Pag-IBIG Fund financed 8,471 socialized homes for minimum-wage and low-income members amounting to P3.67 billion in the first half of 2022, a statement said.
Pag-IBIG said socialized home loans accounted for 19 percent of the total number of housing loans financed by the agency from January to June this year. The amount represents 7 percent of the total housing loans released by the agency for the period.
Pag-IBIG Fund posted record-highs of 47,184 in housing units financed and P51.96 billion in home loans released during the first half of the year.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program specifically designed for minimum-wage and low-income members from the National Capital Region (NCR) who earn up to P15,000 a month, and from outside the NCR who earn up to P12,000 per month. Under the AHP, eligible borrowers enjoy a special subsidized rate of only 3 percent per annum for home loans of up to P580,000 for socialized subdivision projects.
AHP’s 3 percent rate translates to a monthly amortization of as low as P2,445.30 for a socialized home loan amounting to P580,000, making homeownership within reach of low-income earners.
