Pag-Ibig housing loan now up to P6M

Saturday, December 22, 2012

THE Home Mutual Development Fund (HMDF) announced the amendments of its guidelines on the Pag-Ibig Fund End-User Home Financing Program.

Speaking during the Kapihan sa PIA (Philippine Information Agency) last Wednesday, Pag-Ibig officials said they have raised the maximum housing loan from P3 million to P6 million.

Victoria B. dela Peña, Pag-Ibig Visayas group vice president, said they raised the amount because there are Pag-Ibig members who can afford to buy high-end houses and condominium units.

Affordable alternatives

They also have new programs that will allow daily wage earners to avail themselves of affordable loans through subsidized interest rates.

Workers who fall under this category are housemaids, tricycle drivers and jeepney drivers, among others.

“They (low-income families) may avail themselves of a P400,000-loan at 4.5 percent interest provided their gross monthly income will be not less than P12,000 a month. This will have a monthly amortization of P2,100 payable for a maximum of 30 years, but provided the borrower will not reach 70 years old at the time the loan will mature,” said Sulpicio Villegas, Pag-Ibig Cebu north branch assistant department manager.

Anthony Maglungsod, assistant department manager for Pag-Ibig Fund Cebu south branch, said these changes are in the HMDF Circular 310, which took effect last July 1.

Payment terms

Maglungsod said the interest on the P3-million to P6-million loan will be based on how many years the loan will be paid off like 7.985 percent for three years or 8.985 percent for five years.

“Before, the P1 million loan had an amortization of P7,689 a month. Now, it is P7,327 a month or a difference of P352”, Maglungsod said.

As of last month, the Pag-Ibig Fund Cebu south branch, which covers Cebu City to Santander, had a total of 403,817 members with additional members of 133,397. In the same period last year, total members numbered f 351,691 with 122,500 additional members.

The Pag-Ibig Fund north branch, which covers Mandaue City to Bantayan Island, had a total of 330,849 members with additional members of 90,363. Last year, it had 302,787 members with additional members of 94,109. (EOB)