Property developer Ovialand Inc. is set to take out a P1-billion housing loan this year from Pag-IBIG Fund, the government institution providing affordable housing loans to Filipinos.
Ovialand president Pammy Vital said in a statement the company was slated to complete 600 housing units this year across four developments in Laguna and Quezon provinces.
Vital said 70 percent of these house and lots were already sold and would be turned over to home-buyers.
Vital commended Pag-IBIG Fund for continued support to real estate developers despite the pandemic.
“Pag-IBIG Fund really went above and beyond the call of duty for the developers during the pandemic. They were able to quickly shift to maximizing the use of technology in verifying loan applications and conducting unit inspections. We supported them 100 percent because we understood that these safeguards in loan processing cannot be sacrificed,” Vital said.
“When 2020 began, we already had a commitment to our clients to deliver to them their homes. As first time home-buyers, their need for their own comfortable home became even more apparent during the pandemic. Thankfully, Pag-IBIG Fund was there to process the loans of our clients,” she said.