Loaning money for House Improvements
By jureathome
@jureathome (5361)
Philippines
August 27, 2012 7:43am CST
After getting a house and a lot, we now need to invest on home improvements. We are considering loaning thru a Home Development Mutual Fund or commonly called "Pagibig Fund" here in the Philippines. This establishment loans out money to its members for different purposes such as housing plans, car plans, home improvements, and other purposes. In this way the monthly payments will be conveniently deducted out of his monthly salary, and won't be that huge, compared to loaning from the bank.
We are still contemplating on this plan. My husband is a little hesitant to apply for another loan. But, I told my husband, that it could be a good step to materialize this plan now, that he still has a good paying job, and we can still pay up the loan, instead of waiting to save up the bulk amount, till we're too old to even be granted a loan in case the savings is still not enough.
I mean, a lot of things could happen, and even if we get to save up money, there could be emergencies where we need to use the savings for. (And it really had happened a few times, now)
What do you think of this dilemma? Any advice you can share?
5 responses
@csabaholcz (843)
• Hungary
27 Aug 12
There are sites where you can ask for donations. Write your husband already asked for many loans your pregnant and have 2 children, and one of them have cancer. You can buy a whole villa.
Hm... might work?
@jureathome (5361)
• Philippines
27 Aug 12
Oh, that's ridiculous. Are you serious? Won't there be any background checks that go with it?
@csabaholcz (843)
• Hungary
27 Aug 12
Of course it is!
I wanted to say you should find such sites. Well the background story depends on you.
@jureathome (5361)
• Philippines
28 Aug 12
I don't know if I can do that. I'm a bad liar. Perhaps, that only works in your country, too. I haven't heard of such, here in my place.
@lifes97 (884)
• United Arab Emirates
10 Sep 12
yea your house is the place you love and lifein that is where you belong i guess make it awesome is the aim of any person, i like to see my house also perfect and renew it all the time, we live in a nice place but it needs to renew also every a few months
@jureathome (5361)
• Philippines
10 Sep 12
Wow, you're thinking of renovating your house every few months. That's a lot of money and time to spend. I can't really afford to do that. Maybe just a few change of decorations or fixings every so often, would do.
@louievill (28846)
• Philippines
27 Aug 12
If you ask me, I think that is a dangerous move not unless you need that renovation that badly or you have increased your income from the time you made your first loan. If I would decide (if it was me), I'd finish the first loan first and play the safe card cause we are at very uncertain times.
@jureathome (5361)
• Philippines
28 Aug 12
Yeah, gross family earnings have a substantial increase, and soon enough, we'd be able to get rid of the credit card bills. So, while working on that, we could already starting applying for the loan, which I think takes some time before it gets approved.
I just really think, its better to loan and invest now, that we are still young and capable to have a good job and pay all the bills. So, we don't have to worry about all these when we are already too old to even work for it.
@mrswhitfield (2044)
• Indonesia
9 Sep 12
Your husband and you really Should take the loan from what you refer as "Pagibig fund". As long as your husband still have a stable income to pay for your life after the cut for a loan, you should certainly take advantage of your current financial situation as good as possible to get the important things that may be difficult for you to realize if your husband is already retired.
@jureathome (5361)
• Philippines
10 Sep 12
That's an option we have. Right now, my husband got a good job offer and with that, we'll be on our way to financial freedom, so we'll have to drop the loan option as of yet.
@ARIES1973 (11944)
• Legaspi, Philippines
27 Aug 12
Yes, pag-ibig loan is one of the best when it comes home purchase or improvement. One of my office mates, if I was not mistaken applied a loan and he was able to pay all his outstanding loan balances from other loaning company and he was also able to finance his house improvement from the said loan. So even his net pay increased. Although it is true that he will have to pay for the amount for some years but it is worth it.
@jureathome (5361)
• Philippines
27 Aug 12
Good for them.
Even if it'll take years before we get to fully pay the loan, the idea that we get to enjoy these things, as early as now, makes it worth it. If we have to wait for 20 years to save up for the money to buy our own house, we'd only get to enjoy it for a shorter time, because by then, we'll be old and sickly.
