BTN Diverts 10,000 Affordable Houses to Commercial Loans
Friday, 04 May, 2012 | 14:40 WIB
TEMPO Interactive, Jakarta:Bank BTN consumer and operations director Irman Alvian Zahiruddin says that 10,000 houses supported by the stalled Housing Financing Liquidity Facility (FLPP) loan, will be switched to commercial loans with an 8.5-percent fixed interest rate for two years.
“Initially, we were aiming for 12,000 units by March, but on 2,500 were realized as of March—the rest would be best under commercial loans,” said Irman at the Indonesia Stock Exchange Building (IDX) on Thursday.
Irman said the 10,000 houses paid for by commercial loans were initially supported by the FLPP program. However, low market acceptance has driven the company to channel the affordable housing program to its commercial sector. In total, the bank has prepared Rp750 billion for the switching process.
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