PAG-IBIG FINANCING UPDATES

Pag-ibig Creates More Loan Brackets

The Home Development Mutual Fund known as Pag-ibig financing
yesterday announced more adjustments to its housing program,
this time creating additional housing loan brackets with
lower interest rates .

Vice President Noli de Castro,who is chair of the Housing
and Urban Development Coordinating Council (HUDCC ) and the
Pag-Ibig board of Trustees, said the rate adjustment were
consistent with the redefined housing packages set by the
HUDCC .

The new Pag-Ibig housing loan interest rate structures
retains the six percent(6%) rate for loans up to P400,000
and seven percent(7%)for loans over P400,000 up to P750,000.
Interest rates have been slashed from ten point five percent
(10.5%)to only eight point five percent (8.5%)for loans
over P750,000 up to P1 million, and nine point five (9.5%)
percent for loans over P1 million to P1.25 million.

Interest rates for loan from P1.25 million to P2 million
remains at ten point five (10.5%) percent.

Along with the latest rate adjustments, the Pag Ibig board
also approved the increase in maximum loanable amount to
P3 million, at an interest rate of eleven point five (11.5%)
percent per annum for loan starting at over P2 million.

The new rate took effect on April 1, 2009

De Castro said the latest amendments to the Pag-Ibig
housing loan program was meant to make the program more
affordable to members, especially workers in highly -
urbanized areas whose housing needs often range from more
than P750,000 up to P1 million.

Likewise, with the Boards approval of raising the loan
ceiling to P3 million, Pag-Ibig will be able to meet the
home financing needs of members belonging to the middle
income earners.
This should give Pag-Ibig members a wide range of choices
in buying a house .



source : Philippine Daily Inquirer
Date : April 3 , 2009