Pag-IBIG offers 3% rate for first 30,000 borrowers under expanded 4PH program

The Home Development Mutual Fund or Pag-IBIG Fund announced on Monday that it will offer a special 3% per annum interest rate to the first 30,000 borrowers for the first 10 years of housing loan under the Expanded Pambansang Pabahay Para sa Pilipino (4PH).

“Sa karaniwan po kasi, limang taon po yung special subsidized 3% rate, yung unang limang taon ng kanilang loan term. Under po sa ating early bird promo, yung unang 30,000 borrowers po natin ay mae-enjoy yung subsidized rate na yan for the first 10 years of the loan, isang dekada po na mae-enjoy yung subsidized rate,” said Jack Jacinto, Pag-IBIG Fund Vice President for Public and Member Relations, in Bagong Pilipinas Ngayon.

(Typically, the special subsidized 3% rate lasts for the first five years of their loan term. However, under our early bird promo, our first 30,000 borrowers will enjoy that subsidized rate for the first 10 years of the loan — a full decade that they can enjoy the subsidized rate.)

Pag-IBIG said the special promo is meant to encourage the public, particularly the low-income and minimum wage earners, to avail of affordable housing.

“Yung unang maga-apply at maaprubahan po sa Pag-ibig housing loan para sa expanded 4PH, sila po ang makakatamasa po nito. Ang dahilan po niyan ay para maengganyo ang ating mga kababayan lalo na at may plano na sila bumili ng kanilang bahay ay tignan itong alok po ng ating pamahalaan. Mura na po ito pero mas pinamura pa natin ito,” said Jacinto.

(The first to apply for and be approved for a Pag-IBIG housing loan under the expanded 4PH program will be able to avail of this. The reason for this is to encourage our citizens, especially those who already plan to buy a house, to consider this offer from our government. It's already affordable, but we've made it even more so.)

Pag-IBIG said the monthly payment would be more affordable with the special offer.

For instance, a socialized housing unit that costs P850,000 is usually payable by P5,400 to P5,500 monthly.

“Sa pangkaraniwan po ay mababa na ang monthly nito sa ilalim ng regular Pag-IBIG housing loan na nasa around P5,400 (to) P5,500. Sa tulong ng special subsidized rate sa ilalim ng Pag-IBIG housing loan para sa expanded 4PH, ang monthly payment nito ay aabout sa P3,600 to P3,700 na lamang,” said Jacinto.

(Normally, the monthly payment for this under a regular Pag-IBIG housing loan is already low, around P5,400 to P5,500. But with the special subsidized rate under the Pag-IBIG housing loan for the expanded 4PH, the monthly payment will only be around P3,600 to P3,700.)

Open to OFWs

The expanded 4PH program is also open to overseas Filipino workers regardless of their income, said Pag-IBIG.

“Ang kwalipikado dito ay yung mga first-time home buyers. Para sa mga nagtatatrabaho sa NCR, dapat hindi lalagpas sa P47,855.82 yung kanilang kinikita. Ibig sabihin sakop yung mga minimum wage earners, low-income earners. Pagdating outside of NCR, not more than P34,685.82 yung kanilang monthly income,” said Jacinto.

(Those who qualify for this are first-time home buyers. For those working in NCR (National Capital Region), their income should not exceed P47,855.82. This means it covers minimum wage earners and low-income earners. For those outside of NCR, their monthly income should be not more than P34,685.82.)

Click here for the list of available units under the expanded 4PH. — BAP/KG, GMA Integrated News