BPI family savings bank Housing madness set to open today

CEBU, Philippines - Due to the double-digit growth of housing loan take up in Cebu last year, the Bank of the Philippine Island Family Savings Bank (BFSB) is holding its first "Housing Madness' in Cebu.

The three-day event, which will officially open today at the Ayala Center Cebu, brings together the 17 top real estate developers here, to offer attractive residential loan packages to the Cebuanos, said BPIFB president Jose Teodoro K. Limcaoco in a press conference.

The BFSB branches in Cebu achieved a 25 percent growth of housing loan portfolio in 2010, Limcaoco said the bank expects a higher growth performance this year in Cebu, with the introduction of the "Housing Madness" event, which will provide a one-stop-shop venue for customers who may want to avail of low interest rate housing loan packages.

Participating real estate developers are Aboitiz Land Inc., AE International, Ayala Land Premier Corporation, Alveo Land Corporation, Avida Land Corporation, Arcenas Properties, Crown Communities, Cebu Landmasters, CLS Properties, Colourfield Land, Innoland Development Corporation, Lopzcoom Development Corporation, MLD Dream Builders, Nexland Estate, Primary Homes, Robinsonsland Inc., and Taft Property Development Corporation.

Interested customers with combined monthly gross income of at least P40,000 can avail of the wide array of housing and condominium properties located in the Metro Cebu and nearby areas.

According to Limcaoco the bank has noted a remarkable growth of real estate projects, as BFSB has currently accredited a total 40 developers with a total of 77 projects that will be made available for loan packages under the bank's different financing products.

He added that in the three-day event clients can get special rates or low monthly amortizations, fast credit decision, and waived appraisal fee with accredited developers in this exclusive housing deals event.

Borrowers, whose loan applications have been approved and availed, would also get a Free BPI Express Credit Gold MasterCard.

"We are committed to helping every Filipino family get their dream homes. Through the Housing Madness, we hope to do just that by bringing together the best developers, special rates, and more dynamic financing schemes favorable to our clients all under one roof," said Jocelyn Sta. Ana, the bank's senior vice president, and head of retail mortgage division.

Following the success of its "Car Madness" tradition, BFSB introduced its "Housing Madness" annual event in Metro Manila last year. It immediately held similar events in San Fernando, and Davao, and now Cebu.

Lower interest rates are pegged on fixed annual basis, depends on the number of installment years. For the two to three years installment plan, the bank is giving annual fixed year of 7.75 percent, while eight percent fixed annual rate for a five-year loan package.

During the event, BFSB will also launch its newest housing loan package, dubbed "BPI Family Housing Pay-Break," wherein clients can enjoy of low cash out-loan as much as 90 percent of the selling price and free registration fee. It will also provide a "month" break for its clients.

"Because BPI understands that there are months when we need a break from too much payables, the BPI Family Housing Loan Pay-Break will let a client choose which month he/she need a pay-break the most," Sta. Ana explained.

BPI Family Savings Bank is a subsidiary of BPI, one of the leading commercial banks in the Philippines. Established in 1985 in the merger of BPI and Family Savings Bank, BFSB caters to middle-class families and offers retail banking products and services.

(FREEMAN)