Our Condo

As I have stated previously, my husband and I have put in a reservation for a small condo unit. We're planning to rent it out so that we can have a small extra income and an additional solid asset which we can later pass on to our children. We're starting to pay the downpayments already, and we've decided to get a housing loan from Pag-Ibig fund for financing.

The thing is, we're planning to just take out a maximum of 750,000 peso (Philippine) loan because we want to take advantage of the very low annual interest rates of 7%. Higher than that amount means a pretty hefty jump, meaning annual interest rates of 10.5%. The only problem is that we now have a small amount of cash that we have to pay upfront. I'm guessing that our savings could cover for that. I'll have to make further computations and budgeting. Otherwise, we can probably consider taking a small cash advance loan to cover for that. We'll have to see.

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