2002 Honda Civic A/T Vti

2002 Honda Civic A/T Vti

radesyong.sulit.com.ph – Saturday, July 18, 2009

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Pag-Ibig lowers loan rate & increase loanable amount to Php3M

VICE President and Chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Home Development Mutual Fund (Pag-IBIG Fund) Board of Trustees,  today  announced further adjustments to its end-user financing program, this time creating additional housing loan brackets with corresponding lower interest rates. The rate adjustments are aligned with the redefined housing packages set by the HUDCC.

The new Pag-IBIG housing loan interest rate structure retains the 6%-rate for loans up to P400,000, and 7% for loans over P400,000 up to P750,000.

Interest rates have been slashed from 10.5 percent to only 8.5% for loans over P750,000 up to P1 million, and to 9.5% for loans over P1 million to P1.25 million.

Meanwhile, interest for loans over P1.25 million to P2 million remains at 10.5%.

Along with the latest rate adjustment, the Pag-IBIG Board also approved the increase in maximum loanable amount to P3 million, at an interest rate of 11.5% per annum for loans starting at over P2 million.

De Castro said the latest amendments in the Pag-IBIG housing loan program are intended to make the program more affordable to members, especially workers in highly-urbanized areas whose housing needs often range from more than P750,000 up to 1 million.  Likewise, with the Board’s approval of raising the loan ceiling to P3 million, Pag-IBIG will be able to meet the home financing needs of members belonging to the middle-income earners.  “This should give Pag-IBIG members a wider range of choices in buying a house,” he said.

Over the last two years, the Fund has implemented significant improvements in its end-user financing program.   In 2007, Pag-IBIG has reduced the interest rates for loans over P300,000 to P750,000 from 10.5% to 7%.  Earlier this year, the socialized housing bracket was expanded to cover loans of up to P400,000.

With the new changes taking effect April 1, Pag-IBIG member-borrowers can look forward to more value for their money as well as savings especially at this time of economic difficulties.  “The savings given the lower monthly amortizations should convince Pag-IBIG members that buying their own home is a more practical alternative to renting,” De Castro added.

Members who avail of a P1 million housing loan stand to save 15.94% per month with amortizations of only P7,689.13 (covering principal and interest) over a 30 year period, compared to P9,147.39 under the old rate  of 10.5%.

Year-on-year figures show the Pag-IBIG Fund is able to maintain the growth in its housing loan takeout.  From P4.59 billion, the Fund recorded a P5.83 billion total takeout from January to February of the current year, representing a 27% increase.

“The demand for housing, especially from the low and middle-income earners, continues to be strong despite the global financial crisis,” he said.

Following these amendments in the Pag-IBIG housing loan program, the Fund expects to maintain a steady growth in loans granted to members and attain its target of P43 billion takeout for 2009.  “This will further sustain the housing sector by providing financing to home buyers at very attractive, affordable rates,” De Castro said.

Posted by:
Raymond Ong
Chief-Land Asia Institute Philippines
http://www.landasia.com.ph
http://www.cebuhome.net

First Step To Become A Professional Real Estate Practitioner

Your first step to become a professional real estate practitioner is to find a reputable and experienced realty firm to be your mentor which can systematically lead you to the way to success. Land Asia Realty & Development Corp. has been existing for the past 16 years since 1992 in Cebu, Philippines. Being the biggest realty firm in the Philippines together with our extensive and competent experiences in training more than 2000 professional real estate agents throughout the years, we are proud to provide you up-to-date online marketing training modules which can enhance your expertise and competitiveness to a higher level. Any interested high school graduate can join our free weekly Business Orientation Course which is held on every Saturday at 1:30pm in our corporate training room. Make your first step by registering for the reservation of your seat through Mr. Raymond Ong with the following contact information:

Mobile No.+63920-2666080
Mobile Landline No.+6332-5158989

Venue: Land Asia Realty & Development Corp.
            Corporate Training Center
            Unit 4, Ground Floor,
            Geson Building,
            D. Jakosalem Street,
            Cebu City,
            Cebu, Philippines.

http://www.cebuhome.net

Johndorf Agents’ Fun Day

 

MARKETING & COMMUNICATIONS OFFICE

PRESS RELEASE

 

Land Asia Realty & Development Corp. and its subsidiary Land Asia Global Properties Network became the first to visit Johndorf Ventures new office on September 26, 2008 located at Ayala FGU Bldg. in Cebu Business Park.

The activity also showcased the new projects of Johndorf Ventures that will boost the buying power of the public as it provides value for money and quality of the projects they have delivered.

Land Asia on the other hand trooped to the venue with more than 50 property consultants in attendance and was treated with prizes and games. It was truly a half day filled with fun and laughter and all enjoyed the moment of a get together.  The activity was capped with a certificate of recognition that was awarded by Johndorf to Land Asia by Johndorf’s Marketing Manager Ms. Glenda Tupaz gladly accepting the award in behalf of the whole Land Asia organization is Joey Sison, Vice President for Marketing & Communications.

 

The staff and the whole participants were graced with a surprise song number by the Project Marketing Manager GID Eddel Ilustrisimo who performed a song of American Idol’s David Cook to the hearts delight of the whole marketing staff of Johndorf and were each given flowers upon the song’s rendition.

Indeed the activity was a strong bond of developer support and marketing commitment.

To know more about Johndorf projects you may contact Land Asia Realty and Development Corp. and visit our website at www.landasia.com.ph or www.landasiaglobalproperties.com 

 

By: JYS

Current Cebu Real Estate Business Insight

As everyone in the real estate industry knows, the United States of America’s subprime mortgage problem since last year cannot be neglected as a major cause of a possible recession that will strike American if it will happen. It seems that we Filipinos here are lucky enough to be lesser affected, as far as real estate is concern, by the mess that USA has made for itself. Constructions of different kinds of project properties are seen everywhere over the country especially in Manila and of course in Cebu. We can notice various real estate developers are launching their projects one by one in quite high frequency. Every now and then, we, property consultants, are invited by them for their activities in product knowledge seminar, soft or official launching, buyer’s night, investor’s night so on and so forth. These really give us encouragement for positive thinking towards our beloved industry. We cannot deny that there are a lot of ready buyers all over the world. Whether they are foreign nationals or our overseas Filipino works, balikbayans, if we can make good use of the right tool such as internet technology, we definitely can tap the worldwide market. Some of these buyers are investors who prefer to shift their investment out of lesser secure or less profitable market because of the unfavorable environment especially the current US market.  In addition thereto, the currency depreciation of Philippine Peso relative to US Dollar recently enables foreign buyers with US Dollar to purchase a Philippine property much more comfortable and affordable than before.  These favorable conditions obviously make our day shines bright. I always encourage people to think positive. Because without positive attitude, like cars without fuel, it cannot arrive its destination and we cannot achieve our goal. But attitude should not only be blind positive, it should be with caution.

The recent turn of events in the world of high oil price, directly or indirectly affect our real estate industry. As we can understand that oil is a precious commodity. Its price fluctuation gives direct and great impact to other products, commodities or services which also affect the economy. Especially as an oil import dependent country we are, higher oil price means a bigger burden for our development. Higher electricity rate because of higher fuel costing unavoidably increase our cost of living. Manufacturers have to increase the price of their products so as to compensate the higher cost of materials and production. Transportation freight charges do need an upward adjustment due to the fuel rise. Products have to suffer a higher delivery cost. As we know our real estate industry has an undeniable dependency on the supply of steel and cement. Therefore can you imagine if our steel products price has a rise of more than 100% since last quarter of year 2007 up to now, what influence it can cause to our industry. Developers have no recourse but to increase the price of their products, real estate property. As far as I know, property prices have been increased a few times since this January 2008 especially frequent since May 2008. It makes houses affordable to buyers previously become more expensive. Some of these buyers who can buy before with tight budget have to hold back their purchase because of lack of capacity. Investors will either reconsider their purchase since it is less profitable or wait for the lowering of the price. These simple and sudden change of purchase habit, effectively reduce the thrust of momentum to propel our real estate industry to a higher level. As we know the principle of supply and demand, lesser buyers will have an adverse effect on our industry. Not only we have to concern about the lack of buyers, the developers’ capacity to complete their projects within their previous budget to deliver the properties that buyers have purchased with a lower costing is also questionable. Sad to say developers with lesser capital may default their promises to the poor buyers who have reserved and purchased properties due to lack of interest, lack of funding or lack of profitability.

As we cannot avoid in keeping our business within our industry since it is our bread and butter, we should have some adjustment of our strategy towards our industry, in spite of the present scenario, in order to survive and sustain our income. Since people cannot avoid in having a place to abode, if they cannot own, then they have to rent. Therefore, incapably home buyers will become home lessee, whether it is residential or commercial property. As for investors, in order to sustain their profit in investment, they will look for property with lesser cost to invest. Where can they possible to have lower cost property during the present situation of higher costing in construction? Who are willing to sell their property when the par value of property is warranted by the situation to have a higher price? I suggest we should take a look on foreclosed property. We all know that foreclosed property is owned by a lender who acquires its possession and ownership as a result of the default of the borrower to settle his obligation. No lender will be out of his mind to grant a loan to a borrower more than the fair market value of the collateral property which is used to secure the repayment of the loan. The loan amount is usually a fraction of the fair market value. Therefore, actually, the lender acquires the foreclosed property way below the fair market value whenever the borrower cannot afford to settle his obligation to the lender and transfer the ownership of the collateral property to the lender as stipulated on the agreement of the loan which we call mortgage. Whenever the lender wants to convert the foreclosed property, always a non-performing asset without earning interest, into liquid asset such as monetary currency to continue the cycle of lending in order to earn profit, he is willing to dispose of the foreclosed property even below fair market value but not less than the outstanding loan.  Because of this kind of sacrifice, buyer of foreclosed property can easily acquire bargain priced property way below fair market value. The miserable lost of the borrower will become the potential gain of the investor who purchases the foreclosed property.

In conclusion, I can say that even we may have some difficulty in our regular real estate activities in selling project properties, we may have alternatives in positioning ourselves in the renting and foreclosed property market or even brokerage properties owned by private owners who can be more flexible in adjusting the selling price according to their needs. My personal opinion is that the foreclosed property market is the most stable market in the real estate industry especially for investors, whether in good times or in bad times, except that it may not provide you the exact property that you need or you may have to invest for improvements before you can re-sell it for profit. As for a brokerage firm, comprehensive listings in all avenues will have more advantages in weathering all kinds of situations that we have to face and encounter.

 

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Please feel free to contact us for whatever information and advice you need relating to Cebu real estate.

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