What are the lowest housing loan interest rates?
As of October 2010, Hong Kong and Shanghai Banking Corp. or HSBC offers a housing loan interest rate of 5.99 percent, the lowest among banks in the Philippines. HSBC Philippines president and CEO Tony Cripps said the new housing loan rate under the bank's personal financial services was reduced to 5.99 percent per annum, from 6.99 percent previously. The home loan rate applies to the first year of the mortgage under a one-year fixed re-pricing scheme.
The bank said customers will also enjoy a discount of 0.25 percent to 1 percent on home loan rates for the life of the term, beginning with the next re-pricing period.
Mr. Junie Veloso, senior vice president of HSBC Philippines, said the 5.99 percent interest rate on housing loan was the lowest on record offered by a bank in the Philippines, "As far as I am aware, that is the lowest in the market," Mr. Veloso said. "This began only this month. We had 6.99 percent a few months ago."
Other banks have actually began offering housing interest rates of as low as 8 percent early in the year, as the policy interest rates of the Central Bank remained at record low levels.
The housing loans of HSBC are targetted at middle income to and upper income families. HSBC began targetting the housing market only this year, and has yet to make its mark in the automotive industry.
Mr. Veloso said the bank is bullish about the outlook of the Philippine economy this year. "In terms of the economy in general, we are bullish and that would translate to more people having income and planning to acquire homes," he said.
HSBC opened its first branch in the Philippines at 35 Calles Juan Luna, Binondo in 1875. The bank provide personal financial services, private and commercial banking, and global banking and markets.
“It’s been nearly 135 years, and, I’m proud to say, HSBC only continues to get bigger and better,” said Mr. Cripps. “We are as committed as ever to providing our customers with the very best personalized service and banking products that they’ve come to expect from the world’s local bank.”
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