MANILA, Philippines (UPDATE) - Philippine Veterans Bank (PVB) expects to grow its home lending portfolio this year by P2 billion through the launch of its “Home Loan Free Home” Promo.
Under the promo, PVB is offering home borrowers a cash-back on their loan principal after a 20-year loan term. The promo is primarily targeted towards existing loan borrowers of other banks who wish to get a superior deal on their housing loan because of the cash-back offer. It is also available for new home-buyers who are interested in purchasing residential house and lots, townhouses or even condominiums.
The promo which will only run from March 1 to May 31, 2014, is the first-ever loan product with a principal-back guarantee. It is expected to bring in P2 billion through this promo to beef up the Bank’s Home-lending portfolio to P4 billion as it readies to offer more consumer lending products this year.
For applicants in Metro Manila, Bulacan & Calabarzon, the bank put in place a credit approval process that would take only 7 to 10 banking days.
Minimum loan size in PVB’s Home Loan Free Home portfolio is P300,000. The application for the loan products can be done at any PVB branches nationwide or online via the PVB Home Loan website at www.pvbhomeloans.com.