Ayala-led Bank of the Philippine Islands (BPI) expects the impact of accelerating interest rates in three years to four years’ time.
AYALA-led Bank of the Philippine Islands expects the impact of accelerating interest rates in three years to four years’ time.
The BSP also raised interest rates by 50 bps in August and September. In total, the Monetary Board raised interest rates five times this year.“We expect a little slow down by 2024, 2025. These are people who bought properties three years to five years back,” he said.“There is a segment; that is why we want to enter this segment to make up for the shortage for the other segments.
Fronda pointed out there are 7.13 million middle-income individuals or 1.75 million Filipino families who are looking for an “affordable” and “accessible” home financing solution. Maria Cristina L. Go, the bank’s consumer banking head, said they also consider MyBahay as their contribution to resolving the country’s persisting housing backlog that is currently at 6.5 million.
The BPI’s regular housing loan has a P40,000 GMI requirement with a loanable amount being up to 90 percent of the appraised value that can be paid for up to 20 years.
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