Pag-IBIG sees higher loan take-up for condominiums
STATE-OWNED Home Development Mutual Fund (Pag-IBIG) expects a higher loan take-up in the condominium segment in the short or medium term as Filipinos embrace an integrated lifestyle.
Pag-IBIG Chief Executive Officer Acmad Rizaldy Moti said take-up rate for condominium residential loans is still low.
Only five percent of the total Pag-IBIG memberbase have availed themsel ves of condominium loan packages, citing the high cost of owning one compared to house-and-lot packages.
He, however, expects changes to happen, as more dwellers shift to buying properties close to where they work and accessible to essential facilities like supermarkets, schools, and hospitals.
Moti said the traffic congestion in key cities could also push people to rent or own condominium units, as house-and-lot properties are being erected outside the city centers.
The Pag-IBIG official said there are still limited inventories of residential condominiums that are priced within the P800,000 to P2 million bracket.
Moreover, he said there are only few developers that have enlisted their projects under Pag-IBIG’s funding scheme.
“There’s still a lot of work to be done. But with the low interest rate being offered by Pag-IBIG, these developers are now partnering with us,” said Moti, adding that the agency also offer incentives to developers who partner with them.
Pag-IBIG has about 500 active developer partners.
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