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Tuesday, August 11, 2015
Pag-IBIG Fund: more minimum-wage earners are now homeowners
Availment of Pag-IBIG Fund's Affordable Housing Program for
minimum-wage earners increased by 5,585 percent, from 287 during the first few
months of the program's launch in 2012, to a cumulative number of 16,315 as of
May 2015. The total loan value of the availments is P5.9 billion.
Pag-IBIG Fund President and Chief Executive Officer Atty.
Darlene Marie B. Berberabe said that the program has become an effective and
readily-accessible means for minimum-wage earners to provide shelter for their
"The Affordable Housing Program helps Pag-IBIG members
belonging to the low-income segment to finally achieve their dream of
homeownership," Atty. Berberabe added.
The Affordable Housing Program, according to Atty.
Berberabe, is exclusive for minimum wage earners. Up to P750,000 may be
borrowed under this program, with interest rates of as low as 4.5 percent per
annum in the first ten years of the loan, depending on the income of the
borrower. Interest rate under the affordable housing is 31 percent lower than
the lowest interest rate offered under the Fund's regular housing loan. The
gross monthly income required to avail of the 4.5 percent interest must not
exceed P15,000 for those working in the NCR and P12,000 for those employed in
areas outside of NCR, with a maximum loanable amount of P450,000.
"Pag-IBIG's affordable housing program is our way of
reaching out to the minimum-wage earners who dream of acquiring a home they can
call their own. The monthly amortization under this program can be as low as
P2,280 per month for a P450,000 loan," Atty. Berberabe said.
Pag-IBIG records show that from July to December 2012 or
during the inaugural months of the program, 287 member-borrowers availed of the
Affordable Housing. Availments showed a 1,075 percent spike to 3,373 in 2013,
with a loan value of P1.2 billion. The following year, the number of borrowers
under the program more than doubled to 8,370 or an increase of 148 percent,
equivalent to a loan value of P3 billion. From January to May this year alone,
4,285 Pag-IBIG members already availed of housing loans under the Affordable
Housing Program, with a loan value of P1.6 billion.
Interested Pag-IBIG members may file their applications at
the Pag-IBIG branch whose jurisdiction covers the property subject of the loan.
They may also visit www.pagibigfund.gov.ph for
more information. (end)
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