Category Archives: Terms

Pag-ibig Fund now covers condo units: official

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 rendition of the completed 18-storey City Loft by Fuente Triangle. (Photo from Fuente Triangle website)

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 offers easy terms for Cebu IT Park condo unit

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.

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.
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Alegria Palms offers low payment options

Palacios Grande

Model unit of Palacios Grande at Alegria Palms in Cordova, Cebu, Philippines.

Avail of a house and lot at Alegria Palms in Cordova, Cebu, Philippines and get great value savings on your purchase.

Alegria Palms is offering the pay light, pay low, pay cash options.

Cash payments get five percent off, monthly amortization can be as low as P11,892 through Pag-ibig, and downpayment may be paid up to 18 months at zero percent interest.

Model units are now available for viewing. Those interested in a free tour and ride to Alegria Palms need only to visit its ongoing exhibit at SM City Rotunda from January 11-25, 2011.
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Pag-ibig housing loan and net income

Among the four factors used by the Pag-ibig Fund to compute the amount of housing loan that its members may avail of is their monthly net disposable income.

Net disposable income is what’s left of your salary after deducting taxes, mandatory contributions to Pag-ibig and Social Security System (SSS) for the private sector or Government Service Insurance System (GSIS) for the public sector, and loan or other payments (if applicable).

Since Pag-ibig decides on the lowest amount of loan that a member may take out based on either contribution, actual need, loan-to-collateral ratio, or capacity to pay (based on the net disposable income), it is the latter factor that is usually used as basis for most housing loan computations.

The table below is a listing of net incomes and their equivalent housing loan amounts pegged on the loan terms or the number of repayment years.

Income table (1)

(For loans over 750,000 pesos, see the rest of the Pag-ibig income table.)

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Buy only titled lands: realtor

They say the best evidence of property ownership is a Torrens title because it is both indefeasible and imprescriptible.

As an indefeasible and imprescriptible document, a land title can neither be annulled or voided nor subjected to prescription.

Hence, a good rule to follow when acquiring property would be to buy only those covered by an original certificate of title (OCT) or transfer certificate of title (TCT).

Realtor Wilfredo G. Montuerto, who is the managing broker of the Montuerto Realty Development Corp., said during a lecture on real estate appraisal that he discourages clients from buying properties covered only by tax declarations.

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