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The Pag-IBIG Fund makes housing investment more affordable for its members as the agency lowers the interest on their housing loan, the principal officials announced on Tuesday (July 18).
“We are very aware of the need to provide affordable housing to our members who dream of owning their own homes. With the strong performance of the Pag-IBIG Fund and strong fiscal standing, we are happy to announce that we have lowered the interest rates on our housing loans, making home ownership more attainable for all Filipino workers. This is in accordance with the directive of President Ferdinand Marcos, Jr. to solve the housing backlog in the country and help our fellow Filipinos to have a better and dignified life under the National Housing for Pilipino Housing or 4PH Program,” The 11 member Pag-IBIG Fund Board of Trustees is the largest fund in the country.
Under the new rates, the Pag-IBIG Housing Loan now has a lower interest rate of 6.25 percent per year under a 3-year repricing period from the previous 6.375 percent. The interest rates for 5, 10, 15, 20, 25 and 30-year repricing periods were also reduced to 6.5 percent from 6.625 percent, 7.125 percent from 7.375 percent, 7.75 percent from 8.00 percent, 8.50 percent from 8.92 percent, 8.50 percent from 8.92 percent, and 8.50 percent from 8.92 percent. 50 percent from 8.92 percent. from 10.00 percent, respectively. The new rates started on July 01.
Meanwhile, the agency’s house rate under the 1-year repricing period remains at 5.75 percent per year, while its special interest for home loans to minimum wage earners under its Affordable Housing Program remains at 3 percent per year, the lowest in the market.
According to Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, the agency was able to lower the bill on their house due to its strong fiscal standing, record-high collections and high performing loans ratio.“We at Pag-IBIG Fund accept our responsibility to provide our members with affordable housing financing. With our performing loans ratio at a high of 92.53% and collections from membership savings and loan payments at a record high, we can effectively finance the high demand for our home loan without having to borrow from the market. As a result, we have been able to lower the interest on our housing loan, despite the rising market trend. This is truly Servant of Love, Loyal Service From the Heart, and work,” Acosta added.
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