PSBank speeds up approval of home loan applications

Philippine Savings Bank (PSBank) sets its decision on home loan applications to one day for the purchase of condominium units and properties.
In a statement sent on Tuesday, the savings banking arm of Metropolitan Bank & Trust Co. said it will only take a day for the bank to grant loans for brand new condominium units and properties from accredited developers.
PSBank Senior Vice-President Noel Tuazon said the process of providing a credit decision within a day follows streamlining of internal evaluation processes.
“[This allows] the bank to offer the fastest possible credit decision on home loan applications for condominiums available in the country,” Mr. Tuazon was quoted as saying in the statement.
He added that the new approval process is available to clients who wish to buy units from accredited developers such as Federal Land, SM Development, DMCI, Megaworld, Eton Properties, Rockwell and Ayala Land Premier among others.
On the other hand, approval process on condominium units and properties from non-accredited developers shall have the standard credit decision of five days through text message. This will be applied as well to loan applications on acquiring house and lot, vacant lot and townhouse or duplex among others. — Karl Angelo N. Vidal