DMCI, UCPB tie up with home financing scheme

The housing developer of listed holding company DMCI Holdings Inc. has signed an agreement with United Coconut Planters Bank for a house financing scheme which will enable young urban professionals, middle-income newly wed couples and families of overseas Filipino workers to afford their first home. In a statement, Lee de Claro, UCPB vice president for real estate loans, said the bank is alloting P500 million for the special home financing program. Under the agreement with DMCI, UCPB will provide the buyers in these developments higher financing amount equivalent to 80 percent of the property's appraised value with repayment period of up to 15 years. UCPB will also release the loan proceeds immediately upon the buyers putting up 10-percent down payment, so the buyers can immediately move in to their property. The 10-percent balance will be payable to DMCI over a period of 40 months. The financing agreement will cover the 19 DMCI residential projects, which consist of mid-rise and high-rise residential condominiums in Metro Manila and houses and lots in Cavite, Taguig and Rizal, with price tags ranging from P1.4 million to P4 million. In November last year, Megaworld Corp. disclosed that it has partnered with universal bank Security Bank Corp. for a P7-billion home financing facility for the buyers of its residential projects. The program comes in a choice of up to 10 “budget-friendly" packages. Among them are Homelite 10, which charges 8.5 percent interest per year fixed for 10 years. Homelite 15 keeps the interest rate at 9.75 percent a year for 15 years. Meanwhile, Homelite 25 is available at 11 percent interest a year fixed for 25 years. Buyers may also choose from no down payment and low down payment schemes. - Cheryl Arcibal, GMANews.TV