Every OFW wants to see their income properly handled so their hard work abroad would pay off. Nonetheless, the best thing that an OFW can invest in a house in the Philippines. The most common way to establish a house in the Philippines is in two different ways; through cash or PAG-IBIG Financing.
Pag-IBIG is a government agency that allow Filipinos to acquire affordable housing loan scheme for all its OFW members. An OFW becomes eligible for a housing loan after a 24 months contribution. Home Development and Mutal Fund, also known as Pag-IBIG Fund which means (Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno); on June 2015, releases an update of their housing loan guideline for their affordable shelter financing program.
Removing the limit on the number of times a member may simultaneous avail the housing-loan program is the most noticeable change. Before then, a Pag-IBIG members may only avail one housing-loan at a time, even though he or she may still have the capacity to avail the program for other property. Today, a member can avail a multiple housing loan, provided that, the accumulated loan-value it will not exceed 6,000,000 pesos and he or she have the capacity to pay all the loans. It is also applicable if one is a co-borrower for tacked loan. This is a welcome news for those who are restraint to acquire and build their real estate assets.
Moti said his office has extended housing loans amounting to P14.4 billion in the first three months of 2017, or 27 percent higher than in the same period in 2016.
Last year, Pag-IBIG Fund delivered a record-high P57.3 billion in housing loan takeouts, the first time for the fund to hit the P50-billion mark, and surpassing the 2016 target by 13 percent or P6.8 billion. Pag IBIG offers a 3% interest rate on housing program to allow low-income workers have their own home. On March 16, 2017, Pag-ibig has issued a press release regarding its housing interest rate to minimum-wage earners.
Good news, Pag-IBIG now offers lowest-ever 3% housing interest rate to minimum-wage earners, a lowest in the market. “We are happy to announce that the Pag-IBIG Fund Board of Trustees approved the lowering of interest rate under Pag-IBIG’s affordable housing for minimum-wage earners to just 3%. This would allow more opportunities for low-income workers to realize their dream of home ownership,” said Cabinet Secretary and Pag-IBIG Chairman Leoncio B. Evasco, Jr. |
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