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Friday, March 29, 2024

Housing chief okays ‘promotional’ rates

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Housing czar Eduardo del Rosario as Pag-IBIG Fund’s Home Development Mutual Fund head has approved the promotional rates for housing loans for the remainder of 2020.

During Pag-IBIG’s board meeting last July 9, Del Rosario, the Department of Human Settlement and Urban Development chief, gave the green light on the proposal of the Pag-IBIG management to offer promotional rates for its members who will apply for housing loans under its end-user financing program from July to Dec. 29.

The fund is offering special low rates of 4.985 percent per annum under a one-year repricing period and 5.375 percent per annum under a three-year repricing period.

According to Del Rosario, these are their lowest-ever rates under its regular housing loan program and are available to members getting new home loans until the end of 2020 only.

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“These further reduce the agency’s previous rates, already pegged at a low 5.375 percent per annum for the one-year repricing and 6.375 percent per annum for the three-year repricing period,” he said.

Meanwhile, the interest rates for its affordable housing program, available for low and minimum-wage earners, remain at its lowest with the subsidized home loan interest rate of three percent per annum. 

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