Pag-IBIG Shortens Processing Time, Requirements On Housing Loan Under President Duterte
Pag-IBIG Fund housing loan applicants can now get their loan
approval in just 17 days from date of submission of complete requirements and
the proceeds of the loan in just 3 days after post-approval compliance.
Pag-IBIG Fund made this commitment after it enhanced its
procedure for housing loan transactions, effectively cutting the processing
time from 27 days to 20 days from application to release of proceeds, and
reducing the number of requirements from 14 to 7 documents.
“This is in line with the thrust of President Rodrigo Duterte’s
administration to enhance public service,” Pag-IBIG Fund President and Chief
Executive Officer Atty. Darlene Marie B. Berberabe explained, adding that the
Fund continuously reviews its procedures to improve its transactions process
for the benefit of Pag-IBIG members and the public.
Pag-IBIG Fund offers the End-User Financing (EUF) Program,
which allows qualified Pag-IBIG members to avail of as much as PhP 6 Million
loan for home acquisition or construction, and the Affordable Housing Program
(AHP) exclusive for minimum-wage earners.
Atty. Berberabe encouraged Pag-IBIG members to avail of the
Fund’s housing loan programs.
“The Pag-IBIG housing loan programs come with great features
including the market-competitive interest rates, which can be as low as 5.5%
per annum for the EUF and 4.5% for the AHP. Up to three borrowers may qualify
for a single loan while a single borrower can avail of multiple loans at the
same time subject to eligibility,” Atty. Berberabe said.
She further explained that the 5.5% interest rate is for a
1-year repricing period, while the 4.5% rate for affordable housing is
subsidized for 10 years.
Another advantage for Pag-IBIG housing loan borrowers,
according to Atty. Berberabe, is the improved features of the Mortgage
Redemption Insurance (MRI) now with a premium of only P0.23 per P1,000 from the
previous P0.41.
But while premiums have been cut by 44%, the benefits have been expanded.
But while premiums have been cut by 44%, the benefits have been expanded.
With the new insurance, also covered now are total permanent
disability and terminal illness, both of which were not offered by the previous
insurance provider.
Plus, the MRI now comes with burial benefits to further extend help to the heirs of the deceased borrower.
Plus, the MRI now comes with burial benefits to further extend help to the heirs of the deceased borrower.
The processing time for insurance claims of housing loan
borrowers was likewise reduced from 30 days to just 1 day.
“With the improved processes and the best-ever housing loan
features, this is a good time for Pag-IBIG members to avail of Pag-IBIG housing
loans,” Atty. Berberabe said.
Pag-IBIG Fund is set to give its 2016 annual accomplishment
report to the Fund’s stakeholders and members on January 27, 2017 at the SMX
Convention Center in Pasay City.
The event, which started in 2014, is also expected to highlight the milestones of Pag-IBIG Fund in the past years.
The event, which started in 2014, is also expected to highlight the milestones of Pag-IBIG Fund in the past years.
Source: Pag-IBIG Fund
Pag-IBIG Shortens Processing Time, Requirements On Housing Loan Under President Duterte
Reviewed by Yen
on
January 12, 2017
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