Robinsons Bank housing loans after the BPI merger

Yes. BPI and Robinsons Bank completed their merger with BPI as the surviving entity effective 1 January 2024. Robinsons Bank is therefore no longer a separate destination for a new standalone housing-loan application. Borrowers looking for a new loan should compare BPI's current housing-loan products and criteria with other lenders. Existing Robinsons Bank borrowers should follow BPI's integration notices for their own account.

BPI says an existing Robinsons Bank housing loan remains in force during integration. When the account is integrated, the borrower receives a new BPI loan account number, while the interest rate, amortisation schedule and other loan details remain the same unless the loan reaches a contractual repricing event. BPI will notify the borrower when account changes take effect. Keep following the payment instructions issued for your specific account until BPI confirms a change.

The merger itself does not automatically increase the rate. BPI states that the rate and payment terms of an existing Robinsons Bank housing loan remain the same unless the loan is subject to repricing under its existing contract. Borrowers should receive notice before an upcoming repricing date. Check the signed loan documents and BPI's account-specific notice rather than relying on an old advertised Robinsons Bank rate.

Payment instructions depend on whether the account has already been integrated into BPI. BPI says borrowers should continue using the existing Robinsons Bank channel until they receive notice that the account has moved. After integration, the borrower receives a new BPI loan account number and updated payment instructions; auto-debit arrangements move to the new BPI settlement account when applicable. Follow the latest account-specific notice and keep the settlement account sufficiently funded.

BPI says existing Robinsons Bank loan documents remain recognised and honoured, so borrowers do not need to complete and sign the loan documents again solely because of the merger. A later transaction such as restructuring, refinancing or a contractually required update may involve separate documents, but that is different from the merger integration itself.

Not as a new standalone Robinsons Bank product. Since BPI is the surviving entity, a new borrower should consider BPI's current home-loan offering and compare it with other active lenders. Nook can assess the borrower's income, property and preferred term, compare more than 20 lenders and manage the chosen application for free. Existing Robinsons Bank borrowers can also ask Nook whether refinancing to another lender would improve the all-in cost, subject to switching fees and eligibility.

For an existing loan, use the actual outstanding balance, current rate, remaining term and next repricing date shown in the loan documents or latest BPI notice. A generic calculator cannot account for every contractual fee or repricing rule. Nook's free monthly repayment calculator can model scenarios, while the refinancing calculator can estimate potential savings. Confirm any decision against an official BPI statement and an itemised refinance quote.

Yes. BPI says fire insurance remains necessary to protect the mortgaged property against fire and allied risks throughout the loan term. Borrowers can use an eligible BPI MS policy or submit a qualifying self-procured policy, subject to BPI's requirements. Make sure the policy identifies the correct mortgagee and is delivered through the official channel before the due date.