Pag-IBIG Fund is cutting its interest rates for housing loans effective June 1, 2015

The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is cutting its interest rates for housing loans effective June 1, 2015 to encourage more members to avail of the program.

The new housing loan interest rates were implemented last June 1, Pag-IBIG Fund president Darlene Berberabe said.

Berberabe attributed the reduction of interest rates to the improved collections on housing loans which reached P33.9 billion last year, and P8.8 billion during the first quarter of 2015 alone.

“The reduction in interest rates was made possible by our strengthened fiscal measures, sound investments and reforms in collection, all contributing to a more robust and stable fund for our members. The new reduced interest rates will give Pag-IBIG members easier access to homes to shelter their families,” Berberabe said in a statement.

The new rates are as follows: 6.5 percent for a three-year fixed-pricing period, 7.27 percent for five years, 8.035 percent for 10 years, 8.585 percent for 15 years, 8.8 percent for 20 years, 9.05 percent for 25 years, and 10 percent under a 30-year fixed-pricing period.


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