President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino Program continues to make homeownership more affordable for Filipino workers as Pag-IBIG Fund offers promotional housing loan rates for members buying homes above the socialized housing price ceiling up to P10 million, officials announced.
The new promotional rates build on Pag-IBIG Fund’s earlier move to increase its maximum housing loan amount to P10 million per borrower, which gave members more financing options for homes that better match their needs, income and family situation.
Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling said the promotional rates form part of Pag-IBIG Fund’s continuing efforts under the Marcos administration’s Expanded 4PH Program, which has widened access to affordable home financing, revitalized the housing industry, and continues to help more Filipino families achieve homeownership.
“We continue to heed the directive of President Marcos to make decent and affordable homes more accessible to Filipino families,” Aliling said. “Under Expanded 4PH, Pag-IBIG Fund has made socialized housing more affordable for low-income earners through our 3 percent subsidized housing loan rate for eligible socialized housing borrowers. We then increased our housing loan limit to P10 million per borrower to give more members, particularly those in the middle class, a better opportunity to choose a home that matches their needs and capacity. Now, through these promotional rates, we are making those housing options even more affordable so more Filipino workers can take the next step toward owning a home.”
Under the promotional rates, housing loan or installment amounts above the socialized housing price ceiling, currently up to P950,000 for house-and-lot units and up to P1.8 million for condominium units, and up to the low-cost housing ceiling of P2.5 million shall have an interest rate of 4.5 percent per annum, fixed for three years. Meanwhile, housing loan or installment amounts above the P2.5 million low-cost housing ceiling up to P10 million shall have an interest rate of 5.75 percent per annum, also fixed for three years. After the three-year fixed period, the loan shall be repriced based on the borrower’s chosen repricing period.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the lower rates will be felt directly by members through reduced monthly amortizations, especially during the first three years of their housing loan.
