THE EFFECTS OF THE GOVERNMENT-OWNED AND CONTROLLED CORPORATION (GOCC) HOME FINANCING ON THE QUALITY OF LIFE OF HOUSING LOAN BORROWERS

Abstract

The main purpose of this study is to determine the effects of GOCC home financing on the quality of life of their housing loan borrowers. The study assessed the level of quality of life of the housing loan borrowers of a GOCC in Calamba City, Laguna by comparing their present housing living conditions after they borrowed and their housing living conditions before they borrowed from the GOCC home financing. The results were evaluated using the five dimensions of quality of life. It also identified the factors influencing members to apply for GOCC housing loans. The study utilized the descriptive research design using a quantitative method of data gathering and analysis. A total of 80 housing loan borrowers participated in this study. The researcher designed a self-made survey questionnaire. Percentages, weighted mean, and ANOVA were used as statistical tools to analyse the results. Using the five-dimension levels, the study shows that the level of quality of life of the respondent loan borrowers is higher when they moved into their new houses as compared to their quality of life when they were occupying their previous houses. It also identified that the main factors that influenced the borrowers to apply for the GOCC housing loans are affordable monthly amortization, the motivation to own a house, a longer loan repayment period, and lower interest rates. Finally, the researcher determined that there is a significant difference between the quality of life of the housing loan borrowers living conditions in their previous house and their present house. The study recommends to housing loan borrowers to have an updated loan payment and in case of arrears, it is encouraged to utilize the available remediation programs of the GOCC.