THE Home Development Mutual Fund, or Pag-IBIG Fund, has offered promotional housing rates for members above the socialized housing price ceiling up to P10 million.
Housing Secretary Jose Ramon Aliling and Pag-IBIG CEO Marilene Acosta said the new promotional housing loan offers would make homeownership more affordable for workers through President Ferdinand Marcos Jr.’s expanded Pambansang Pabahay Para sa Pilipino (4PH) Program.
Aliling said the new promotional rates build on Pag-IBIG’s move to increase its maximum housing loan amount to P10 million per borrower, which gives members more financing options for homes that better match their needs, income and family situation.
Acosta assured the members that they would surely feel the advantage of the offered lower rates through reduced monthly amortizations, especially during the first three years of their housing loan.
For example, a P2.5-million loan payable over 30 years would have an estimated monthly amortization of about P12,667 under the new 4.5-percent promotional rate, compared to about P15,393 under the previous 6.25-percent rate, or savings of P2,726 per month. “By lowering our three-year fixed rates from 6.25 percent to as low as 4.5 percent, we are helping our members save on their monthly amortization during the first three years of their loan,” Acosta said.
These savings can help families manage their daily needs, or even be set aside in their Pag-IBIG Regular Savings or MP2 Savings so they can better prepare for the future while taking the important step toward owning a home,” Acosta added.
Aliling, who also heads the Pag-IBIG’s board of trustees, said the promotional rates form part of its continuing efforts under the Marcos administration’s expanded 4PH program.
The housing czar said the 4PH has widened access to affordable home financing, revitalized the housing industry and continued to help more Filipino families achieve homeownership.
Pag-IBIG said that under the promotional rates, housing loan or installment amounts above the socialized housing price ceiling, currently up to P950,000 for house-and-lot units and up to P1.8 million for condominium units, and up to the low-cost housing ceiling of P2.5 million will have an interest rate of 4.5 percent per annum, fixed for three years. It added that housing loan or installment amounts above the P2.5-million low-cost housing ceiling up to P10 million will have an interest rate of 5.75 percent per annum, also fixed for three years. After the three-year fixed period, the loan will be repriced based on the borrower’s chosen repricing period, Pag-IBIG said.
“We know that buying a home is one of the biggest and most important decisions a family will make,” Acosta said. She emphasized that Pag-IBIG’s goal is to make homeownership more affordable for more Filipino workers, while helping them keep more of their hard-earned money for their savings, their families and their future.
Qualified members may avail of the promotional rates until Dec. 31.
