Land Bank offers housing loans to OFWs
|Posted by Manila Mail under Philippine News|
The Land Bank of the Philippines (LBP) has allocated P3 billion for a housing loan program solely for Overseas Filipinos Workers (OFWs), LBP president and chief executive officer (CEO) Gilda Pico, said in a briefing. She said this offer has a longer repayment term compared to other housing loans. She explained that the loan has a maximum repayment term of 20 years and can be under a fixed rate term for 10 years. She said this product is unique among banks because most banks in the country offer fixed-rate term only for a minimum of five years.