer, promising zero interest payment on the last five years of a 15-year mortgage.

Luna added that the new version of the home loan product is part of the bank’s efforts to make the public change the way they judge their banks, by offering products that are totally focused on consumer benefits.

"Size and age are traditional reasons for choosing a bank, but this age of challenged economies, stability, value for money, and innovation should drive the decision-making process for any consumer who only wants the best for his money," bank officials added.

It also launched simultaneously Salary Stretch, an all-purpose salary loan for salaried employees, following its acquisition and successful integration of ABN AMRO’s salary loan portfolio last year.

Chinatrust is a wholly owned subsidiary of Chinatrust Commercial Bank of Taiwan, with over $2 billion in capitalization.