The Bank of the Philippine Islands has allocated P3 billion with its entry in the socialized and affordable housing segment of the market.
“We’re here because we want to reach as many affordable housing developers and book the loans of their clients,” BPI vice president Dexter Lloyd Cuajotor told financial reporters.
The allocation, he said, represents an initial funding and will be reviewed when taken out or exhausted in full.
BPI is one of a handful of lenders that extend affordable housing loans the bulk of which are coursed through state-owned Pag-IBIG Fund, or the Home Mutual Development Fund.
The bank will finance 95 percent of the price of accredited projects valued at least P300,000 up to P3.5 million under the BPI MyBahay program launched only last year.
According to Coajotor, the lender has extended the loan terms to 30 years instead of 20 years and lowered the threshold income requirement to P25,000 (combined income) so that more may qualify.
“Now, clients have more options and not just Pag-IBIG anymore. They can also come to us,” he said at the sidelines of the 4th Affordable Housing Summit 2024 organized by the Organization of Socialized Housing Developers of the Philippines Inc.
The BPI has already accredited 42 developers of the 141-member OSHDP and plans to recognize more.
He said borrowers may apply for a MyBahay loan through its branches and agency banking partners and at its drugstore unit Generika.
