RECOGNIZING the need for an easier and more efficient property loan application process in the Philippines, online mortgage broker platform Nook launches in the Philippines. The first in the country, it would enable Filipinos to conduct entire property search, do loan comparisons, and experience a seamless loan application process online.
With the increasing purchasing power of Filipinos and thousands of new residential options built each year, the property market is projected to see a continuous surge on both office and residential demand from locals and foreign nationals alike.
According to the numbers released by the Bangko Sentral ng Pilipinas (BSP) in the first half of 2019, there is an increase in the share of real estate loans to the industry total loan.
Banks reported that over 73 percent of residential real estate loans (RREL) were used for the purchase of new housing units, wherein most RRELs granted in the National Capital Region were used for the acquisition of condominium units.
While data shows a growing residential property industry in the country, there is still a gap in bridging consumers to banks in terms of the loan application process. According to Nook, Filipinos still get intimidated to start their home loan search due to various reasons, including not knowing whether they are qualified to lend from any of the local banks for a housing loan.
Nook is designed to make applying for a home loan simpler and easier through its website, which allows users to evaluate the most optimal loan option for their target properties.
The company has partnered with the top banking institutions in the Philippines, including AUB, BDO, BPI Family Savings Bank, Bank of Commerce, CTBC, Chinabank, RCBC, and Security Bank, to give home buyers a wide array of financing options to match their needs.
At the same time, Nook aims to be a new avenue for its bank partners to have a wider reach and make their offerings more accessible through the online platform.