The Home Development Mutual Fund or Pag-IBIG Fund on Wednesday said it has financed 2,968 socialized homes for minimum-wage and low- income members in the first three months of 2023.
In a statement, Pag-IBIG said socialized home loans make up 14% of the 21,870 units financed by the agency from January to March.
The amount of socialized home loans represents 5% or P1.26 billion out of the P27.57 billion home loans released by Pag-IBIG Fund during the period.
Pag-IBIG Fund said its Affordable Housing Program (AHP) is for members from the low-income and minimum-wage sectors who earn up to P15,000 a month in the National Capital Region (NCR), and up to P12,000 per month outside the NCR.
Under the AHP, borrowers enjoy a subsidized rate of 3% per annum for home loans of up to P580,000 for socialized subdivision projects, and up to P750,000 socialized condominium projects.
Pag-IBIG Fund CEO Marilene Acosta said the AHP’s special rate of 3% per annum – a rate that the agency has provided for low-income members since May 2017 – remains the lowest in the market.
The loan program also features a 100% loan-to-value ratio allowing borrowers to enjoy equity-free purchase of housing units, the agency said.—AOL, GMA Integrated News