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ALLIED
Banking Corp. is allotting a P500-million credit line
for the home financing program of affiliate Eton
Properties Philippines Inc. (EPPI).
The
amount will basically cover the financing needs of
prospective buyers of Eton’s residential project in
Ortigas.
In a
joint press briefing Monday, Allied Bank president
Reynaldo Maclang said the credit line will support Home
838, a housing-loan program that gives clients longer
payment terms at a fixed rate of 8.38 percent, the
lowest in the industry, so far.
“Unlike
other financing plans, which offer interest rates as
high as 11 percent for a 20-year term, ours is more
affordable. Home 838 allows clients to choose from
low-down payment schemes—10 percent or 20 percent and
terms from 10, 15, to 20 years,” he explained.
The
balance is payable at 8.38-percent fixed interest rate
for 10 years, and subject to repricing on the 11th year
for longer-term arrangements.
Maclang
said there is a possibility to raise the credit line
should there be bigger demand. In the meantime, the
financing program will be offered initially to buyers of
the twin-tower Eton Emerald Lofts.
A
one-bedroom unit in Emerald Lofts costs P2.3 million.
Allied
Bank currently has a P5-billion housing loan portfolio.
The bank and Eton Properties are members of the Lucio
Tan Group of Companies.
Meanwhile, Eton Properties also launched yesterday its
fourth residential condominium project located in a
property owned by Allied Bank in Legaspi Village, Makati
City.
The
all-loft Eton Parkview Greenbelt is a 34-story
condominium with 230 units.
A
one-bedroom unit will be sold at P3.6 million while a
two-bedroom unit goes for P6.5 million.
Eaton
Properties president Danilo Ignacio said the project,
scheduled for turnover by December 2011, will target
working professionals in the Makati business district.
Also,
EPPI has started marketing abroad Belton Square, a
mixed-use project in Malugay Street near Pasong Tamo in
Makati.
“The
property is also owned by the Lucio Tan Group. We will
demolish a two-story building presently there and we are
now in talks with Asia Brewery for the warehouse it owns
at the back,” said Ignacio. |
