Pag-IBIG Fund said it offers a special 4.5-percent housing loan rate to qualified members buying house-and-lot packages up to P1.8 million as part of the Marcos administration’s Expanded Pambansang Pabahay para sa Pilipino (4PH) program.
The promotional rate will be available in October as the agency joins the nationwide celebration of National Shelter Month.
Under the program, the first 10,000 housing loan applications from locally employed members and 1,000 from overseas Filipino workers (OFWs) will receive the subsidized 4.5 percent annual interest rate, fixed for the first three years. Eligible applications already in the pipeline will also be granted the special rate, in addition to the 11,000 slots.
The 4.5 percent rate is significantly lower than the current 6.25 percent for similar loans, making monthly payments more affordable.
Department of Human Settlements and Urban Development Secretary Jose Ramon Aliling, who also chairs the Pag-IBIG Fund board of trustees, said the initiative answers President Ferdinand Marcos Jr.’s call to provide affordable housing for every Filipino family.
“Just last July, we introduced a subsidized 3% rate for the first five years of loans for socialized housing units,” Aliling said in a statement.
“Now, we are further expanding access to affordable home financing by offering a special rate for loans up to P1.8 million, which exceed the socialized housing ceiling. This is another important step in broadening access to dignified and sustainable homeownership,” he said.
First-time homebuyers may qualify for the 4.5-percent promotional rate for loans up to P1.8 million, provided they are active Pag-IBIG Fund members with at least 12 months of savings.
The program is open to members earning less than P47,856 per month in the National Capital Region and less than P34,686 per month in areas outside of the NCR. All OFWs, regardless of income, also qualify.
Loan proceeds can be used to buy a residential house and lot, a residential lot, or a Pag-IBIG Fund Acquired Asset. Funds can also be used for the construction or completion of a home or for home improvements.
According to Pag-IBIG Fund chief executive Marilene Acosta, the special rate allows members to save nearly P2,000 per month, or about P71,000 over the first three years of a P1.8 million loan payable over 30 years.
The monthly amortization for this loan at the promotional rate of 4.5 percent is P9,120.34, compared to P11,082.91 at the regular 6.25 percent rate.
“This program makes even non-socialized housing more affordable and responds to the needs of Filipino families who prefer house-and-lot units that offer more space, privacy, and long-term value,” Acosta said.
“Through this initiative, we not only provide substantial savings, we also help turn the dream of homeownership into reality,” she said.
“At Pag-IBIG Fund, we remain committed to serving our members with compassion, efficiency, and integrity, because every Filipino deserves a home they can truly call their own,” she said.
