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Empire East and Pag-IBIG partner up for more accessible payment term for homebuyers

) Red Rivera |

Buying a home is about to get a lot easier thanks to the partnership between real estate developer Empire East and development fund company Pag-IBIG.

The two held a ceremonial contract signing for a more feasible payment option last April 8 at Uptown Mall, Taguig City. 

According to the  Empire East website:

Under this program, PAG-IBIG members could easily submit simple requirements of identification and proof of income among others to get a loan of as much as Php 6,000,000 for qualified members based on actual need, capacity to pay, and loan-to-appraisal value ratio, whichever is lower.

Other eligibility requirements include age, which requires all principal borrowers to be not more than 65 years old at the date of loan application, and not more than 70 years old at the date of loan maturity. Borrowers must be insurable and have the capacity to acquire and encumber real property.

Anyone with existing loan in PAG-IBIG need not worry as the financing agency has also allowed for Multi-Purpose Loans provided that payments should be updated upon the new Housing Loan Application.

If you are interested in interest rates, there are several options from one to 30-year fixing period that offer rates from 5.375% to 10% respectively.

Empire East Senior Vice President Evelyn Cacho is happy with the partnership saying, "We are pleased to announce that this partnership with Pag-IBIG allows lower monthly amortization at more feasible terms—a great support for our current homebuyers who wish for a wider selection of payment options that also give importance to value for money.”

The Pag-IBIG financing program is also available to condominium units at The Cambridge Village, an 8-hectare mid-rise development along East Bank Road in the Pasig-Cainta area, which offers ready-for-occupancy properties ranging from studio, loft-type to two-bedroom suites.