Affordable Housing Loan Program of Pagibig Circular 12

Affordable Housing Loan Program of Pagibig Circular 12

Who are Eligible?

Borrower's eligibility is almost the same under Regular Housing Loan except that the maximum salary income required is P17,500 only. Also the maximum loan amount that the Borrower can avail is at P750,000 only.

Loan Purpose: The Borrower is entitled to this loan purpose only

Interest rates and Income Requirements:
Affordable Housing Loan program offers the lowest interest rates of 4% of P400,000 housing loan and 6.5% interest of P750,000 housing loan.

Monthly Amortization computation:

To summarize, the key advantage of having the Affordable housing loan program is a lower interest rate to the Borrower. Also, it limits the income requirement of P17,500 only so to give way to Borrowers who are earning of P17,500 or less.


Note: If you are looking for affordable house and lot in sta maria bulacan, we suggest to take a look at Las Palmas Subdivision.  To get more details about this project, check details in this website. Our contact details are also listed here so you can immediately send queries to us.

Pag-ibig End-User Home Financing Program (Circular No. 310)

Circular 10: End-User Home Financing Program

End-User Home Financing Program under Circular 10 is one of the two (2) Housing Program of Pagibig. The other one is Affordable Housing Program which I will be discussing in another topic. The guidelines on this Circular has become effective on July 2, 2012.

BORROWER'S ELIGIBILITY

LOAN PURPOSE

LOAN AMOUNT

LOAN ENTITLEMENT

INTEREST RATES

MAXIMUM LOAN TERM

MONTHLY AMORTIZATION BASED ON 3 YEAR FIXING

MONTHLY AMORTIZATION BASED ON 30 YEAR TERM

GROSS MONTHLY REQUIRED

INSURANCES

PAG-IBIG PROCESSING COST

**Note: For those interested to get an affordable house and lot in sta maria bulacan, Las Palmas Subdivision, check project details in this site.

What you need to know about Pagibig Housing Program?

The housing program of Pagibig has been divided into two (2) circulars; Circular 10 which is End-user Home Financing Program and Circular 12 which is Affordable Housing Program.

Both Circulars were effective last July 2, 2012.

Let us discuss the comparison of two (2) Circulars here:

INTEREST RATES:

Under Circular 10: End_user Home Financing Program

Under Circular 12: Affordable Housing Loan Program

Please note that there is a maximum income requirements for those who will avail the Affordable Housing Loan Program as you can see in the table above.

LOAN PURPOSE:

Under Circular 10: End_user Home Financing Program

Under Circular 12: Affordable Housing Loan Program

MONTHLY AMORTIZATION:

Under Circular 10: End_user Home Financing Program

Under Circular 12: Affordable Housing Loan Program

You can see here that the interest rates difference is about 3.485% for the Affordable Housing Loan Program. A big savings on the part of buyer.

You can note here that the Borrower will have a 1.485% savings as compared when he is taking a loan under Regular Housing Loan.



Note: If you are looking for an affordable house and lot in sta maria bulacan, we recommend Las Palmas Subdivision in Bulacan for you. For details of the project, you can check here in the website and get our contact details above.

What you need to know about Bank Financing for a Housing Loan?

What you need to know about Bank Financing for a Housing Loan?

If you're taking a Housing Loan you can consider getting a Bank Financing.  The loan term are relatively shorter than that of a Pagibig Financing but the interest rates are usually lower.  However, there are certain factors that you need to consider such as bank service charge which is usually at 3% depending on the bank.  Furthermore, there is a certain minimum required income/salary for you to avail the loan.

Please see table of comparison below of Five (5) Banks that offer housing loan.

Taking into consideration this table, because of minimum salary requirements, for an affordable house and lot, in my opinion, it is better to avail Pagibig Financing especially if you're salary does not exceed P30,000 per month.

But if you're qualified for the bank financing, the Developer of the Project usually have a tie-up bank for the housing loan which make you convenient on applying such a loan.