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Addit’l discount on loan rates for Pag-IBIG members paying on time effective this June – VP Noli
AT the Pag-IBIG Fund Board Meeting Monday,Vice President and concurrent Chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees, Noli “Kabayan” De Castro directed the Fund’s Senior Management to complete the guidelines covering the grant of a two percent discount to members who pay their home loans on or before the due date.
The ‘Good Payor Incentive Program’ was announced by the President during the Labor Day Celebration as part of the package of non-wage benefits for the labor sector who generally comprises the membership of Pag-IBIG.
“The program is a much-deserved reward to Pag-IBIG members who availed of housing under the old guidelines with interest rates then ranging from 9 to 16 percent,” De Castro said.
Last year, the Pag-IBIG Fund reduced its interest rate from nine to only six percent per annum for a P300,000 housing loan while the rate for P500,000 loan went down to seven percent from 10 percent. Under the new rates, the monthly amortization amounts to P1,798.65 for loans worth P300,000 and P3,326.51 for loans worth P500,000. A t present, all housing loan packages have a maximum term of 30 years.
Atty. Romero Quimbo, President and CEO of the Fund, said the Circular on the Good Payor Program would be completed by next week.
In 2006, the Pag-IBIG Fund released a total of P16.1 billion to 33,038 individual housing loan borrowers, the biggest in its history. It is recognized today as the single biggest provider of housing loans in the country. (end) |
