BPI-Family Savings’ housing loan portfolio alone over P1B
Annual growth is 20% plus
DAVAO City continues to attract more housing sector developments after a leading bank ranked the city third in total housing loan portfolio behind leader Cebu and 2nd placer Pampanga.
BPI-Family Savings Bank (BFSB) President Jose Teodoro K. Limcaoco bared last week that the city is considered one of the hottest in terms of housing demand and opportunities after major developments came in recently.
“The Business process outsourcing industry is beginning to expand here while a big mall opened recently even as local housing developers have been performing competitively with national developers,” said Limcaoco.
These development prospects pushed the bank to raise its housing loan portfolio to more than a billion for Davao City.
Jocelyn Sta. Ana, BFSB’s senior vice president and head of retail mortgage, said the city registered an average of 22 percent growth annually in housing loans, prompting the bank to increase its loan portfolio to “more than a billion pesos.”
Although she refused to provide exact figures, Sta. Ana said their loan portfolio for the city obtains a significant portion of the bank’s total portfolio.
“Davao City is a ‘hot’ place. There is a growing demand for housing here. If you see, almost all developers are coming…there is much to do in this city,” she said.
Last May 29, BFSB concluded its Housing Madness, a housing fair that the bank held in the city only after six years, offering the lowest interest rate for the first year.
For this year’s housing fair, Dabawenyos may get housing approval within the day or five days at the most, unlike the previous housing madness where applicants waited for a month before getting the feedback on their application.
Once booked on or before June 30, the borrower will enjoy a 5.55 interest rate (for loan repricing fixed for 1 year) plus clients will get to enjoy P10,000 off on their first monthly amortization.
“Beyond June 30, applications received during the event and booked within the year will also enjoy competitive rates and still get to enjoy P10,000 off on their first monthly installment,” she said.
BPI held its Davao Housing Madness in 2005 at 12 percent interest rate. Now, the interest rate is reduced to 5.5 percent for loan repricing fixed for one year, Limcaoco said.
The loan repayment is also stretched from 10 years in 2005 to 25 years this year.
The number of developers has grown from six developers in 2005 to 12 this year, namely Alveo Land Corporation, Avida Land Corp, Ayala Premier, Lands and Development Incorporated, DMCI Urban, Kisan Lu Lands Development Inc, Communities Davao Inc, Robinsons Land Corp, Santos Land Development Corp, Uraya Land Development Inc, Hemeni Land Corp, and Holiday Garden Island Development Corp. [WITH PIA 11 REPORT]
