I'm sure that a lot of Filipinos are interested to purchase their own house and so far the easiest and fastest way to get that dream house is through a financing institution. In the Philippines, there are various real state developers who are tied up with some credible financing institutions like SSS and PAGIBIG. But of course, availing loans under these two well known and government recognized institutions is not an easy task. You have to go through various procedures from the time of application, verification, submitting of requirements, approval and so on. I think like in the case of PAGIBIG, an applicant is required to attend an orientation seminar before he gets started. For a matter of information, I have compiled here the following excerpts from the the PAGIBIG Home Development Mutual Fund website for easy reference.
|Housing Loan Availment|
This housing loan program grants opportunities to Pag-IBIG Fund members to avail of housing loans to finance any one or a combination of the following:
* An acquired asset, which is disposed of through sealed public bidding, negotiated sale, the Rent-to-Own Program, or the “Magaang Pabahay, Disenteng Buhay” Program.
* Refinancing of an existing mortgage with home improvement;
* Re* Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.
* Old or brand new;
* The loan is not in default within 12 months prior to the date of application;
* Purchase of a fully developed lot not exceeding 1,000 square meters and construction of a residential unit thereon;