Date Posted: 2012-05-16 06:25:43
Site Posted: Myproperty.ph
Through their housing loan, the Pag-IBIG Fund is able to help Filipinos realize their dream of purchasing, building and improving their homes. Aside from the standard housing loan program, Pag-IBIG offers other different options that make paying for or buying a house for sale or other forms of residences much easier. Here is a rundown of the other Pag-IBIG housing programs.
Gabay Pabahay Program (Circular No. 218)
The Gabay Pabahay Program, in accordance with Republic act No. 8501, is a home loan restructuring program that aims to help members who have availed of housing loans, but are now on the brink of foreclosure or cancellation of their Contract-to-Sell (CTS). Availing of this loan will help them:
· Have the option to shorten or lengthen their loan term so that they can update or pay in full their delinquent accounts
· Avail of the non-interest bearing scheme to cover the penalties and unsettled interest during the delinquency of their accounts
Socialized and Low-Cost Housing Loan Restructuring and Penalty Condonation Program (Circular No. 248)
This housing loan option is compliant with Republic Act No. 9507, in that its goal is to help out delinquent borrowers of Pag-IBIG loans in saving their properties from cancellation of CTS or from foreclosure. With this program, members will be:
· Provided with more reasonable terms
· Forgiven of their accumulated penalties, as well as part of their accumulated interests
· Offered a non-interest bearing scheme for the outstanding interests that have yet to be paid (the scheme will be divided equally throughout the term of the restructured loan)
Maagang Pabahay, Disenteng Buhay Program
In compliance with Memorandum Circular No. 112, the program aims to help people purchase the Fund’s acquired assets at low prices. These acquired assets will be offered to government employees initially, at decreased rates. A 20% discount will be granted to any buyer who pays with cash. If the property to be bought is illegally occupied, the buyer will be given an additional 5% discount. Buyers who use a housing loan to pay will be given a 15% discount, and will also get to enjoy a 6% interest rate throughout the duration of their term.
(In the next articles, each of these options will be discussed in detail to offer information on their requirements, as well as the steps involved in applying for them.)
Jillian Cariola, Writer
(cover image by Jasper Greek Lao Golangco)
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