A fund that helps Filipino families buy their own homes announced it has reduced the interest rate of its calamity loans for members by nearly half.
The Pag-IBIG Fund's calamity loan "now carries a yearly interest rate of 5.95 percent, compared to the previous 10.75 percent," said Vice President and Pag-IBIG Board chair Jejomar C. Binay.
The fund, which aims to offer the lowest interest rate of calamity loans in the market, also allowed calamity-stricken members to defer housing loan payments for three months without any penalties.
"Members may also apply for insurance through Pag IBIG, where they could get the value of the extent of damage," the fund said in a statement. Members may also borrow the equivalent of 80 percent of their total savings.
Meanwhile, fund members who work in strife-stricken areas abroad were also encouraged to avail of the agency's Special Assistance Program.
Under the program, members may withdraw their total savings without having to wait for 20 years for their membership to mature. They may also be allowed to defer their housing and short-term loan payments for six months.
“These are the Fund’s way of showing continuing concern for its local and overseas members, and its way of helping out its members during their times of need,” Atty. Darlene Berberabe, Pag-IBIG president and CEO said.
For his part, Binay said that the fund's lower interest rates and deferred payment schemes have been undertaken to "help ease the burdens of our kababayans living in typhoon-prone areas and those hit by other natural calamities."
source: interaksyon.com
