Ways to Save Money

Ways to Save Money to Buy Home

Ways to save money to buy your future home: Kaya pa ba? With the ongoing pandemic, saving money seems impossible – even making ends meet is difficult. However, unforgiving circumstances such as the current health scare should not prevent us from reaching our goals – even if that includes purchasing your future home. Here, we explore the thoughts of experts in the financial field on ways to save money to buy your future home.

Finance website iMoney details ways to save for a home – or at least, save for down payment.

The National Wage and Productivity Commission, in a report in 2014, says that 626,631 families or 26.96% out of 2.46 million households in the Philippines intend to acquire a home – because who doesn’t? Sixty percent of the mentioned population are willing to pay Php 70,000 or less for a down payment. Moreover, most financing companies require a 20% down payment prior to moving in. Source: Own a Home in Five Years, an article by iMoney.

If your salary is within a minimum wage, it seems far-fetched.

Just Save Money

The website iMoney lists the following tips: track your monthly expenses, discipline your ‘mouth’, be a practical ‘fashionista’, wake up early and PUV, and importantly, don’t buy things that you don’t really need. It is important to keep track of your expenses on a monthly basis – rent, electricity, water, food, transportation, medicine, etc. Then, identify which of these can be adjusted. You can opt to limit the use of air conditioning to save on your electricity bill. Or you can cross out trips to expensive restaurants or limit unnecessary shopping.

Consider Factors

Another website, MoneyMax, also shared thoughts on how to save up for a home.

The website listed factors to consider when buying a home. This includes the following: details of the home such as location, accessibility to public transport, etc; your real estate developer; amortization; possible challenges along the way; and the ability to adjust your lifestyle to be able to keep up with payments. Source: Owning a Home in Your 20s: How Four People Did It, an article by MoneyMax.

Dissecting the factors mentioned above, you have to take note of the following: your income should be higher than your monthly expenses, your budget should always include amortization, and use the incremental income to pay for loans.

Amortization is just as important to consider as the down payment.

Down payment, according to Investopedia, is defined as a sum of money that a buyer pays in the early stages of purchasing an expensive good or service. The down payment represents a portion of the total purchase price, and the buyer will often take out on a loan to finance the remainder.

Amortization, according to Investopedia, is an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time. In relation to loan, amortization focuses on spreading out loan payments over time.

Explore Loan Options

The Home Development Mutual Fund, commonly known as the Pag-Ibig Fund, is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable shelter financing for Filipinos. The corporation is best known for its provision of housing loans.

The Pag-Ibig Fund Housing Loan allows you to borrow up to Php 6 million to purchase a residential lot, a house, or a condominium unit. You may also secure a loan for house construction, home improvement or renovation, or even to refinance an existing housing loan. Those who qualify for the Pag-Ibig Fund Housing Loan Program include active Pag-Ibig Fund Members and those who have the following requirements: at least 24 monthly savings, passed the satisfactory background/credit and employment/business checks of Pag-Ibig Fund, to mention a few. You may access all information via the Pag-Ibig website,

Did you know that Pag-Ibig offers affordable housing loans for minimum wage and low-income earners? The program allows minimum and low wage earners to acquire their own dream homes as it carries the lowest interest rate in the market today – 3% annual interest for the first five years of the loan term. With this program, minimum and low-wage earners need to pay a monthly amortization of as low as Php 2,445.30 for a Php 580,000 housing loan. Requirements are the same as those mentioned above. Again, to view full requirements and other relevant details, visit the Pag-Ibig website.

Is 2021 a good time to invest in a home? Surprisingly, according to Mr. Gino Olivares, President of the Organization of Socialized and Economic Housing Developers of the Philippines, today is a good time to plan, prepare, and get a house loan. Source: Is it a Good Time to Buy Your First House in the Philippines? You’d Be Surprised, an article by PhilStar.

In February, the Bangko Sentral ng Pilipinas held its key overnight borrowing steady at a record low of 2%. The interest rates on overnight deposit and lending facilities are also unchanged at 1.5% and 2.5%, respectively. Olivares compared the total payments of someone who got a Pag-IBIG housing loan in 2009 and someone who would apply for a loan this year. The interest rate for a P2 million housing loan from Pag-IBIG in 2009 was 10.5%. Meanwhile, the interest rate for the same loan amount that would be taken this year is only 7.25%.

Consider Your Real Estate Developer

A good real estate developer, according to MoneyMax, will always have plans to advance a particular area and raise the land value. Moreover, well-established developers will ensure that products and materials such as roof, floor tiles, structural foundations are of above-average quality. Read: Why Lumina Iloilo is the Best Home Location

Moreover, when it comes to affordable quality homes, Lumina is here for you.

See Lumina Homes – Iloilo properties here.

About Lumina Homes. Lumina responds to the call for economic and socialized housing, raising mass housing communities. Started in August 2012, Lumina aspires to become one of the top-listed developers in the country. In a span of eight years, Lumina has made over fifty developments in key locations across the country. This includes Rizal, Bulacan, Pampanga, Bataan, Zambales, Nueva Ecija, Tarlac, Pangasinan, La Union, Cagayan, Isabela, Cavite, Batangas, Laguna, Quezon, Camarines Norte, Albay, Sorsogon, Iloilo, Capiz, Cebu, Negros Occidental, Agusan del Norte, Zamboanga del Sur, Bukidnon, Misamis Occidental, Davao del Norte, Davao del Sur, and South Cotabato.

Lumina Iloilo. Lumina Homes Iloilo is a 40-hectare project inside the 600-hectare master-planned community of Vista City Iloilo, holding a total of 4,305 units, assuring property valuation over the years. It is nestled in Barangay Abilay Norte in Oton, Iloilo and its main entrance is accessed via the Pavia – San Miguel Road. It is close to the Iloilo International Airport and other notable landmarks. The project contributes to the locality’s economy through its value-priced homes complete with amenities such as a community hall, basketball court, mini gardens, playground, and space for commercial establishments. It also includes 24-hour security and a shuttle service.

“Aiming to provide fulfillment of the average Filipino’s dream of homeownership, Lumina caters to a broad affordable market segment that largely includes minimum wage earners. Located within Savannah City, Oton, Iloilo, Lumina not only offers value-priced and quality homes, but also accessibility to major growth areas that includes institutions, urban leisure areas, and business hubs.” – Lumina Homes

Lumina Properties in Iloilo

Ways to Save Money to Buy Home

Aimee Rowhouse – price ranges from Php 559,000 to Php 1,050,000. Aimee Model (bungalow house type, rowhouse) is a 22 square meter home on a regular 36 square meter lot. Its features include a living area, dining and kitchen, one bedroom provision, one toilet and bath, and service area.

Ways to Save Money to Buy Home

Angelique Townhouse – price ranges from Php 1,294,000 to Php 1,830,000. Angelique Townhouse (two-story townhouse) is a 35 square meter home on a regular 36 square meter lot. Its features include a living area, dining and kitchen, two-bedroom provision, one toilet and bath, one carport provision, and a service area. This property is also offered in duplex house type.

Angeli Townhouse – price ranges from Php 1,377,000 to Php 1,932,000. Angeli Townhouse (two-story townhouse) is a 42 square meter home on a regular 36 square meter lot. Its features include a living area, dining and kitchen, three-bedroom provision, one toilet and bath, one carport provision, and a service area. This property is also offered in duplex and single firewall house types.

Angeli Single Firewall – price ranges from Php 1,699,000 to Php 2,223,000. Angeli Single Firewall (two-story single firewall) is a 42 square meter home on a regular 54 square meter lot. Its features include a living area, dining and kitchen, three-bedroom provision, one toilet and bath, one carport division, and a service area. This property is also offered in townhouse and duplex house type.

Armina Single Firewall – price ranges from Php 1,704,000 to Php 2,894,000. Armina Single Firewall (two-story single firewall) is a 42 square meter home on a regular 54 square meter lot. Similar to Angeli Single Firewall. It includes a living area, dining and kitchen, three bedrooms, one toilet and bath, one carport provision, and a service area. It also comes with additional features like a free ceiling and tiles on the ground floor. The property is also offered in duplex house type.

Purchasing Made Affordable

Lumina Homes has made it easier for buyers to purchase their future homes. The Lumina Homes website,, states that the reservation fee for Lumina Homes starts at Php 3,000 (non-refundable and non-transferable). Moreover, financing for Lumina property can be through Pag-Ibig housing loan, bank, deferred, or spot cash. There is also a guide for buyers on the Lumina website, virtually guiding them throughout the purchase process.

Project Inquiry. Inquire about Lumina Homes or your preferred Lumina Homes Property and/or House Model through the official website of Lumina Homes or its online channels. One can also chat with an expert on the website.

Site Viewing. Once a client has a preferred property and the expert has presented all the relevant information. The client can request a free site viewing to see the actual property locations and house model units. Moreover, a 3D virtual tour of the signature Lumina Homes showcase area is also available on its website.

Reservation Application. The client can now select the block and lot that he/she wishes to purchase. The client can then settle the reservation fee and fill out the following: Buyer’s Information Sheet, Quotation Sheet, and Reservation Agreement. The client can also view and select preferred blocks and lots online. The reservation fee can be paid via credit or debit card, GCash, or over-the-counter. After payment, the client will then receive an email confirmation with a link to the Electronic Buyer’s Information Sheet, Electronic Quotation Sheet, and Electronic Reservation Agreement.

Marketing and Admin Briefing. The assigned Lumina Marketing and Admin Staff will then brief the client on the documentary requirements, step-by-step process prior to turnover, housing and admin policies, and the project timeline. If reserved online, an assigned staff will contact the client for briefing.

Submission of Requirements. After briefing and submission of duly filled-out forms, the client has thirty days to submit the documentary requirements that vary on the client’s employment status (locally employed, self-employed, or employed overseas) and financing option.

Turnover of Lumina Home. Upon completion of construction and release of loan (via Pagibig or bank), client will be notified by the assigned staff that he/she is qualified for move-in. Prior to moving in, client will be scheduled for a joint inspection of the physical unit with assigned customer care staff.

For more information, visit Lumina Homes’ office address at the 2F Jardeleza Building, Plaza Rizal Street, Jaro, Iloilo City, or its Facebook page Lumina Iloilo (@LuminaOfficialIloilo) or website at

Why Lumina Iloilo is the Best Home Location



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