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
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.
To celebrate National Shelter Month this October, Pag-ibig Fund is implementing the “Magaang Pabahay, Disenteng Buhay” Program.
The objective of the program is to provide members of the fund with the opportunity to acquire a home through affordable or easy means.
The program involves the disposition of the fund’s acquired assets including those still being occupied by the original borrower, tenant under the ordinary lease scheme, or any illegal occupant. Acquired assets are those housing units bought through a loan with Pag-ibig but had since been foreclosed and acquired back by the fund due to non-payment by the borrower of the monthly amortizations.