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PIA Press Release

PAG-IBIG discounted rates program till October's end

by Prix D Banzon

Davao City (16 October) -- Homebuyers wanting to acquire units at discounted rate still have until the end of October 2007 to avail of the offer on a first come first serve basis.

Augustin Deguilmo, officer-in-charge for operations of Pag-IBIG Fund Davao branch, guested recently at ther Kapehan sa Dabaw at SM's Café Rysus on Monday (October 15) said the reduced rate is under the Fund's "Magaang Pabahay Program" given to Pag-IBIG members.

He said buyers of acquired assets can get up to 20 percent discount on cash basis purchases even as he said that the member can acquire the property through housing loan and pay on installment. The borrower still enjoys a discount at 15 percent.

Deguilmo emphasized that after the October 31, 2007 the acquired properties will still be offered for sale but it will be done through their regular disposition method of bidding.

Pag-IBIG Fund Southern Mindanao operation has to date some 6,000 acquired units for sale. 2,000 of these units are located in Davao City and the remaining 4,000 spread in the areas of Davao del Norte, Davao Oriental, Compostela Valley, and the areas covered by the branch offices of General Santos and Cotabato.

Meanwhile, under the Pag-IBIG Fund Housing Loan program, the loan could either be used on the following: construction of a residential unit, lot purchase, purchase of residential unit, lot purchase and house construction, home improvement, refinancing of existing mortgage and combination of loan purposes.

A qualified Pag-IBIG member shall be allowed to borrow an amount of up to P2 million which shall be based on the lowest of the following: actual need, loan entitlement and loan-to-value ratio.

Interest rate per annum of loans up to P300,000 is only six percent, over P300,000 to P750,000, seven percent, and over P750,000 to P2 million, 10.50 percent. (PIA XI) [top]

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