Some condominium units can now be acquired through a Home Development Mutual Fund (HDMF) or Pag-ibig Fund loan, executives of the housing agency of the Philippines said.
Anthony Maglunsod, Pag-ibig’s assistant manager of operations for Cebu City South, said they’ve raised the loan ceiling from P3 million to P6 million.
Condo units, not previously affordable under the Pag-ibig Fund program, are now covered, he explained.
An artist’s rendition of the completed 18-storey City Loft by Fuente Triangle. (Photo from Fuente Triangle website)
“As long as the member or borrower can pay the monthly amortization, he or she could avail of a condo loan,” he pointed out.
One of the condominium developments that can be acquired through a Pag-ibig loan is the 18-storey City Loft along Gen. Maxilom Avenue, which its developer Fuente Triangle Realty Development Corp. plans to complete by end of 2013.
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Avida Land, the affordable housing arm of Ayala Land Inc., makes it easy for the younger market segment to own a unit in its second Avida Towers Riala condominium by relaxing downpayment terms, a company executive said.
An artist’s perspective of the completed Avida Towers Riala development at Cebu IT Park.
Tess Tatco, Avida Land marketing manager, said they’ve stretched the period for the 20 percent downpayment to 36 months. A typical call center agent can easily afford the three-year monthly payments of P10,800, she pointed out. Avida Land is the affordable housing arm of Ayala Land Inc. in Cebu, Philippines.
Project officer Carlo Aldaba said the first two Avida Towers Riala will be mirror images of each other, having the same 27 residential floors with a maximum of 23 units each level.
Since last year, the Home Development Mutual Fund (HDMF) Visayas Group has done away with the half-day seminar for those interested in taking out a housing loan.
Victoria de la Peña, HDMF vice president for the Visayas, said prospective borrowers only need to go to their Pag-ibig branch where someone talk them through the basics as well as match their housing needs with their capability to pay.
New Pag-ibig Fund programs in 2013, according to her, will involve encouraging employer companies to provide housing for their employees. She said they can collaborate with Pag-ibig Fund, another name for HDMF, and property developers on how to go about creating a housing program for their workers.
A new business process outsourcing (BPO) tower will rise next to Ayala Center Cebu in the Cebu Business Park.
The ACC Corporate Center broke ground last January 30 at the west entry of Ayala Center Cebu. The ceremonies were led by Ayala Land, Inc. president Antonino Aquino and Cebu Holdings, Inc. president Francis Monera.
The ACC Corporate Center is expected to be completed in 2015 and has a total of 41,996 square meters gross floor area with 12 levels of office spaces and two levels of retail shops.
Camella Homes has announced that its latest enclave in the Azienda community in Talisay City in Cebu is ready for lot buyers. The real estate company said site development for the 3.8 hectare Azienda Genova has been completed. The property was launched in August 2011.
Camella Homes held a blessing and housewarming last December to inaugurate the Mariana, Dorina and Carmina model houses.
Azienda is a 100-hectare master-planned community located in the hills of Talisay City in Cebu. It has Italian-themed enclaves. (Photo taken from Camella website)
Azienda is a 100-hectare master-planned community located in the hills of Talisay City in Cebu. It has Italian-themed enclaves.
Genova, which offers an unobstructed view of the sea, will only have 204 residents. The community’s amenities include a clubhouse, a swimming pool, a playground, and a basketball court.