China Bank drops HomePlus loan rate to only 7.5% p.a.

MANILA, Philippines - In celebration of China Bank’s 90th anniversary, the Bank is offering a promotional rate of only 7.5 percent per annum for its HomePlus Loan to make buying, building or renovating a home even more affordable.

The special HomePlus loan rate, reduced to a low 7.5 percent p.a., is fixed for the first year of payment term. From the second year onwards, the succeeding interest rates will be based on the prevailing market rate subject to annual re-pricing.

China Bank’s head of Consumer Banking, Lilibeth R. Cariño, said the Bank dropped its home loan rate so clients can have lower monthly payments. “Lower rates mean more savings for our clients. For example, the monthly amortization for the first year on a HomePlus loan worth P1 million with a term of 15 years, is only P9,271.00 per month.”

Aside from the special first year fixed rate of 7.5 percent p.a., China Bank is also offering other low rates fixed for two to up to twenty years.

According to Cariño, the Bank’s low fixed rates will give clients peace of mind. “We’re offering longer rate fixing options so our clients need not worry about future rate increases that may disrupt their budget.” 

A China Bank HomePlus loan is for the purchase of a lot, a house and lot, a townhouse, or a condominium unit. It is also available for house construction, renovation, or to refinance an existing loan with another bank. To apply for a HomePlus loan or to get more information on the special rate, please call 885-5555, email [email protected], or visit www.chinabank.ph.

All applications received from July 12 to September 30, 2010 and subsequently approved are entitled to avail of the promo rates. All approved loans within the promo period must be availed on or before December 30, 2010.