Investing in time of crisis

By Iris C. Gonzales Updated March 16, 2009 12:00 AM

PSBank is offering to consumers the opportunity to buy their own homes through an improved home loan scheme offered by the bank.

MANILA, Philippines - Experts say the most opportune time to invest is when there is a crisis.

With this in mind, PSBank, a part of the Metrobank and Trust Co. (Metrobank) Group, is offering to consumers the opportunity to buy their own homes. This is through an improved home loan scheme offered by the bank starting last month.

The bank decides on its home loan applications within just five days,” said Leonardo Disini, vice-president of PSBank’s Mortgage Banking Division.

With its “Thank Goodness, It’s Five Days (TGIF)” promo, PSBank processes housing loan applications with just five days, sparing consumers the agony of wondering whether or not their requests have been approved or turned down.

Disini said what’s also good is that PSBank has added a new twist to the program.

To prove their commitment to come out with a decision on home loan applications within five days, PSBank is offering interest-free loan payments in the first year.

This incentive started last February 16.

“When you apply for a PSBank home loan now until June 15, 2009, you will have the chance to enjoy interest-free first year payments if you fail to get any credit decision via mobile phone text within five working days after submitting the complete requirements,” PSBank said.

This means that if an applicant’s approved loan is for P2 million, at 9.5 percent interest rate per annum, the applicant will enjoy instant savings of up to P175,000. The program excludes loans worth P10 million and above.

TGIF’s 5-day period will start on the next working day after all requirements are submitted. Applications with incomplete documents will not be processed.

PSBank has lowered its home loan interest rates to 9.5 percent per annum from 10.5 percent previously.

To avail of the TGIF promo, applicants may visit the nearest PSBank branch and submit the required documents. They should provide your mobile phone number in the application form since updates will be done via text messages.

The Metrobank subsidiary has 165 branches nationwide where applicants can inquire about the PSBank home loan and the TGIF promo.

Disini said that despite the short application process PSBank remains vigilant and scrutinizing with its home loan applications.

PSBank’s home loans are available for all types of units such as condominium, single detached and previously owned homes.

To date, PSBank already has a total of P14 billion worth of home loan accounts, Disini said.

PSBank, which became a subsidiary of Metrobank in 1981 has found its niche in the consumer lending markets. It offers one of the most competitive rates for auto and housing loans.

As PSBank entered the 90s, it recognized the need to address the changing face of the market and the industry. Continuing to strengthen partnership with its clientele, PSBank also expanded services and product offerings. In 1991, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) authorized the Bank to perform trust banking functions. By 1995, PSBank was granted a quasi-banking license, previously granted only to commercial banks and investment houses.