Nook launched the first online property loan platform in the Philippines to make loan process conveniently.
“Finding out online if one is qualified for a home loan from partner banks takes only three minutes,” Nook’s chief executive officer Chris Elder said.
As cited in the report of PSA, Filipinos can conduct an entire property search, do loan comparisons, and experience a seamless loan application process online.
“We will work with the bank to get your loan approved and then you are all set,” he said.
“Nook has teamed up with eight top banks in the Philippines, including AUB, BDO, BPI Family Savings Bank, Bank of Commerce, CTBC, China Bank, RCBC, and Security Bank,” he added.
Moreover, Nook will provide information and bank requirements.
The platform is planning to add another five banks for this year.
Apart from being the first online property loan platform, Nook aims to be the number one originator of housing loans within five years.
“At first, we don’t expect too much of an uptick (in the number of borrowers). It is still new here but I believe in the coming years, as people slowly get used to it, we expect strong growth from two years onwards,” he said in the report of PNA.
Since the Philippines has an emerging economy, Elder foresees a robust growth in the next few years.
“Nook also believes this is an opportune time for the Philippines to adopt the trend and practices of the industry in countries such as Australia and the United States, where over 60 percent and 68 percent of borrowers, respectively, go through mortgage brokers instead of direct-bank applications to secure a housing loan,” PNA report mentioned.