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State lender inks deal with Workers Security Agency for mortgage facilities
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Work proceeds at a housing development for middle-income consumers funded by Bank Tabungan Negara Tbk (BTN) in Serpong, South Tangerang. (Antara/Audy Alwi )
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tate-owned lender Bank Tabungan Negara (BTN) and the Workers Security Agency (BPJS Ketenagakerjaan) sealed an agreement on Thursday on mortgage financing provision for the latter's members.
"As part of our synergy, we will provide facilities for down-payments, housing and renovation financing for BPJS Ketenagakerjaan members," BTN president director Maryono said during the signing ceremony in Jakarta, according to the lender's statement.
The publicly listed bank agreed to disburse mortgages for the agency's members for a maximum amount of Rp 500 million (US$37,529) each and a maximum tenure of 20 years for houses and 15 years for apartment units.
The offered interest rate is also competitive at around 7.75 percent, compared to 9 percent charged for commercial mortgages, Maryono said.
He expressed optimism that the partnership would help BTN achieve its mortgage target this year.
BTN, which specializes in mortgage lending, expects to disburse subsidized mortgages for between 180,000 and 200,000 housing units and non-subsidized mortgages for 80,000 units.
The lender provided 159,000 and 49,965 subsidized and non-subsidized mortgages, respectively, last year.
"We are optimistic that our target of 21 percent loan growth this year will be achieved with our various mortgage products," Maryono said. (bbn)
