Pag-IBIG Fund has financed 13,131 socialized homes of minimum-wage and low-income members from January to September this year, the agency said in a statement yesterday.
Socialized homes accounted for 18 percent of the 74,708 units financed by the agency during the period.
In terms of amount, socialized home loans made up P5.72 billion or 7 percent out of the record-high P83.31 billion home loans released by the agency for the period.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimum-wage and low-income members earning not more than P15,000 per month within the National Capital Region (NCR) and those earning not more than P12,000 per month outside of NCR.
Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3 percent per annum for socialized home loans worth up to P580,000 – the lowest rate available in the market today.
The special subsidized rate has been made available by the agency to its members from the minimum-wage sector since May 2017.
Borrowers under AHP do not have to put out cash for equity because of its 100 percent loan-to-value ratio.
