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NewswireToday - /newswire/ -
Mandaluyong City, Metro Manila, Philippines, 06/24/2007 - Philippine Savings Bank [PSBank], the countries second largest thrift bank and subsidiary of MetroBank, recently accredited Pacific Concord Properties Inc’s Lancaster Suites Tower I Condo Hotel in its home loan program.
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PSBank’s Home Rate Protect program offers buyers the option to loan up to 70% of the total contract price of their unit which they can pay for a maximum loan period of 25 years with a fixed interest rate currently at 11.5% per annum.
Beth Collingz, PLC Global Pinoy International Marketing Director and Lead Marketing Partners for PCPI’s Lancaster Brand of Condotels in the Philippines said the fixed rate of interest applied for the full 25 year mortgage protects borrowers from interest rate fluctuations and seals in the monthly installments for the term of the loan.
Open to all Filipinos and those married to Foreign Nationals who are at least 21 years old [but not more than 65 years upon maturity of loan] wherein unit buyers should have also paid at least 30% of the condo’s net contract price to be eligible for the loan - the program applies to Lancaster’s residential units only.
This development by PSBank follows the recent approval of Banco De Oro (BDO) a commercial Bank in Metro Manila, for a buyer's financing or mortgage plan for Lancaster Suites Tower I Manila Condotel units. "The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for the purchase of Condotel units in the Philippines, is now available to unit owners (Filipinos, Filipino-Americans and Foreign Nationals alike) whom are looking to purchase a Condo Hotel Suite or refinance their investments through BDO's Home Loan" Collingz said.
Existing unit owners who are availing of Pacific Concord Properties in-house financing have the option to pay off their units in 144 months. With BDO’s Home Loan, unit owners can now opt to pay off the balance for up to 15 years [180 months] at only 11.5% per annum. By converting the existing in-house loan to BDO’s Home Loan, buyers will have more flexibility in paying off their loans at a much lower interest rate. What’s more, with BDO’s Home Loan, buyers can loan the full amount equivalent to 70% of the current value of their units regardless if they have already paid more than 30% of the units’ TCP. After paying the balance of the unit price to PCPI, the net amount will then be released directly to them. Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units.
“Many of my previous clients whom have purchased units in Lancaster Suites Tower I are now set to cash in on their equity by availing of the new financing options to be able to reinvest in new units at Lancaster Atrium which is currently on preconstruction selling” said Collingz.
Collingz continued, “Not only will buyers of units in Tower I have rental income from their units from the middle part of 2007 that will partially offset mortgage payments, they can now free up their equity and take advantage of the current low prices for Condotel Suites in the new Lancaster Atrium and stand to make another 70-80% in property appreciation by the time the building is fully completed from 2010’
Pacific Concord Properties, Inc. is offering the perfect mix of both the right opportunity and the right timing. In recognizing the financial and emotional value of their investment, PCPI designed a program for all unit owners of Lancaster Suites and Lancaster Cebu that will help them maintain and generate income from their investment.
More popularly known as the Condotel Advantage, this program will enable unit owners to gain access to PCPI’s experienced world-class property managers who will make sure of the complete and hotel-quality maintenance of the units enrolled in the condotel pool.
As part of the condotel pool, unit owners can relax knowing that their properties will be managed like hotel rooms. Finding tenants will not be a concern also as the property managers will be tasked in finding tenants for them to make sure that their units will earn a competitive rental income.
By joining the condotel pool, unit owners will get to enjoy total hassle-free property management while earning rental income whether they are staying in the Philippines or residing in another country anywhere in the world.
More info on Condotel Investments in the Philippines can be obtained from the firms website.
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