The Home Development Mutual Fund (HDMF) also know as the Pag-IBIG Fund releases housing appraisal for a certain house or a subdivision project when the house is at least 90% constructed, this is their basis when they can now estimate the market price of a particular house. The appraised price will then be the basis of how much they are willing to cover and approve a loan for the total price of the house. In the case of houses up to Php 1.25 Million, the loan to appraisal value ratio approved of the Pag-IBIG Fund is up to 90% of the appraised price. For the Lisa House Model in Wellington Residences, the new loanable amount in which Pag-IBIG is willing to cover for the buyers’ housing loan is up to P708,000. Any amount in excess of this will be for the account of the buyer as his/her downpayment or equity.
Like for the case of the Lisa House Model, the Total Package Price of the house including miscellaneous and processing fees, as well as the electricity and water connections, is P780,000, this means the existing downpayment for the Lisa House Model today is P72,000, of which P5,000 is the reservation fee, and the remaining P67,000 could be payable in 12 months. House turnover will be in 12 months or 3 months after the full downpayment, whichever comes later.
Below is the sample computation for the Lisa House Model.
Lot Area: 46sqm
Floor Area: 36sqm
Reservation Fee: P5,000
Net Downpayment: P67,000
payable in 6 months: P11,167.33/month
Loanable Amount: P708,00
30years to pay thru Pag-IBIG: P 5,426.17/month
Net Disposable Income Required: P13,239.91
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