Pag-Ibig members can choose and buy from more than a hundred foreclosed housing units at very low interest rates with longer payment period.
The Regional Social and Urban Development Coordinating Committee members composed of the National Housing Authority, Housing and Land Use Regulatory Board, Housing and Urban Development Coordinating Council, National Home Mortgage Finance Corporation and Pag-Ibig Fund in cooperation with developer groups are the sponsors of the scheduled housing fair.
Vice President Noli de Castro initiated the housing fair with the state workers as the primary market and those who cannot afford to acquire homes offered in a regular subdivision projects.
Pag-Ibig-Cebu City Branch department manager Antonio Enriquez said rates of most of the properties for sale on the average is between P300,000 to P800,000.
The properties, he said, will have a discount rate of 20 percent for cash purchases and 15 percent for installment. Both schemes will have an additional five-percent discount for litigation when the house has illegal occupants or 25 percent and 20 percent total discounts respectively.
Citing as an example a package of P250,000 to be acquired on installment and with an illegal occupant will be given a 20 percent discount of about P50,000.
The buyer has to pay a 10 percent down payment equivalent to P20,000 and the remaining loan balance of P180,000 with six percent interest, the package will now have a monthly installment rate of P1,400. - Jasmin R. Uy