SAN FERNANDO CITY, La Union—The Affordable Housing Loan Program of Pag-IBIG Fund enables low-income earners to become homeowners.
Artemio Laroya, Member Services Officer IV of Pag-IBIG Fund La Union, said members outside the National Capital Region (NCR) earning P12,000 and below and members within the NCR with up to P15,000 in monthly salary are eligible for the socialized housing loan.
“Minimum wage earners may avail up to P580,000 in socialized housing loans and the interest rate is only at three percent per annum,” Laroya said during the Kapihan sa Bagong Pilipinas recently.
Loan applicants must not be more than 65 years old at the date of application and not more than 70 years old at the maturity of the loan.
They must have at least 24 months of membership savings or have remitted the equivalent amount of said 24 months of savings via lump sum.
Also, interested borrowers must not have an outstanding Pag-IBIG Short-Term Loan in arrears at the time of the application and with no Pag-IBIG Housing Loan that was foreclosed, canceled, bought back due to default, or subjected to dacion en pago (delivering an asset to settle a debt).
Qualified members may submit and process their applications in the nearest Pag-IBIG Fund branch or download the Virtual Pag-IBIG Application to submit their loan applications online.
For more information about the program, visit the Pag-IBIG Fund website at https://www.pagibigfund.gov.ph.
Rachael Gallano, branch head of Pag-IBIG Fund-La Union, said that under the administration of President Ferdinand Marcos Jr. from June 2022 to September 2024, Pag-IBIG Fund has approved P12 billion in housing loan applications in the Ilocos Region, making it possible for the 26,764 low-income earners to become homeowners.
“This is in line with keeping with the President’s thrust of providing affordable housing for more Filipinos,” Gallano said.
Gallano also shared that the maximum loanable amount will soon be increased from P580,000 to P850,000.
“The said increase was already approved by the management, and we are just waiting for the guidelines to be issued,” she stated.
Meanwhile, the Pag-IBIG Fund had released more than P280 million in home financing, which benefited 216,473 members and their families, while P1.79 billion was also disbursed for the purchase or repair of houses for 1,385 members. (AMB/CGCC, PIA Region 1)
