Friday, July 06, 2007 Land developer offers financing
TAKING out a new home on financing or installment terms is a “viable and very convenient” alternative for today’s families, said Aboitizland Inc. finance manager Jinky Balcos.
Balcos said that through a variety of financing packages, vecinos (Spanish for neighbors; a term AboitizLand has adopted to mean residents in Aboitizland projects) can pay for their homes over a period of time and free up funds for other investments.
“Financing is emerging as a more preferred means of acquiring homes because we now have more opportunities for investing.
Of course, paying in cash remains the most cost-effective solution, but, for those who want to use their money for business or other investments, and wish to acquire their homes at the same time, paying on installment is a very convenient option,” Balcos said.
Aboitizland offers in-house financing and provides “vecino-friendly” services to facilitate financing of lot-only or house-and-lot purchases by its partner institutions.
Under its in-house financing facility, Aboitizland offers hassle-free processing of its vecinos’ mortgages. In-house financing can be availed of for a maximum of five years payable in equal monthly installments.
Balloon payments may also be arranged.
Balcos said that under the scheme, buyers pay low monthly amortizations for 11 months and pay off the balance through a lump sum or “balloon” payment on the 12th month. “This mode was conceptualized for the convenience of our vecinos,” she added.
There is also a facility that allows vecinos to pay for the properties of their choice on installment, but without interest.
Owners of Pristina North have the convenience of availing of a 24-month term; those at Kishanta up to 18 months; Molave Highlands buyers may avail of the stretch cash facility for up to 12 months.
The company has also linked with commercial and savings banks and government financing organizations to make home acquisition easier for buyers.
Aboitizland is also a partner of the Home Development Mutual Fund (Pag-ibig Fund) and the Government Service Insurance System. Both institutions extend long-term financing to their members. (PR)
