With the recent announcement regarding deductions on their interest rates, now seems to be the perfect time to finally apply for a housing loan.
Effective June 2015, Pag-IBIG has implemented lowered interest to make it easier and more affordable for their members to have their dream homes. Those availing of 3-year loan periods will only have to pay a total of 6.5% (formerly 7.985%) while a 5-year loan will be 7.27% (formerly 8.895%).
Loans under the 10 years category will have an interest of 8.035% (formerly 9.750%) while a 15 and 20 years loan will respectively have 8.585% (formerly 10.375%) and 8.8% (11%). Finally, a 25-year loan will have an interest of 9.05% (formerly 11.5%) and a 30-year loan will have only 10% (formerly 12%).
This is absolutely a wonderful opportunity if you are planning to apply for a Pag-IBIG housing loan. Compared with borrowing money from the bank, the interest will not be as huge so this is really a fantastic option.
Here’s a step-by-step guide on how you can qualify:
Step 1. Obtain a checklist of requirements from your local Pag-IBIG office and complete the following forms:
Housing Loan application form.
Health Assessment form (Medical Questionnaire) for OFW members and borrowers ages 60 years old and above.
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