By Izah Morales
INQUIRER.net
PEOPLE these days are increasingly seeing the significance of owning or investing in a property.
In a recent housing fair hosted by the Housing and Urban Development Coordinating Council, about 8,000 people came to learn more about the housing programs offered by organizations like the Pag-Ibig Fund and also check some possible investments they can make, according to Oscar Empensando, department manager III, Acquired Assets Department of the Pag-Ibig Fund.
The housing fair opened on October 29, 2008 at the SM Megatrade Hall
In an interview, government employee Agustin Enabe said he visited the fair to check on possible investments. Meanwhile, private employees Vilma Tabagan and Fernando Torres were both seeking a house, which they can avail at cheaper prices.
“I’ve been renting for 30 years. Maybe, this is the time to avail a house from subsidized housing projects,” said Torres.
Empensando, for his part, shared some steps people can take to avail of a housing loan from Pag-Ibig Fund.
To qualify for a Pag-Ibig Fund loan, one should be a paying member with a net income not lower than P 3,000, especially for government employees.
He advised that people should check the Pag-Ibig website for the list of acquired assets, which they can also buy.
Once they’ve selected the property they wish to acquire, they can fill up a reservation form. Next, they should conduct an ocular or on-site inspection of the house they’ve selected. If they eventually decide to buy the house, they should then go to the Pag-Ibig Fund office and pay the reservation fee for the house. They will be then asked to submit the necessary documents (community tax certificate or cedula, proof of income, marriage certificate, among others).
June 18th, 2009 at 1:54 pm
To KIDLAT:
I think it would be nice not to judge immediately. Una, you have to consider how a loan is computed. Your monthly amortization is not deducted from your loan amount. Part of it is paid on the interest and part of it is paid on the principal. As you pay every month, the more part is allocated to the principal and the interest part becomes lesser. You also have to pay for the pre-termination since the loan is supposed to be for 20 years and you cut it short to 2 years. The pre-termination fee is actuarially computed to cover the supposed “income” they fund would get from the loan on the later years. God Bless the Philippines
I also think tama lang na nagiging moderator ang pag-ibig kasi ang interest of in-house financed real-estate loans, palaki nang palaki, ang ang cost ng real-estate din palaki ng palaki. This triggered the recession in the US. Sana hindi bilisan ng mga developers ang price ng mga real estate.
You need to determine the right time to get a housing loan–considering your income plus prices of the real estates
December 1st, 2008 at 7:19 pm
computations of housing loans are displayed already in the banks website for our convenience.
November 27th, 2008 at 3:52 pm
i have a bad experience on the accredited bank (LBC bank) of the developer which I had purchase a house and lot and intended to loan from them.
I submitted all the documents they required within a week.
C.I. is done.
but almost two months I just received there final decision.
It was approved but conditional though.
They need to have a co-borrower.
- which is out of scope. im single and locally employed.
co-borrower is only needed when you are not locally employed (foreign worker), and married or shares title on the property.
That was been said and cleared to me by other banks which I scouted lately to apply for their loan instead.
Only the tenure of my employment history is questionable by them (LBC bank).
But im currently more than a year in my currently employer and 5 years total experience.
Earning t**** as the family income gross that banks normally required to be qualify.
so they demanded for a co-borrower.
i just dont get the logic on how the EXCOM (Executive Commissioner) on LBC bank do the analysis. (hopeless for them)
they have no assurance that the co-borrower can pay (neither tha principal borrower) the loan.
its a post requirement by them after 2 months of waiting.
but how can the co-borrower gives a big role on this application if your co-borrower income is not even half of your salary or at minimum of 20k per month?
i cannot find any qualified co-borrower as of the momment.
i am applying in other banks even they have higher interest rate.
TO EXCOM: i can surely pay though.
November 10th, 2008 at 8:06 pm
I’m looking for a legitimate house builder contractors to build a house in Sta Rosa, Laguna. Is there a site out there where you can check-out and verify their legitimacy and service?
November 5th, 2008 at 4:38 pm
kidlat marunog ka ba mag-compute ng loan?