Pag-IBIG Fund cuts processing time on housing loan

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.

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,” 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 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,” 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.