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Property giant Megaworld Corporation and one of the country’s fastest growing universal banks,
Security Bank Corporation, have signed an agreement for the first “truly affordable” financing facility for homebuyers.
The program, dubbed “HOMELITE,” makes owning a home easy by offering fixed interest rates and payment terms that are among the most competitive in the market. And as early as December 2006, HOMELITE will be available exclusively to buyers of Megaworld’s residential projects such as the Manhattan Garden City project at the Araneta Center.
“HOMELITE is the answer to an acute need for a truly affordable and viable home financing facility that will benefit most first-time buyers as well as those who want to invest in property without unduly straining their resources,” said Megaworld Executive Director Kingson Sian.
This inventive product was conceived after the two companies thoroughly studied the target market and reviewed the different financing schemes available in the industry. The competitive advantage of this program among all the other financing programs today is that it is the first and only program to offer smooth end-to-end financing. From the initial contract to sell, the program offers a seamless transition to eventual mortgage which allows Megaworld’s customers access to longer tenor and lower rate financing.
HOMELITE comes in a choice of up to 10 “budget-friendly” packages. Among them are HOMELITE 10, which charges 8.5 percent interest per year fixed for 10 years. HOMELITE 15 keeps the interest rate at 9.75 percent a year for 15 years. Meanwhile, HOMELITE 25 is available at 11 percent interest a year fixed for 25 years.
“Megaworld Corporation will have the distinct advantage of being the first-mover in the market, to carry this particular financing program exclusively for its residential projects. As a breakthrough product, it will revolutionize home financing in the country.” Said Security Bank Senior Vice President and Head of the Corporate Relationship Group, Patricia May T. Siy.
By effectively lowering the cost of buying a home, HOMELITE gives qualified customers the flexibility to invest in more than one residential unit or upgrade their investment to a larger unit. Compared to traditional home financing schemes, HOMELITE is the first end-to-end program to finance a residential project at its pre-selling stage and not upon completion.
Photo shows (from left): Andrew L. Tan,
Megaworld Corporation Chairman and President, Paul
Y. Ung, Security Bank Vice Chairman, and Alberto
S. Villarosa, Security Bank President and
Chief Executive Officer.
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