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.

How To Compute the Monthly Amortization of your Housing Loan?

Have you ever wondered how the monthly amortization of your Housing Loan is computed?  There are several Financing institutions like Pagibig, Bank, or In-House Financing and these institutions use a Factor rate to compute for the monthly amortization of your housing loan. Your monthly amortization is composed of the principal plus interest payments paid regularly over a specific period of time.

To compute your monthly amortization, there are several factors that need to be considered:

• Total Contract Price of the Property you are buying

• Downpayment (DP) or Equity required by the Developer. Most Developers usually require 20% Downpayment.  Some of the Developers who offers Pagibig financing just require 10% or less Downpayment, thus, make it more affordable for the buyer. This usually applies to affordable house and lot.  Downpayment are usually payable in installment, thus, make it more easy for the buyer to pay.

• Loanable Amount - This is the Difference of Total Contract Price and Downpayment.  This is the amount that will be process in either Pagibig, Bank or In-House Financing.

TOTAL CONTRACT PRICE LESS DOWNPAYMENT = LOANABLE AMOUNT

• Interest Rate.  This is the dictated rate by the Financing Institution.  Bank rates are usually smaller as compared to Pagibig or In-house rates but they require minimum Gross income to be able to avail of the housing loan, like for BDO, they require at least 50K salary.  In-house financing offers the biggest interest rates as this is financed by the Developer itself. 

• Loan Term. This is the period wherein you plan to pay your loan.  For Pagibig Financing, maximum loan term is 30 years. Bank offers an average of 15-20 years depending on the bank. In-house offers usual loan term of 10 years 

• Factor rate - this is derived by taking into consideration the interest rates and the loan term. This is usually computed by getting the present value factor.

Here's the Factor rate table:

Illustration:

Let's make an example of the house and lot project of Las Palmas Subdivision in Bulacan. An affordable house and lot in Sta Maria Bulacan.

Total Contract Price = P844,000

Downpayment = 59,000

Loanable Amount = P785,000

Loan Term = 20 years

Interest rates = 7%

Factor rate = 0.0077529894

Computation of monthly amortization:

Loanable Amount                P785,000

Factor rate                       X  0.0077529894

Monthly Amortization =  P6,086.09

This is how to compute the monthly amortization.  For you to have simpler means of calculating it, you can go to Pagibig website for the housing loan calculator. You just need to input details of the housing loan you are buying.

Notes:

**Las Palmas Subdivision, is an affordable house and lot in Sta Maria Bulacan.  The Project ranges from 600k+ to 800k+ only, with a monthly amortization of 4-5K only.

Renting a House or Buying a House?

Renting a House or Buying a House and Lot?

To help you decide on it, here's the list of comparison of Renting versus Buying.

                             

Looking for affordable house and lot in Sta Maria Bulacan? low monthly amortization of 4-5K/month?Just check the project details in this website.

                                                                                                      

Notes:

**Las Palmas Subdivision, is an affordable house and lot in Sta Maria Bulacan.  The Project ranges from 600k+ to 800k+ only, with a monthly amortization of 4-5K only.

Earn Income from Real Estate either Part time or Full time

Earn Income from Real Estate either Part time or Full time

Real Estate to me is the pinnacle of Sales.  You will get an opportunity to earn bigger commissions as compared to just selling products that are low of value.  In Real Estate, you are selling houses or condos with an average price of 1Million.

Now, let me illustrate you what I mean about it.

Assuming, you earn 3% commission in every property that you are selling.

For example, you are selling an affordable house and lot in Sta Maria Bulacan, with prices of 600K to 800K only.

Scenarios you sell houses worth P800,000:
    1 unit   - 800,000  x 3% x 1   = 24,000
    2 units  - 800,000 x 3% x 2   = 48,000
    4 units  - 800,000 x 3% x 4   = 96,000

I know a lot of agents, that are selling an average of 4 units or more per month. Just imagine the income potential that real estate selling has to offer.  The income potential is already equivalent of that managerial position in a company.

Of course, the commission that you will receive depends on the mode of payment that the buyer will take.

• If Spot Cash, you can already received the commission in Full
• If thru Pagibig/Bank Financing, you can receive incentives and commission upon loan take out. Usually Loan take out occurs once the house is already built, which usually takes 1-2 years. Other Developers gives certain percentage of commission based on the downpayment that the Buyer has made

So how can you do real estate selling? Am I already qualified to sell a property? Does anyone can sell property anytime?

In the Philippines, there is a law governing Real Estate Selling.  Legally, the one who can sell are the Licensed Real Estate Brokers and the Accredited Real Estate Agents under a Licensed Real Estate Broker. Let me discuss the comparison of Licensed Real Estate Broker and accredited Real Estate Agents.

A Licensed Real Estate Broker is a professional who has passed the Real Estate Broker Examination given by the Professional Regulation Commission (PRC).  Under the law, Real Estate Broker can have at most 20 accredited Real Estate Agents.

An Accredited Real Estate Agents, are under a Licensed Real Estate Brokers. They are at least 2 years college graduate.  They have undergone 16 units of Continuing Professional Education and are registered in PRC and HLURB under a Licensed Real Estate Broker. 

So what if I'm not an Accredited Real Estate Agent? Can I still sell property? Legally No.  You need to be under a Licensed Real Estate Broker and be Accredited in PRC and HLURB. But if you're just referring a buyer, you can still do it.You can still earn a referral commission based on your agreement with the Broker.

Want to be an Accredited Real Estate Agent? or just want to be a referral Agent? Part time?

Join my Real Estate Team

Feel free to contact Mr. Ralf Roger Tagao, at:

Sun (Viber) 0922.879.7968

TM 0935.317.2057

Skype ralftagao2014

FB: https://www.facebook.com/ralfroger.tagao

Regards,

Ralf Roger Tagao

Certified Public Accountant

Licensed Real Estate Broker

PRC License # 0013076

Notes:

**Las Palmas Subdivision, is an affordable house and lot in Sta Maria Bulacan.  The Project ranges from 600k+ to 800k+ only, with a monthly amortization of 4-5K only.

Top 5 Reasons Why You Should Buy a Unit in Las Palmas Subdivision

Top 5 Reasons Why You Should Buy a Unit in Las Palmas Subdivision

Affordable house and lot in Sta Maria Bulacan

1.) Affordable Townhouse  in Bulacan

The Price of the townhouse in Las Palmas is the most affordable in Bulacan. Price ranges from 600K to 800K+ only for a regular lot size type of townhouse.  With its affordability, almost anyone who is working having a combined family income of 17k+ can get a unit in this property.  Assuming a married couple have their own work and just earning minimum wage, they are already qualified to get a unit in here.


2.) Low Downpayment

The downpayment ranges from 30K+ to 60K+ payable in 6 months if preselling but in 3 months if there is a Ready for Occupancy (RFO) unit. This in turn will enable buyers to really afford the payment of their downpayment.

3.) Low Monthly Amortization

Monthly amortization is only 4-5K/month thru Pagibig.  This is really a very cheap house and lot in bulacan that enables the buyer to just get a unit in here instead of renting.  With this kind of housing, we can really help homeseekers to have their own home with the same rate that they are renting.

4.) Accessibility

Las Palmas Subdivision in Sta Maria Bulacan is just 30 minutes away from Edsa Balintawak. Going there is just 2 rides if you're coming from Edsa Quezon City. Just ride a bus (Del Carmen) with a route of Sta Maria then drop off in Brgy Caypombo, then ride a tricycle there going to Las Palmas Subdivision.


5.) Credible Developer

The Developer of Las Palmas is Solar Resources Inc. The Head office of Solar is located at Solar Century Tower, 100 Tordesillas St., Corner HV Dela Costa St. Salcedo Village, Makati City

The Real Estate Operations of Solar Resources, Inc. were designed to be a derivative of other business interests within the several business outfits owned and controlled by the owners of Solar Resources, Inc. Notable among the other allied companies are:

A. Solar Entertainment Corporation- The country's largest Cable TV Network operating cable channels such as 2nd Avenue, BTV, C/S Origin, C/S 9, ETC, Jack TV, Solar Sports, Solar All Access, Solar TV and GNN.

B. Solar- United International Pictures- A film releasing company in partnership with United International Pictures of the USA.

C. Federated Distributors, Inc. – A distributor and provider of a line of superior brands of imported products in the local market. FDI carries imported brands such as Evian, Palm, Libby's, Tulip, American Garden, Maling and many others.


D. L. Meyerf Pharma – An importer and distributor of a wide array of branded generic medicines in the Philippines.

The pledge "Your Home, Our Commitment" sums up Solar Resources Inc.'s (SRI) ideals and practices that are deeply rooted on a unified corporate mission and vision. Solar, established in 1987, has been providing value-for-money residential subdivisions in emerging municipalities and cities conveniently close to Metro Manila. Each project of the company is distinct in terms of style and function. The first project is the highly successful Metrogate Subdivision in Dasmariñas, Cavite. This was a joint venture with Moldex Realty Company. Soon, after the completion of this first project Solar Resources, Inc. ventured into subdivision development and housing on its own.

The business expanded and diversified to include medium rise condominiums such as Madison Manors in Las Piñas City and leisure residential resort in Batangas. To date, Solar has developed over 10,000 units both in Bulacan and Cavite Provinces.

Top 5 Reasons Why You Should Buy a Unit in Las Palmas Subdivision

Affordable house and lot in Sta Maria Bulacan

What are the requirements to reserve a unit of an Affordable House and lot in Las Palmas Subdivision Bulacan?

Affordable House and Lot Housing Loan Requirements in Las Palmas Subdivision Bulacan

What are the requirements to reserve a unit of an Affordable House and lot in Las Palmas Subdivision Bulacan?

Procedures on submitting requirements from various Developers may vary but the documents required to be submitted are the same.

The requirements to reserve a unit of an affordable house and lot in bulacan, Las Palmas Subdivision depends on the source of income of the buyer, whether locally employed or OFW, employed or with business.  It may vary also depending on the financing scheme that the buyer would take.

Here are the various requirements that the buyer should prepare in getting a unit of affordable house and lot in Bulacan, at Las Palmas Subdivision.

These requirements are based on Pagibig Financing scheme since majority of the buyers here in Las Palmas Subdivision get thru Pagibig.

For Locally Employed:

Reservation requirements:

• 2 Valid IDs including spouse if married
• Latest Payslip ( 2 months )
• Reservation Fee
• Bare type - 5K
• Semi-complete type  - 7K
• Complete type - 10K

Other documents to complete within 30 days:

• ID Picture 1 x1 (4pcs)
• Residence Certificate (Cedula)
• Birth Certificate/Marriage Contract
• Certificate of Employment & Compensation (Original and Notarized)
• Proof of Billing
• Brgy Clearance
• PDC, Postdated Checks
• Membership Status Verification 
• Pagibig Signed Docs

Additional if with Business

• Income tax return/Audited Financial Statements with Auditor's Report
• Business permits

For OFW:

Reservation requirements:

• Copy of passport
• Authorized Representative (the person who will be put in the SPA)
• 2 Valid IDs of authorized representative
• Reservation Fee
• Bare type - 5K
• Semi-complete type  - 7K
• Complete type - 10K

Other documents to complete within 30 days:

• Special Power of Attorney (SPA) if done thru Representative
• Job Contract/Employment Contract
• ID Picture 1 x1 (4pcs)
• Birth Certificate/Marriage Contract
• Proof of Billing
• Brgy Clearance
• PDC, Postdated Checks
• Membership Status Verification 
• Pagibig Signed Docs

Note: For In-House Financing/Bank Financing, requirements are almost the same

Notes:

**Las Palmas Subdivision, is an affordable house and lot in Sta Maria Bulacan.  The Project ranges from 600k+ to 800k+ only, with a monthly amortization of 4-5K only.

Condo or House and Lot?

CONDO?

or House and Lot?

Project Developments are scattered everywhere in Metro Manila, nearby provinces like Cavite, Laguna, Rizal., Batangas and Bulacan.  Some Developers also expand in other major cities such as Cebu, Davao, Ilo-Ilo and other major cities.

In Metro Manila alone, there's a lot of condo development that are constructed by Big Developers. You can see it in major traffic areas where the demand of occupancy is very high.  With regards to house and lot, various developers find their respective locations in Cavite, Laguna, Rizal, Batangas and Bulacan.

As Real Estate is booming, a lot of options are made available to buyers. They are left to decide whether to buy a condo or house and lot.  I have here pointed the advantages and disadvantages of buying a condo or a house and lot.

Condominium:

Advantages:

Prime Location - Condominiums are built in the busy streets of metro manila, very accessible to all means of transportation, known landmarks, schools, churches etc..

Convenience - Having a condo near your work or business offers convenience in a way that you can easily access your work and going back to your unit at the end of the day.

Security - Condominiums have 24 hour security to ensure safety of it's residences.

Disadvantages:

High Price - Prices of property in Metro Manila are rising, so are the prices of the condominiums built in it. Condo prices usually range 100K/sqm or more especially those located in business districts or nearby Universities and Colleges.

In addition to the high value of your unit, parking lot also add on the cost of your property. Parking ranges from 500K up to 1Million.

Small size - Condos are usually designed to cater Bachelors or small families. Condo sizes usually ranges from 20 to 40sqm. Some condos even offer smaller cuts, like 15sqm.  So with it's small sizes and high prices, most families prefer to buy house and lot.

House and Lot:

Advantages:

Bigger Lot areas - Having a house and lots give you the freedom to maximize the things that you can do to your lot. You can build a parking space if the house that you bought doesn't have or you can also create a small garden in it.

Spacious community - Living in a subdivision will enable you to breath more fresh air because of the space and surroundings that the subdivision have.

Cheaper Price -- Price of house and lot are generally lower than those of condos

Disadvantages:

Far location - The value of property in Metro Manila is very high so house and lot projects are usually in the nearby provinces. This enables lower house price for buyers.

At the end of the day, Buyers should take into consideration their actual property need whether it is a condo or a house and lot.


Looking for affordable house and lot in Bulacan?
You might want to check affordable house and lot in Las Palmas Subdivision in Sta Maria Bulacan CLICK HERE