OFFICE OF THE PRESIDENT • REPUBLIC OF THE PHILIPPINES
QUICKNEWS
     
  Lipa Bank, Inc.
Contact person:
Ms. Nerissa Avestruz
09175901100
     

Background

LBI was initially established as Lipa City Development Bank in 1959. Half of the bank’s initial capital was provided by the Development Bank of the Philippines (DBP) pursuant to R.A. 2081, an Act authorizing the DBP to aid in the establishment of provincial and city development banks.

In 2004, the Monetary Board approved the conversion of the Bank’s classification from a thrift bank to a rural bank. LBI is majority-owned by the Morada family.

The Bank has nine (9) branches in Batangas and Quezon. It is engaged in providing credit facilities to farmers, merchants and cooperatives. It also provides housing loans.

 

Guidelines for Housing Loan

Purpose

  • Purchase of house and lot or condominium unit;
  • Construction of house, building or apartment unit;
  • Renovation or improvement of residential unit;
  • Purchase of lot; and
  • Refinancing of an existing mortgage with an institution acceptable to bank which was principally used for any of the above mentioned purposes.

Borrower’s Eligibility

  • Filipino citizen, of legal age, not more than 65 years old upon loan maturity;
  • No derogatory record; and
  • Borrower must have regular and stable sources of income.

Credit Ratio

  • Monthly amortization should not exceed 50% of disposable income, net of family expenses

Loan Security

             Real Estate Mortgage

Loan to Collateral Ratio

             80% of the appraised value of the property subject of the loan

Loan Term

             1 year to 10 years

Branches

       
San Jose, Batangas Tiaong, Quezon Mataas na Kahoy, Batangas Rosario, Batangas
Lipa City Commercial Center San Juan, Batangas Ibaan, Batangas Balayan, Batangas

 

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