Pag-IBIG Fund has launched an “early bird” promo granting a 10-year, 3-percent subsidized interest rate to the first 30,000 borrowers under the expanded Pambansang Pabahay Para sa Pilipino (4PH) program.
Pag-IBIG Vice President for Public and Members Relations Jack Jacinto said Monday the special offer aims to make homeownership more affordable, particularly for low-income and minimum-wage earners.
“Usually, the 3-percent subsidized rate is available only for the first five years of a housing loan. Under this promo, our first 30,000 borrowers will enjoy the rate for a full ten years,” Jacinto said in a Bagong Pilipinas Ngayon interview.
The subsidized rate could cut monthly payments on a PHP850,000 socialized housing unit from about PHP5,500 to just PHP3,600 to PHP3,700, he added.
Applicants must be first-time homebuyers with a monthly income not exceeding PHP47,800 in Metro Manila or PHP34,800 outside the capital. All overseas Filipino workers are also eligible regardless of income.
The promo covers all socialized housing under the 4PH program, including house-and-lot packages worth PHP850,000 or less, condominium units priced up to PHP1.8 million, and Pag-IBIG-acquired assets within the same ceilings.
Applications will be processed on a first-come, first-served basis through project developers, Department of Human Settlements and Urban Development regional offices, or Pag-IBIG branches nationwide.
Pag-IBIG expects the offer to encourage early loan applications and help fast-track the Marcos administration’s target of building 1 million housing units annually.