Only for members earning P150,000 a month
MANILA, Philippines - The Home Development Mutual Fund (Pag-IBIG Fund) may now be offering a P6 million loan, but not all members can avail of it.
Pag-IBIG president and chief executive officer Darlene Berberabe said the loans will only be available for those who earn about P150,000 a month. The borrower has to shell out P43,000 for the monthly amortization and has 30 years to pay the loan.
Pag-IBIG in July expanded its housing loan limit for members to P6 million from P3 million. .
Berberabe said the agency hopes up to 100 members avail of its P6-million loan offering.
"We're hoping, at least for this year, to have 100 borrowers for the P6 million," she told [email protected] on Tuesday.
Berberabe said borrowing from Pag-IBIG is still a better option than banks because of the lower interest rates.
The Pag-IBIG chief noted the take-up of loans amounting to P3 million and above has only been under P200 million
"Most of the take outs are still the P750,000 to P1 million loans. That's still the market of Pag-IBIG Fund," Berberabe noted.
Housing loans availed from Pag-IBIG Fund can be prepaid by members over a period of 30 years and an annual interest rate of only 7.98%.