WHY I LIKE THE PAG-IBIG SCHEME

This is just me, since I'm thinking of buying a 2-bedroom condo unit at Gilmore Tower myself.

I like the Pag-ibig pay scheme because for me, it's the most affordable and flexible of all three pay schemes.

Gilmore Tower is scheduled for completion and turn-over on 2013, mid-year or late 2013 doesn't matter much to me. It's the money I'm saving thru the Pag-Ibig pay scheme that matters to me.

Under "Scheme 3: Pag-Ibig" when I start paying for my unit in 2010 I have 36 months to pay the 20% down payment (DP).

This means when I finish paying for the DP sometime in early 2013 I have a few months breathing space before I start to apply for a Pag-Ibig loan. That's breathing space to raise funds lower my loan amount.

I probably have six to 12 months before the unit is turned over to me. Move-in logistics and schedule give first dibs to those who are fully paid and they list works down to 20% DP paid.

The six to 12 months gap is important. 80% balance on a 2BR unit costs around P2,400,000.00 which under Pag-Ibig would incur an 11.5% amortization rate. The six to 12 months gap will give me time to cover the P400,000.00 and thus lower my loan amount to P2,000,000.00 and my amortization rate to 10.5%. See previous blog.

That's the plan. Thank God I don't have to worry about fittings and furnitures.

All units are fully furnished and fully fitted, professionally designed by interior designers.

Own a condominium unit now for less than P14,000/month, VAT inclusive. Pag-ibig financing is available.

Contact arnsjara@gmail.com for details.