11/11/2016
PAG-IBIG FUND INFORMATION...
Q: What Are the Benefits of Being a Pag-IBIG Member?
A: The Philippine government’s savings program that offers affordable financing for low- and mid-income Filipinos, the Home Development Mutual Fund or the Pag-IBIG Fund, is now the country’s largest housing loan provider. The fund boasts more than 13.8 million members and total assets of Php350 billion generated from the monthly contribution of all its members.
But aside from getting a housing loan of up to Php6 million, what are the other benefits of being a Pag-IBIG Fund member?
1. A member can purchase not only a ready-to-occupy house, but also a lot not exceeding 1,000 sqm inside a fully developed subdivision and build a house on it. In some cases, a member may already own a lot; they may then borrow funds to finance the construction of a house.
2. A member may purchase a house already mortgaged with the Pag-IBIG Fund by another member, or a house acquired by the agency through sale or foreclosure.
3. Not just for building their first home, members can also borrow from Pag-IBIG Fund to finance improvement, renovation, or alteration of an already-owned house; or to finance the repair of a home damaged by a natural calamity (in the second case, the area where the house is located must be declared State of Calamity by the national or local government).
4. To take advantage of the Pag-IBIG Fund’s more flexible payment option or in some cases lower interest rate, some borrowers can also refinance their existing mortgage using the Pag-IBIG Fund. The existing loan must be in good standing for the past 12 months and have a repayment history of at least two years.
5. To make the loan even more affordable and flexible, up to three qualified members can be tacked into a single loan for the same property, provided the applicants are related (spouses, siblings, etc.).
6. True to its mission of helping average Filipinos finally become homeowners, the Pag-IBIG Fund offers loans specifically for affordable housing—those costing not more than Php750,000. This loan is available to Metro Manila members earning less than Php17,500 or provincial members earning less than Php14,000.
http://www.pagibigfund.gov.ph/
