July 26, 2018 [malaya.com.ph ]
The
Chamber of Real Estate and Builders’ Associations, Inc. (CREBA) is
pushing for the passage of a bill that will create a Comprehensive Home
Financing Program (CHFP) which will tap P350-billion worth of funds
that would address housing requirements of Filipinos.
CHFP is designed exclusively for home loan borrowers with no component for development financing.
Charlie A. V. Gorayeb, national chairman of CREBA, said all income-earning Filipinos should be entitled to low-interest, long-term housing loans, even if they are not members of the Social Security System (SSS), Government Service Insurance System (GSIS), or the Pag-lBIG Fund.
Gorayeb said CHFP will ensure the use of funds will strictly be for shelter acquisition by the homeless, estimated by the Housing and Urban Development Coordinating Council (HUDCC) to be at least 6.57 million families nationwide as of 2017.
The country’s largest organization of real estate and housing industry players said the resulting surge in housing beneficiaries would be covered by an initial P350-billion fund sourced in the form of investment in bonds by the SSS at P5 billion; GSIS at P25 billion; a minimum of P70 billion up to a maximum of 70 percent of Pag-IBIG Fund’s total investible funds for housing; P200 billion from the unused or residual agri-agra funds of banks; plus another P50 billion from government’s annual budget, all with mandatory guaranty cover from the Home Guaranty Corp.
If passed into law, the proposed bill thus amends Republic Act 7835 or the Comprehensive and Integrated Shelter Finance Act (CISFA) of 1994.
These fund sources, CREBA said, have been identified by various existing laws and need only to be integrated for effective administration to socialized and economic housing beneficiaries.
Payable in at least 30 or more years, CHFP loans for residential units in subdivisions or medium-rise condominium buildings shall be P1.5 million and below at 3 percent fixed interest rate for socialized housing, and above P1.5 million up to P3,199,200 at 4 percent for economic housing.
All income-earning citizens who qualify as beneficiaries under the Urban Development and Housing Act and who have not acquired housing assistance from any government institution shall be eligible for home loans through the CHFP.
CREBA envisions the CHFP to have two components: loans program under Pag-IBIG Fund and housing securitization under the National Home Mortgage Finance Corp..
The proposed bill is listed in CREBA’s five-point agenda for housing.
The five-point agenda also covers affordable homes for employees in urban areas; lands for residential, commercial and industrial development; efficient housing regulations; and a full-fledged housing and urban development department.
CHFP is designed exclusively for home loan borrowers with no component for development financing.
Charlie A. V. Gorayeb, national chairman of CREBA, said all income-earning Filipinos should be entitled to low-interest, long-term housing loans, even if they are not members of the Social Security System (SSS), Government Service Insurance System (GSIS), or the Pag-lBIG Fund.
Gorayeb said CHFP will ensure the use of funds will strictly be for shelter acquisition by the homeless, estimated by the Housing and Urban Development Coordinating Council (HUDCC) to be at least 6.57 million families nationwide as of 2017.
The country’s largest organization of real estate and housing industry players said the resulting surge in housing beneficiaries would be covered by an initial P350-billion fund sourced in the form of investment in bonds by the SSS at P5 billion; GSIS at P25 billion; a minimum of P70 billion up to a maximum of 70 percent of Pag-IBIG Fund’s total investible funds for housing; P200 billion from the unused or residual agri-agra funds of banks; plus another P50 billion from government’s annual budget, all with mandatory guaranty cover from the Home Guaranty Corp.
If passed into law, the proposed bill thus amends Republic Act 7835 or the Comprehensive and Integrated Shelter Finance Act (CISFA) of 1994.
These fund sources, CREBA said, have been identified by various existing laws and need only to be integrated for effective administration to socialized and economic housing beneficiaries.
Payable in at least 30 or more years, CHFP loans for residential units in subdivisions or medium-rise condominium buildings shall be P1.5 million and below at 3 percent fixed interest rate for socialized housing, and above P1.5 million up to P3,199,200 at 4 percent for economic housing.
All income-earning citizens who qualify as beneficiaries under the Urban Development and Housing Act and who have not acquired housing assistance from any government institution shall be eligible for home loans through the CHFP.
CREBA envisions the CHFP to have two components: loans program under Pag-IBIG Fund and housing securitization under the National Home Mortgage Finance Corp..
The proposed bill is listed in CREBA’s five-point agenda for housing.
The five-point agenda also covers affordable homes for employees in urban areas; lands for residential, commercial and industrial development; efficient housing regulations; and a full-fledged housing and urban development department.
CREBA will hold its 27th annual national convention in October which is also the national housing month
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