Pag-IBIG Fund financed 13,131 socialized homes of minimum-wage and low-income members from January to September this year, top executives said Wednesday.
Socialized homes made up 18 percent of the 74,708 units financed by the agency in nine months. In terms of amount, socialized home loans made up P5.72 billion or 7 percent of the record-high P83.31-billion home loans released by the agency in the period.
“We are happy to report that we continue to provide our members from the minimum-wage and low-income sectors affordable means to have their own homes. We remain steadfast in our commitment to the Pambansang Pabahay Para sa Pilipino Program led by President Ferdinand Marcos Jr. in addressing the country’s housing backlog by ensuring that owning a home remains inclusive and accessible to all, particularly the underserved,” said Secretary Jose Rizalino Acuzar, chairman of the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund board of trustees.
Pag-IBIG Fund’s Affordable Housing Program is a special home financing program that caters to the needs of minimum-wage and low-income members earning not more than P15,000 per month within the National Capital Region and those earning not more than P12,000 per month outside of NCR.
Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3 percent per annum for socialized home loans worth up to P580,000—the lowest rate available in the market today.
Pag-IBIG Fund chief executive Marilene Acosta said the special subsidized rate has been made available by the agency to its members from the minimum-wage sector since May 2017.
“For more than half a decade now, the Pag-IBIG Affordable Housing Program has made it possible for low-income and minimum-wage earners to own a home. With the lowest rate offered in the market, our members can enjoy a low monthly payment of as low as P2,445.30 for a socialized home loan of P580,000 with a loan term of 30 years,” said Acosta.
“And what’s more, borrowers under our AHP do not have to put out cash for equity because of its 100% loan-to-value ratio. These are all part of our Lingkod Pag-IBIG commitment to provide accessible and affordable home loans for our low-income members,” Acosta said.