Pag-IBIG Fund cuts processing time on housing loan

  • January 12, 2017
QUEZON CITY, Jan. 12 - 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 the new 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. 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.

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.  (PhilHealth)


Other News

President Duterte graces launching of Mitsubishi's Mirage G4
  • February 28, 2017
MANILA, Feb. 28 - President Rodrigo Duterte attended on Monday the launching of Mitsubishi's Mirage G4, assembled completely in the Philippines under the Comprehensive Automotive Resurgence Strategy (CARS) Program. In his speech during the program, the President thanked Japanese investors for their trust and confidence in the Filipino people.  "Truly, your continued investments and expansion of business in the country have contributed to the flourishing economy of the Philippines," he said addressing a crowd at Malacanang's Rizal Hall.   "The CARS Program demonstrates our co...Read more
ASEAN-PCOO Roadshow rolls off to Cebu on March 3
  • February 28, 2017
CEBU CITY, February 28 (PIA) -- Secretary Martin M. Andanar of the Presidential Communications Operations Office (PCOO) is set to lead the ASEAN - PCOO Roadshow which will be held in Cebu on Friday, March 3. The Cebu event which comes after the Roadshows at Davao City, Zamboanga City and Baguio City, is part of the PCOO’s nationwide information, education, and communication campaign on the country’s chairmanship of the 2017 ASEAN (Association of South East Asian Nation). An official from the Department of Foreign Affairs will discuss the country’s chairmanship of ASEAN 2017. Top...Read more
DSWD Sec. Taguiwalo welcomes stronger laws on disaster response through the ‘Children’s Emergency Relief and Protection Act’
  • February 28, 2017
QUEZON CITY, Feb. 28 - Following the recent disasters that struck the country last year and the first months of 2017, Department of Social Welfare and Development (DSWD) Secretary Judy M. Taguiwalo reiterated the standing need for all national and local government offices to provide adequate and timely response  and ensure the safety of civilians, especially children who are particularly vulnerable during calamities and emergency situations. “Situations such as disasters, calamities, armed conflicts and other civil disturbances increase the vulnerability of children to various forms of...Read more
BOI approves coco firm project
  • February 28, 2017
MAKATI CITY, Feb. 28 - The Philippine Board of Investments (BOI) recently approved the application of Lionheart GPPAC Farmers Corp. as new export producer of virgin coconut oil, coconut flour and tender green coconuts under the export activities category of the current Investment Priorities Plan (IPP).   Expected to employ around 1,595 personnel, the Php321 million project involves the establishment of coconut processing plant integrated with a hybrid coconut plantation in Rizal, Palawan.    The firm will develop 2,400 hectares of hybrid coconut plantation during the initial ye...Read more