Residents of Barangay Kalunasan who are occupying lots owned by the Provincial Government have welcomed Gov. Gwen Garcia's plan to sell these properties through housing loan financing by Pag-IBIG Fund.
Majority of these residents who attended the meeting with Gov. Gwen on Thursday expressed their willingness to finally secure the ownership of their land through this affordable financing.
An initial batch of 57 residents concerned have now been identified. These residents are relocators from CRCI, Ciudad, South Bus Terminal, and Mahiga area.
But while they have been living here for years now in Kalunasan as their relocation, these residents do not own these lots.
In an intent to finally give them the opportunity to own them, Capitol will now sell these properties through payment terms that are deemed affordable.
This was the same system that has been implemented among OPRRA residents who have also been residing in Capitol lots.
Under Pag-IBIG's loan payment terms, the resident-borrowers would have to pay their loan for a maximum 30 years, giving them leeway to pay their obligations.
They are also given the option to pay for their property in cash, which would save them from the interest rate, which, under this scheme, is also deemed lower than in bank financing.
Gov. Gwen is expected to meet the affected residents again, this time with officials of Pag-IBIG to further explain to them the terms in home loan financing and the reappraised value of these lots.
In the case of OPRRA residents, the state-run agency reappraised the value of their lots at P11,000 per square meter. | Carlo Lorenciana