Now that we’ve dedicated some time to talk about what makes an apartment in Cavite promising, and how Westwind offers a thoughtful and considered space for you to live; you might be thinking about the next steps towards investing in this booming locale. Before doing so, it might be good to look at two common financing schemes.
In the Philippine real estate market, Bank and Pag-IBIG Financing schemes are most popular. Each of these have different terms and advantages, and your choice ultimately depends on which better fits your needs! Let’s go over a few things to consider:
Let’s say you’re looking at Bank Financing a condo in Cavite, the best place to start is by comparing different banks’ home loan packages and rates. Since a variety of terms will be available, it’s best to start with your bank and then explore other options if you feel it’s necessary—but your bank should have you covered! You’ll be looking at a Home Purchase Loan, and eligibility usually requires the following:
Since terms may vary, it’s always good to check everything before proceeding. Remember to always read the loan agreement carefully.
Another option involves Pag-IBIG Financing a condo in Cavite. The Pag-IBIG Fund, or Home Development Mutual Fund (HDMF) is a government-run savings program that offers affordable housing loans to its members. Membership is key to eligibility and is either part of your employment benefits or something you apply for and maintain if you’re a freelancer. Speaking of eligibility, here are the requirements:
Do note that Pag-IBIG loan amounts are capped at 6 million PHP, which may be important in the future.
Simply put, no. Both options are comprehensive and come with their own advantages and disadvantages: bank financing may have higher loan amounts and quicker processing, but Pag-IBIG will generally have lower interest rates. As always, it’s important to check your options before proceeding.
Whatever the case, both options can help you secure your dream condo in Cavite: whether you’re settling down and want a comfortable, accessible, green living space, or you want to live your best life in a space that’s easy to care for before eventually looking at a larger home in the future.
Here at Profriends, we’re open to discussing both financing schemes. This makes owning a condo in Westwind at Lancaster New City easier than ever! Offering comprehensive lifestyle and community benefits while maintaining your financial security is important to us, and financing schemes can help keep you comfortable while improving your quality of life.
