THE Home Development Mutual Fund or Pag-IBIG Fund said it financed 8,471 socialized houses for minimum wage and low-income members amounting to P3.67 billion in the first half of 2022.
In a statement, Pag-IBIG Fund said socialized home loans make up 19 percent of the total number of housing loans it financed from January to June.
The state-run agency said the P3.67 billion for socialized home loans represents 7 percent of the total housing loans released by the agency for the period.
For the first half of the year, Pag-IBIG Fund posted record-highs of 47,184 in housing units financed and P51.96 billion in home loans released.
“We at Pag-IBIG Fund remain committed in pursuing our mandate to provide a home for every Filipino worker. With our Affordable Housing Program (AHP), achieving the dream of homeownership is made possible especially for minimum-wage workers. The program’s lowest rates and longest payment term allow our members from the low-income sector to buy or build a home of their own,” Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said.
Pag-IBIG Fund’s AHP is a special home financing program 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 housing loans of up to P580,000 for socialized subdivision projects.
Deputy CEO for Home Lending Operations Marilene Acosta said the 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. (PR)