Vice President Noli “Kabayan” De Castro announced another adjustment in Pag-IBIG Fund housing loan interest rates, making the monthly amortizations for its most popular loan package even more affordable.
The interest rate for loans up to P400,000 has been reduced from 7% to only 6% per annum.
Interest rate for loans worth over P400,000 up to P750,000 is 7%, and 10.5% for loans over P750,000 up to P2 million.
As a result of this rate cut, the monthly payment for principal and interest for a P400,000 loan will go down from P2,661.21 to P2,398.20 at the maximum payment period of 30 years.
The Vice President said the bulk of housing loans taken out by Pag-IBIG are those worth P400,000 and under.
“The market for Pag-IBIG loans are mostly the low income earners, so this latest interest rate adjustment will benefit them,” he said.
“In these difficult times, we want more Pag-IBIG members to have home ownership as an affordable option to renting,” he added.
De Castro added that the rate reduction dovetails with the Fund’s commitment to allocate P82 billion for housing and multi-purpose loans this year as its contribution to the government’s economic stimulus package.
“With this, we hope to attract more borrowers. This will help keep the housing market vibrant, generate business activity in related industries, and create much-needed jobs for our workers,” he said.
In support of the Fund’s higher allocation for shelter financing, De Castro has directed the Pag-IBIG Fund to review its housing loan application process and find ways to further streamline it.
De Castro also assured members that Pag-IBIG will continue to invest at least 70% of its investible funds in housing even with the Fund’s charter change.
This is in reference to the recently approved Senate Bill that aims to strengthen the Pag-IBIG Fund by amending its charter to restore its exemption from income taxes and to empower its Board of Trustees to adjust contribution rates, among other things.
“Housing will continue to be Pag-IBIG’s core service to its members, and its main contribution to our country’s economic growth,” he said. (end)
April –
MONTH OF PLANET EARTH!
“Climate change, El Nino,
and the Middle East conflict
are wreaking havoc on Planet Earth.”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
April – Month of Planet Earth
Weekly Observances:
April 24-30 — World Immunization Week
Daily Observances:
Apr 5 — International Day of Conscience
Apr 7 — World Health Day
Apr 15 — International Day of Wellness
Apr 21 — Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health
at Work
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