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.
“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.
Ben Turcuato, Fuente Triangle vice president of marketing and sales, said the one-bedroom units of City Loft are priced at around P2.5 million. Fuente Triangle is the property development arm of J. King & Sons Company.
Loanable amount under the Pag-ibig Fund would be the cost of the condo minus the 20 percent downpayment, he explained. Interest is fixed for three years at 7.985 percent, he said, citing that Pag-ibig had not increased the rate after the 3-year period in its 30 years of operation.
This translates to monthly payments of P14,654 for a P2 million loan under a 30-year term, said Maglunsod. Instead of net pay, the Fund also now use the gross salary when computing loan ceilings, he added.
Condo living, according to Turcuato, is more convenient for starter families and singles because units are located near the workplace and they only need to walk to work. Basic necessities like food can also be bought nearby.
Fuente Triangle’s City Loft units, 34 percent of which had been sold off, will be turned over to buyers in the first and second quarters of 2014, added Turcuato. Floor area per unit is from 24-30 square meters plus 4.5 sq. m. of balcony accessible via sliding glass doors from the bedroom. Of the 300 units available at City Loft, 90 percent is with balcony.
Ownership of a condo unit at City Loft comes with a Club Ultima membership and a free seven-day stay per year at any of the Crown Regency hotels. Amenities include a swimming pool and jacuzzi at the landscaped rooftop.
Turcuato said monthly dues for City Loft are only around P1,500.