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The
Home Development Mutual Fund, more popularly known as
the Pag-ibig Fund, has released housing loans worth
P369.89 million for the first eight months of the
year.
Regional Manager Victoria de la Peña said these loans
financed 943 housing units in Central Visayas.
The Fund’s full-year target is to release P691.2
million worth of loans to finance 2,643 housing units,
she told Sun.Star.
Dela Peña said the take-up of housing loans this year
has been “less than last year.”
She said this could have been brought about by cash
sales from foreigners.
Another reason is that those who want to buy a home,
like those in the lower-income classes, simply cannot
afford to do so.
“We have so many subdivisions that cater to their
need, but they lack the money (to buy the houses),”
Dela Peña said.
Before they can get a loan, home buyers are normally
asked by developers to make an initial payment on
their own, called equity, on part of the price of a
house, with only the remainder of the price to be
financed by the Pag-ibig Fund or a bank. CTL |
