Stock News 2011: EastWest Bank reduces mortgage financing interest to 5.88%

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EastWest Bank has recently introduced its lowest home loan interest rate of 5.88% fixed for the first year. Owning a real estate property by availing of a mortgage financing facility at only 5.88% interest rate provides borrowers a great deal of savings which they can use for other expenditures or purchases.

The Bank now offers a range of housing loan products that are especially designed for the specific needs of the borrower.

The Home ACQUIRE allows an availee to purchase a house and lot or a townhouse, while Condo ACQUIRE provides financing for acquisition of a condominium unit. For those who wish to purchase a residential lot, the Bank offers Lot ACQUIRE which is payable within a 10 year period.

Lot owners who opt to build their own house in their property may apply for Home CONSTRUCT with a maximum payment term of 30 years.

http://www.philstar.com/Article.aspx?articleId=658215&publicationSubCategoryId=74

Stock News 2011: Banks now offering 25-year housing loans

The Department of Finance (DoF) said Monday that some local banks are now willing to provide housing loans of up to 25 years after the government successfully sold longer-dated debts.

Finance Secretary Cesar V. Purisima said, in an interview, that some local banks came to him and have showed interest in introducing housing loans that are payable in 25 years.

“Banks now are telling me that they’re looking at offering consumers 25-year housing loans. Before, loans outside Pag-IBIG [Home Development Mutual Fund] can only be 15 years,” Purisima said.

In December last year, the Aquino government issued debt notes maturing in 2035, in the process creating a new benchmark rate for 25-year bonds.

http://www.mb.com.ph/node/299057/bank

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