PHILIPPINE SAVINGS Bank (PSBank) said decisions on home loan applications will now take just one day for the purchase of condominium units and properties from selected developers.
In a statement 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 comes after the bank’s 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 SM Development Corp., DMCI Holdings, Inc., Megaworld Corp., Eton Properties Philippines, Inc., Rockwell Land Corp. and Ayala Land Premier, among others.
On the other hand, its current approval process on condominium units and properties from non-accredited developers shall go through the standard credit decision of five days through text message. This will be applied as well for loan applications to acquire a house and lot, vacant lot and townhouse or duplex among others.
PSBank said its decisions on car loans are already available within a day for more than two years now.
In the first quarter, PSBank’s net profit stood at P641.1 million, up 25% from P511.1 million in the same period last year, supported by its retail business. — KANV