Pag-IBIG, SSS offer bigger loans at lower rates

Good news from Home Development Mutual Fund or Pag-IBIG fund and  Social Security System (SSS): They are offering members bigger loans at lower interest rates.

 

Starting July 1, 2012, Pag-IBIG members earning minimum wage and with at least two years of monthly contributions can apply for housing loans.

 

Pag-IBIG is offering up to P400, 000 at 4.5 percent a year–down from 6 percent.

In an interview on GMA News’ “24 Oras,” Pag-IBIG president and CEO Darlene Marie Berberabe said, “Para lamang doon sa mga minimum wage earners, para targeted talaga ‘yung beneficiary.” 

 

“’Yung mga incentives na nakuha namin sa charter, like exempted na kami sa income tax… So ‘yung dapat na ipambayad namin sa income tax ay dito na namin ibubuhos para tumulong naman sa pinaka nangangailangan,” she added.

 

“Ngayon, maglalaro kami, laging titignan na rin namin ang market rates, so kung ‘yung market ay between 8 percent to 9 percent, nandoon kami sa mas mababa na range,” said Berberabe.

 

For those receiving bigger salaries, the maximum housing loan is up to P3 million, according to Pag-IBIG, and depending on the loan applicant’s capability to pay the interest rate would be reduced from 11.5 percent.

 

According to SSS, it would drop its interest rate to 5 percent from 13 percent, and its members may apply for housing loans of up to P2 million. 

 

In separate interview on 24 Oras, Ma. Luz Generoso, head of the SSS lending and asset management division said, “’Yung home packages ngayon ay tumaas na rin ‘di ba? So we also allow three members to tuck-in their privilege up to six million [pesos].”

 

A lot of Filipinos got excited about applying for these more affordable loans, according to the 24 Oras report. —With Andrei Medina/VS, GMA News