Pag-IBIG housing loan interest rate down to 7%
BACOLOD CITY -- The recent announcement of Vice President and Chairman of the Housing and Urban Development Coordinating Council Noli de Castro means more accessible housing loans for Pag-IBIG members.
Pag-IBIG Fund is reducing to seven percent the interest rate for housing loans worth P300,000 up to P750,000.
According to the data from the National Statistics Office (NSO) this will cover 23 percent of the workforce or the middle-income bracket earning P16,000 to P20,000 a month. The middle-income bracket is comprised of accountants, college professors, managers and supervisors, among others.
Under the seven percent interest rate, the monthly amortization would be reduced from P6,860 to P4,990 for housing loan packages of P500,000 to P750,000.
"At the end of the day, we need to make a substantive difference in the lives of 6.6 million members... In fact, we are willing to accept a reduction in our net income if this would mean plowing back more housing and other benefits to them," De Castro who is also a Board of Trustee of the Pag-IBIG Fund said.
Meanwhile, Malacañang report said that a strong peso has its benefits, it helps control inflation and buffers local prices of goods from the increases in world market prices of oil, milk, flour and meat. "Interest rates have gone down, including that of PAG-IBIG Fund, allowing overseas Filipino workers to liberally loan money for housing and other needs," the report added referring to the reduced interest rate of the Fund.
(PIA/EAD)