We would have been renting all our life. The couple got the loan from the Home Development Mutual Fund, a mortgage agency under the government's National Shelter Program. Across much of the region, state mortgage and housing programs like Pag-IBIG are helping families realize their dream of owning their own home. The programs in different countries have had varying degrees of success. India has had less success at spurring home ownership.
Experts blame a chronic liquidity crunch in capital markets, plus antiquated property laws.
In contrast, Thailand's Government Housing Bank is seen as a success. Youssef El-Khouri Abboud, an analyst at Wall Street Finance and Securities, says the GHB has aided home buyers in all income brackets secure mortgages with longer terms and better rates than commercial banks offer. Governments, of course, help people find decent, affordable housing in more direct ways. One of Asia's great housing success stories is Singapore's Housing and Development Board. The HDB has built over 700,000 homes since its inception in 1960.