Pag-IBIG optimistic with reduced rates

STATE-OWNED Home Development Mutual Fund (Pag-IBIG) Visayas is targeting to release P11 billion worth of home loans this year.

For the Cebu hub, which covers Cebu, Tacloban and Negros Oriental, the agency aims to release P6.6 billion in home loans while target home loan takeout for the Bacolod hub (which covers Iloilo and Negros Occidental) is pegged at P4.4 billion.

Pag-IBIG Visayas Business Development Manager Rio Teves is optimistic they will hit or even exceed the target loan takeout following the reduced interest rates implemented by Pag-IBIG starting Feb. 14.

Pag-IBIG has lowered the fixed year interest rates for loans from 5.5 percent to 5.375 percent for one-year fixed term loans and from 6.5 percent to 6.375 percent for three-year fixed term loans.

“Our outlook is very promising. These adjustments will encourage more member-borrowers to apply for home loans and for developers to partner with Pag-IBIG,” said Teves.

Pag-IBIG Visayas surpassed its target loan takeout last year.

It released P9.337 billion worth of home loans last year, up by 22.2 percent from their target loan takeout of P7.628 billion.

Teves attributed the strong loan performance to the increased number of developers that partnered with Pag-IBIG for their financing programs.

Pag-IBIG released P65.1 billion in home loans last year, which benefited 80,964 Pag-IBIG members. Multi-purpose loan releases also stood at P45.37 billion.

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