The Philippine Veterans Bank (PVB) launched its Home Loan Free Home Promo in an event held at the Asian Institute Management Conference, Makati City last February 28, 2014.
The said real estate housing loan product (with a loan term of 20 years) refers to a promotion wherein a cash back is guaranteed at the end of the term. According to PVB President and CEO Joey Bermudez, the Home Loan Free Home Promo is designed to entice homeowners to take up a housing loan with PVB and avail of the bank’s cash-back guarantee. Home loans mean a lot more than just lower interest and quick processing and this is the reason why PVB came up with its "Home Loan Free Home" promo.
Qualifications for this promo include:
1. Homeowners with existing mortgages of at least twelve (12) months in other banks who are of good standing.
2. New home-buyers including buyers of residential house and lots, townhouses, or condominiums.
3. Homeowners who wish to make major improvements or construction on their existing residential properties
Interest rate is at 8.25% p.a. repricing every 5 years with a loan able amount of up to 80% of the appraised value of collateral property (house and lot, condominium, townhouse) and up to 60% of the appraised value if the collateral property is a vacant lot.
The maximum term of the loan is 20 years provided the borrower is not over 65 years old upon loan maturity and the income requirement of the borrower is at a minimum of Php40,000 per month for single and married with no dependents for every P1M loan.
Application for the housing loan can be done at the Retail Banking Division (RBD) office in Makati City (G/F PVB Head Office – Rufino corner Dela Rosa Sts., Legazpi Village, Makati City) or at any of PVB’s sixty branches nationwide. Loan applicants may also visit the PVB website, click on the PVB Home Loan Free Home ad to be directed to the online application form. Applicants need to fill-out the online form completely, scan and upload/submit the pre-approval requirements. The submitted online application will be emailed directly to RBD for pre-processing. Only completely filled-out online applications will be entertained.
The applicant then submits the pre-approval requirements and pays the non-refundable application fee. Application with complete requirements and paid application fee will undergo process.
Loan approval will take 7-10 days working days for Metro Manila, Bulacan, and CALABARZON. Targeted loan approval outside of these areas, is within 15 days but subject to several factors including accessibility, availability of both credit appraiser and loan applicant, among others.
Successful PVB Home Loans borrowers can avail of a 20-year loan term with the guarantee of a 100% return of the principal loan.
The promo runs from March 1 to May 31, 2014. The borrower agrees to shoulder the application fee, processing fee, notarial fee, MRI & Fire Insurance Premium and Registration & Cancellation fees. Applications must be received within the promo period to be eligible.
For the borrower to receive 100% of hisr principal loan back at the end of 20 years, the following conditions must be met for the entire duration of the term:
• No late or lapsed payment of amortizations and other dues (i.e. Mortgage Redemption Insurance, Fire Insurance premiums, etc.) for the duration of the term.
• No pre-termination of the housing loan.
• No pre-payment of the housing loan.
• Loan is fully paid at the end of the term including all other dues. (i.e. Mortgage Redemption Insurance, Fire Insurance premiums, etc.)
• PVB Savings Account for the monthly amortization must be maintained for the duration of the loan term.
Should the loan applicant fails to meet any of the conditions above, the loan will be treated as a regular housing loan and will be ineligible for the cash-back feature of the promo.
Upon completion of the term, PVB will credit to the applicant's savings account the amount representing his cash back equivalent to the principal loan.
Existing PVB housing loan clients are not qualified. However, existing PVB depositors and customers of non-loan products are eligible for the promo. PVB employees, their agencies and suppliers for the promo, and their respective relatives up to second degree of consanguinity or affinity are not eligible for this promotion.
For complete list of requirements, go to www.pvbhomeloans.com. You may also call (02) 857-3800 or (02) 902-1600.
Home Loan Free Home