New Program on Group Housing Loan
The Home Development Mutual Fund (HDMF) is offering to local government units in the country its new program on group housing loan. The Pag-Ibig Group Housing Loan Program (GHLP) intends to help LGUs in the implementation and development of housing projects to be availed by its constituents and employees. Jejomar Binay as Vice President and Housing and Urban Development Coordinating Council chairman (HUDCC) said during its promotions campaign to the GHLP HELD in this city that he wants the local government units in the country to avail the program. So, that LGUs’ housing project will be realized through the help of Pag-Ibig, he added.
LGUs will be given access to development loan for house construction and site development where the units to be financed will be offered for sale to residents under the program. LGUs can borrow a maximum amount of P40 million for vertical development and P20 million per phase for horizontal development while P40 million with collateral either a Transfer Certificate of title (TCT) or Original Certificate of Title (OCT) where the housing project will be constructed under the name of LGU. Binay urged LGUs to avail of the program of the housing agency. To encourage LGUs to avail of the Pag-Ibig’s new program, Binay is making rounds of promotional campaign on the program.(pia.gov.ph)