Beneficiaries get P38.7M in loans for housing lots

TACLOBAN CITY, Philippines — A total of more than P38.7 million was released yesterday as housing loans to 533 families for acquisition of housing lots in two sites in this city.

The checks for the housing loans, under the community mortgage program of the Social Housing Finance Corporation, were distributed during the awarding ceremony at the newly acquired lot located at Barangay 93 of Bagacay District, about four kilometers from the city proper.

A total of 347 loan beneficiaries were members of the Don Alberto Compas Homeowners Association who received a loan amounting to P25,397,721.72 for their houses in a 27,082-square meter area, while 186 beneficiaries of the Lexington Homeowners Association got a total loan release of P13,347,027.52 for a 14,679-sq. m. property, originally owned by Consolacion Compas.

Lawyer Sally Taguian, vice president for finance of the SHFC for Visayas and Mindanao, said the housing sites were far from flooding and landslide, ensuring Yolanda surviving families of a safer and better location.

Taguian said the average monthly amortization for a housing lot at the Don Alberto Compas HOA is P501.63, and for one at the Lexington HOA is P491.79, both payable in a 25-year period.

Under the CMP’s guidelines, member-beneficiaries of the homeowners associations will start paying their monthly amortization after the loan release, but a special rule for Yolanda survivor provides them a six-month grace period from the time of the release before they start their monthly payment.  — Miriam Garcia Desacada (FREEMAN)