Buying our house is one of the biggest decision that we have undertaken. It gave me sleepless nights thinking of the what ifs. I have this biggest fear that we might end up not being able to pay the amortization etc. But as the husband would say, we need to put all our worries behind. Everyday is a gamble. And if we don’t gamble we would just be left behind in the race, right?
Before I go any further in discussing about the PAGIBIG housing loan we avail and its approval, let me just first share with you my knowledge about the PAGIBIG OVERSEAS PROGRAM or POP. As the name implies, this is a program for OFW. As the website put it,
The Pag-IBIG Overseas Program (POP) is a voluntary savings program which aims to provide Filipino overseas contract workers ,immigrants and naturalized citizens the opportunity to save for their future and the chance to avail of a housing loan of as much as P 3,000,000.00.
Now that we have the property we wanted, the next step would also be the stressful. That is the payment. haha. At first I thought that those ‘RENT TO OWN’ schemes means you can move in even without any cash out, I was wrong. Just like those commercialized subdivision, wherein you have to pay for a certain amount for equity, PAG-IBIG also requires you to pay the seller a percentage of the sell price before they will grant you the loan. I was suprised by this declaration by our agent. I thought the PAGIBIG loan will pay everything for the house and lot we are buying.