Pag-IBIG Fund has financed 5,411 socialized homes for minimum-wage and low-income members in the first four months of 2022.
Socialized home loans made up 18 percent of the 29,310 units financed by the agency during the period, the Fund said in a statement.
In loan value, socialized home loans represented 7 percent or P2.35 billion out of the record-high P31.97 billion home loans released by the agency for the period.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is for members from the low-income and minimum-wage sectors who earn up to P15,000 a month in the National Capital Region (NCR), and up to P12,000 per month outside the NCR.
Under the AHP, borrowers enjoy a subsidized rate of 3 percent per annum for home loans of up to P580,000 for socialized subdivision projects, and up to P750,000 socialized condominium projects.
Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said AHP’s 3 percent rate remains the lowest in the market, and which the agency has provided for low-income members since May 2017.
The Fund is able to offer this are due to its tax-exempt status as prescribed under Republic Act No. 9679 or the Home Development Mutual Fund (Pag-IBIG Fund) Law of 2009.
Moti said borrowers would only need to pay a low monthly amortization of P2,445.30 for a socialized home loan of up to P580,000.
He said qualified borrowers will never have to put out cash for equity under AHP.
