A home loans officer at Barclays Bank who did not want to be named told Mmegi in a telephone interview that to qualify for a loan of P577,000, the high end price for the one bedroom unit, one would need a net income of at least P11,911, after tax and other deductions. This would be for a loan with an 11 percent interest paid over 20 years at a monthly instalment of P5,955.73. The officer said that in her experience, first time homeowners such as recent graduates usually prefer to buy flats. "Older people tend to buy townhouses," she said.
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