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Showing posts from January, 2013

Banks are only for the rich

For the last half of 2012, I was desperate to find a decent bank willing to lend me money to finish my house at an interest rate that I can afford.   My wife, another Certified Public Accountant in the house besides myself, went through an options analysis including the Home Development Mutual Fund (HDMF) and a few commercial banks that promise interest holidays, or low interest rates, or fast processing and so on and so forth.   She found out that when one borrows from HDMF at an amount beyond Php750,000, the interest rates converge with that of commercial banks so we decided to apply a housing loan from both PS Bank and Bank of Commerce .   The experience was not that pleasant.   Both banks were slow at responding to request for information and failed several times to get back to us as to the status of our applications.   PS Bank, for example, treats us as miserable clients, not worthy to be lent some money despite our positive and highly liquid cash position, because our acc