Pag-Ibig increases home loan to P10 million, lowers promo interest rates

National

PAG-IBIG Fund ncreased its maximum home loan limit to P10 million while reducing its promotional interest rates amid the high rates of commercial lending, lowering monthly housing payments among Filipino workers.

Pag-Ibig Chief Executive Officer Marilene Acosta said that the agency is capable of offering below-market lending rates because of its robust financial standing.

“We are able to offer these lower rates precisely because of our strong financial position. Our total assets and net income have grown steadily, our collections remain healthy, and our members continue to save with us in record numbers,” Acosta said in an Inquirer.net report.

According to Secretary Jose Ramon Aliling, chairperson of the Pag-Ibig Board of Trustees, home ownership becomes more accessible as these promotional rates aid the Expanded Pambansang Pabahay para sa Pilipino Program (Expanded 4PH) of the government.

Borrowers who qualify for the socialized housing program can avail a monthly amortization for as low as P4,005 and a house-and-lot package worth P950,000 with a 3 percent yearly interest rate.

Meanwhile, Pag-Ibig also offers an annual 4.5 percent interest rate for housing loans that go beyond the socialized housing limit of P4.9 million, and 5.75 percent for loans that exceed P4.9 million up to the new P10-million ceiling.(Marry Ann Aquilla, UP Cebu Comm Intern)