The Pag-IBIG Fund finances 8,471 low-wage housing units in H
The Pag-IBIG Fund financed 8,471 social housing units for minimum wage and low-income members for an amount of 3.67 billion pesos during the first half of 2022, its senior officials announced on Wednesday July 20.
Socialized home loans represent 19% of the total number of home loans financed by the agency from January to June this year. The amount, meanwhile, represents 7% of the total real estate loans released by the agency for the said period. The Pag-IBIG fund recorded records of 47,184 housing units financed and 51.96 billion pesos in housing loans released during the first half of the year.
“At Pag-IBIG Fund, we remain committed to pursuing our mandate to provide housing for every Filipino worker. Through our affordable housing program, the dream of home ownership is made possible, especially for minimum wage workers. The program’s lowest rates and longest payment term allow our members in the low-income sector to buy or build their own homes,” said Pag-IBIG Fund Managing Director Acmad Rizaldy P. Moti.
The Pag-IBIG Fund Affordable Housing Program (AHP) is a special housing finance program specifically designed for minimum wage, low-income members in the National Capital Region (NCR) earning up to $15,000 pesos per month and from outside the NCR. who earn up to 12,000 pesos per month. Under the AHP, eligible borrowers benefit from a special subsidized rate of only 3% per annum for home loans of up to 580,000 pesos for socialized housing projects.
Pag-IBIG Fund Deputy Managing Director for Home Lending Operations, Marilene C. Acosta, said AHP’s 3% rate translates to monthly amortization as low as P2,445.30 for a loan socialized real estate in the amount of P580,000 home ownership within the reach of low-income people.
“We first offered the AHP 3% subsidized rate in May 2017 to help more members, especially those in the minimum wage sector, achieve their dream of owning a home. Thanks to our very low rates, our members benefit from a monthly amortization of their home loan that is lower than the cost of the rent. And, since qualified borrowers don’t need to pay equity into the program, payments are even more within the budget of low-income members. Makakaasa ang miyembro na patuloy nila kaming katuwang sa pagabot ng kanilang pangarap na magkaroon ng sariling tahanan,” Acosta added.