by Roderick T. dela Cruz
[ manilstandardtoday.com ] March 31, 2010
BPI Family Savings Bank, a unit of Bank of Philippine Islands, has offered an industry record low of 8 percent for residential projects of Robinsons Land Corp.
“This is the lowest rate that we have offered for residential projects,” said Jocelyn Sta. Ana, senior vice president of BPI Family Savings Bank.
Sta. Ana said the rate applied for the first year of amortization for Robinsons residential projects, with value of at least P1.1 million, on a 20 percent down payment.
The rate is lower by 1.5 percentage points than BPI’s regular rate of 9.5 percent for the first year of amortization. Interest rates on housing projects in the Philippines normally have interest rates of 9 percent to 20 percent, depending on the developer and partner banks.
BPI Family Savings Bank president Alfonso Salcedo Jr. said buyers should take the opportunity to acquire houses, before interest rates go up in the second half of the year.
BPI Family Savings Bank and Robinsons Land teamed up for Housing Madness, a promotional campaign offering low interest rate and discounts on thousands of Robinsons residential units.