THE Home Mutual Development Fund (HMDF), more popularly known as Pag-ibig Fund, is now offering loans of up to P500,000 for the installation of solar panels at home.
The panels can produce at least 1,000 kilowatts of electricity a month.
Pag-ibig Fund Cebu Manager Rio Teves said that if a member has an existing housing loan, he can still avail himself of another loan under the “major home improvement loans” for the installation of the solar panels.
“This is under the electrical aspect of the housing loan that includes bill of materials and cost estimate,” Teves said.
The solar panel installation program of Pag-IBIG is also in line with the government’s renewable energy program to help solve climate change and promote a clean environment.
“If you have a house and are a (Pag-ibig) member, you can avail yourself of solar panel loans. This will be under the major home improvements for solar panel installation,” Teves said.
He said an individual maximum loanable amount is P6 million. Even if the loan is not yet fully paid, the borrower can apply for the loan of up to P500,000 for solar panel that can generate 1,000 kilowatts or more, depending on its quality.
“A member who has existing housing loan can still avail himself of the home improvement loan provided that the total accumulated dues does not exceed P6 million,” Teves said.
Even though a Pag-IBIG member can file a loan application through the internet under Online Housing Loan Application (OHLA), Teves advised borrowers to file their application with any Pag-IBIG offices so they can answer immediately if there are queries.
Meanwhile, Pag-ibig has announced that it will continue disposing of its acquired assets (or foreclosed lots and house-and-lots) this year.
For the month of November 2015, Pag-ibig disposed of 214 acquired assets amounting to P80 million.
Pag-IBIG also held two public auctions last Dec. 16 and Dec. 21 to dispose 117 lots and house-and-lots in the Cities of Mandaue, Cebu, Talisay, Toledo, Bogo, Danao, Lapu-Lapu and Naga and the Municipalities, of Minglanilla, Liloan, Compostela and Consolation.
Teves said they are trying to hold public auction at least once a month and interested parties may log on with Pag-IBIG website for sealed public bidding and properties available to negotiated sale.