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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Tagged 18-storey City Loft, Anthony Maglunsod, Cebu City South, condominium units, Fuente Triangle Realty Development Corp., HDMF, Home Development Mutual Fund, pag-ibig fund
If you’ve made that big decision to buy a house, chances are you’re also already choosing from the many possible financing options available to you because, let’s face it, only a few people can afford to pay cash for big purchases like property acquisitions.
One alternative that private sector employees should consider when acquiring a house and lot is to take out a housing loan from the Home Development Mutual Fund (HDMF), more popularly known as Pag-ibig Fund.
Republic Act 7742 has made membership in the fund mandatory for private sector employees earning 4,000 pesos and above. If you’ve been contributing religiously to the fund for at least two years, you probably quality for that loan.
Pag-ibig Fund allows borrowing of up to 2 million pesos to fund any of the following:
* purchase of a fully developed lot in a residential area
* purchase of a lot and construction of a house on it
* purchase of a house and lot, townhouse, or condo unit
* construction of a house on a lot owned by the member