Online mortgage broker Nook launches in the Philippines, taps top banks for easier loan applications
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 condominiu
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