Pag-Ibig Fund granted socialized home loans to 5,074 members from the minimum wage and low-income sectors totaling P2.2 billion in the first three months of 2021  despite the continuing pandemic, according to the top executives of the agency.  Socialized home loans make up about 25% of the 20,712 total number of loans  financed by the agency in the first quarter of 2021. The amount, meanwhile, is  equivalent to 11% of the P20.94 billion it disbursed. Amid the health crisis, the  number of socialized home loans granted grew by 25% from the 4,045 loans extended   during the same period last year, while the amount increased by 34%.  “In the wake of the pandemic, Pag-Ibig Fund’s Affordable Housing Program has  become the means for minimum-wage and other low-income workers to achieve their  dream of homeownership. The program’s lowest rates and longest term allow them  make buying a home within their reach. Offering affordable home financing to our  members is our way of adhering to President Rodrigo Roa Duterte’s directive to  government institutions to provide programs that serve the needs of the underserved  sector, especially during these challenging times,” said Secretary Eduardo D. del  Rosario, Chairperson of the Department of Human Settlements and Urban  Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.  With Pag-Ibig Fund’s Affordable Housing Program (AHP), members can borrow up to  P580,000 to buy socialized house and lot packages, or up to P750,000 for socialized  condominium units at a special rate of 3% per annum.  The AHP is specifically made for members earning not more than P15,000 per month  within the National Capital Region, and not more than P12,000 per month for  members outside of NCR, who intend to buy socialized housing units. This loan  program also features a 100% loan-to-value ratio allowing borrowers to purchase  homes without spending for equity.  Pag-Ibig Fund Chief Executive Officer Acmad Rizaldy P. Moti said the agency has  been offering the special 3% rate under the AHP since May 2017 and has kept the  subsidized rate since, thanks to Pag-Ibig Fund’s tax-exempt status provided under  Republic Act No. 9679.  “Because of our Charter, Pag-Ibig Fund can afford to offer the lowest rates for home  loans of minimum and low-wage workers. And, with President Duterte recently  signing into law the CREATE bill, the tax-exempt status of Pag-Ibig Fund has been  maintained. What this means to our members from the minimum-wage and low income sectors is that they can continue to enjoy these lowest rates. To put things  into perspective, with our Affordable Housing Program, qualified borrowers will only  pay around P2,445 per month for a home loan worth P580,000 - which is almost  equivalent to the price of rent. This low amortization allows more of our members to  gain homeownership, as we recognize that the home is the safest place to be during  these difficult times. We look forward to helping more low-income members become  homeowners in the months to come,” said Moti. (PR)