I’m currently browsing the web and talking to various bank managers to get more information necessary to update our 2011 article on Housing Loan interest rates in the Philippines. I want to come up with a comprehensive list of interest rates for housing loans in the Philippines for the year 2012.
Since I don’t have the complete information yet, I’ll just post what I got from each individual bank regarding their housing loan offerings. I was recently informed by a branch manager of the Bank of the Philippine Islands (BPI) that they are offering low interest rates in celebration of the bank’s 161st anniversary. Here are the details.
BPI Special Rates Promo
From August 8 until September 30, 2012, BPI is again bringing back their special promo interest rates for housing loans. For consumers to be able to avail of the promo rates, loans must be booked no later than September 30, 2012.
In 2011, through their affiliate BPI Family Savings Bank, BPI offered cheap housing loan rates in an attempt to compete with other banks that are aggressively marketing their home loan offerings.
Last year, BPI offered 5.50% fixed for the first year with annual repricing. The fixed rate for 5 years was 8.75% while the 10-year fixed rate was 10.00%. The comparative table of housing loan rates in 2011 can be found here.
2012 BPI Housing Loan Interest Rates Promo
This year, BPI tries to compete again with the low housing loan rates of other banks by offering the following special promo rates for 2012:
- 7.50% fixed for 5 years; and
- 8.50% fixed for 7 years
The BPI website is silent, however, as regards interest rates for longer loan duration.
Simply drop by any BPI or BPI Family Savings Bank branch to inquire. You may also call them at (02) 845-6888. Do note that the promo is only until September 30, 2012.
Regular BPI Housing Loan Interest Rates
The special promo rates are indeed a lot cheaper than the regular loan rates offered by BPI. As per the official website, BPI’s regular housing loan rates are as follows.
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