Pag-IBIG’s "Good Payor Incentive Program" launched
by Prix D Banzon
Davao City (9 May) -- Loan borrowers of Pag-IBIG Fund have been given a two percent discount when they pay their home loans before the due date.
According to Jose W. Banzon, Jr., Fund’s vice president for Southern Mindanao, the Pag-IBIG Fund board of trustees chaired by Housing Czar and Vice President Noli de Castro offered the new scheme as part of the benefits’ package for workers this year.
The ‘Good Payor Incentive Program’ as announced by De Castro will benefit especially those home borrowers who were unable to avail of Pag-IBIG’s reduced interest rates for housing, he said.
Meanwhile Pag-IBIG Fund President and CEO Atty. Romero Quimbo is finalizing the circular that will implement the new program.
In November 2006, 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.
All housing loan packages now have a maximum term of 30 years. Under the old guidelines loans over P750,000 up to P2 million had a maximum payment period of only 20 years.
The Fund’s new loan program is aimed at providing members better access to housing loans for employees who cannot afford to borrow from banks with their current income. (PIA XI) [top]