BPI Family Savings Bank said it is cutting its housing loan interest rate to boost its lending business this year.

Alfonso Salcedo Jr., BPI Family president said its real estate lending business would mainly drive the bank’s loan portfolio, which is expected to grow by 10 percent to 15 percent this year.

This would support the bank’s net income growth this year, which is projected to increase by 10 percent.

“New loans [were] down by [a] low single digit but the approved rates are the same,” Salcedo said at the launching of the property exhibit of the bank and affiliate Ayala Land Inc. (ALI).

Salcedo said housing loans accounted for 60 percent of the bank’s real estate loans.

BPI Family said it will hold its first integrated showcase property exhibit with ALI on May 30 and May 31 at Glorietta, Makati, offering affordable loan rates for housing loans. The event will showcase ALI’s projects particularly Ayala Land Premier, Alveo and Avida.

Specifically, the bank will offer an affordable financial package, which is lower than the published rates of other lenders. BPI Family will offer a loanable amount of up to 90 percent.

At present, the bank offers mortgage loan rates of 8.75 percent to 9.75 percent for the first year, 10.25 percent for the 5 year tenor, and 10.75 percent to 11 percent for the 10 year tenor.

For a minimum of P40,000 gross monthly income, applicants can qualify for the housing loan.

BPI Family and ALI are also targeting overseas Filipino workers (OFW), which comprised about 25 percent of ALI’s homeowners.

The Bangko Sentral ng Pilipinas expects remittances to exceed its flat growth forecast this year from $16.4 billion last year.