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PIA Press Release

Pag-Ibig launches "Magaang Pabahay, Disenteng Buhay"

by Therese Carmelite Abejo

Cagayan de Oro City (25 October) -- In line with the celebration of the National Shelter Month and in compliance with Memorandum Circular 112 issued by the President of the Philippines, the Pag-IBIG Fund Cagayan de Oro Branch will be launching the "Magaang Pabahay, Disenteng Buhay" Program on October 26, 2006 at the SM Activity Center, 2nd Floor at 10:00 in the morning.

Set up to April 27, 2007, the program aims to provide Fund members the opportunity to acquire decent and affordable housing for their families.

All acquired assets of Pag-IBIG, including occupied units, will be open for sale to the public on a "first-come, first-served" basis. Cash buyers will be given 20% discount and 15% discount for purchases made through the Pag-IBIG Fund Housing Loan, plus 5% litigation discount (if applicable). Loan interest will be as low as 6% for loans up to P300,000 per month and 9% for loans over P300,000. Amortizations are as low as P1,799 per month (exclusive of insurance) for a P300,000 loan payable in 30 years.

The buyer or offer shall be required to deposit an amount equivalent to at least 10% of the selling price, which shall either be in cash or managers' check, upon submission of the Purcase Offer form.

For cash buyers, full payment of the selling price must be made within 30 calendar days from receipt of Notice of Approval of Sale. Whereas, for settlement of full payment for purchases through availment of the Pag-IBIG Housing Loan, the buyer or offer shall be required to submit the loan documents to the Fund within 30 days from the date of receipt of the Notice of Award / Notice of Approval of Sale.

Moreover, loans up to P750,000 shall be subject to a 100% loan-to-collateral ratio while loans over P750,000 up to P2.0 million shall be subject to a 90% ratio.

Equity requirement, 1-year payment of insurance premium and the remaining processing fee must be paid by the buyer-borrower within 30 days from receiving the Notice of Approval. The remaining balance shall be paid in equal monthly amortizations in such amounts as may fully cover the principal and interest, as well as insurance premiums, over a maximum period of 30 years.

Lessees with existing contracts under the Rent-to-Own program or ordinary lease may also avail of the Program.

For more details, please contact the Pag-IBIG Fund Acquired Assets Unit at (08822) 726348 / 722800 / 726487 (telefax) / (088) 8561861-62, local 307 or at (Pag-IBIG / RAGCOM) [top]

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Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
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