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Manila Bulletin devider Philippines devider National devider Pag-IBIG unwraps promo on home loans

Pag-IBIG unwraps promo on home loans

Published Jul 13, 2020 02:27 pm

Malacañang on Monday said the Home Development Mutual Fund or Pag-IBIG Fund has started to offer promotional rates on its home loans until the end of 2020 to help members amid the COVID-19 pandemic.

Presidential spokesman Harry Roque said the State-run agency was offering rates of 4.985 percent per annum under a one-year repricing period and 5.375 percent per annum under a three-year repricing period.

"Ito po ang pinakamababang rate sa ilalim ng regular housing loan program (These are the lowest rates under its regular housing loan program)," he said.

"Available po ito sa mga Pag-IBIG members hanggang katapusan ng taon (This is available to all Pag-IBIG members until the end of the year)," he added.

According to Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario, offering the said rates would spur economic activity in the housing industry and will have an effect on the national economy.

All financial institutions were directed by the national government to implement a minimum of a 30-day grace period to help cushion the impact of the COVID-19 lockdown on the people.

Based on Resolution No. 33 of the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases, the order was made to all banks and financial institutions, including the Government Service Insurance System (GSIS), Social Security System (SSS), and the Pag-IBIG Fund.

They were instructed to implement a minimum of 30-day grace period from the due date or until such time that the community quarantine is lifted, whichever is longer, for the payment of all loans, falling due within the period of ECQ or GCQ without incurring interests, penalties, fees, or other charges.

There was also a grace period of 30 days for residential and commercial rents falling due within the duration of the ECQ or GCQ upon sectors not permitted to operate during the said period.

Pag-IBIG's grace period for its members ended on May 31.

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