Pag-ibig celebrates shelter month with housing program

Posted on September 11th, 2007

To celebrate National Shelter Month this October, Pag-ibig Fund is implementing the “Magaang Pabahay, Disenteng Buhay” Program.

The objective of the program is to provide members of the fund with the opportunity to acquire a home through affordable or easy means.

The program involves the disposition of the fund’s acquired assets including those still being occupied by the original borrower, tenant under the ordinary lease scheme, or any illegal occupant. Acquired assets are those housing units bought through a loan with Pag-ibig but had since been foreclosed and acquired back by the fund due to non-payment by the borrower of the monthly amortizations.

Under the program, Pag-ibig is giving members who acquire a housing unit in cash under the “Magaang Pabahay, Disenteng Buhay” program a 20 percent discount of the purchase cost plus another five percent discount to cover for litigation expenses in case the property has illegal occupants.

Members who avail of the property through a housing loan will get 15 percent off of the selling price plus five percent litigation discount if applicable.

The basis for the program is Pag-ibig Circular 216.

Eligibility requirements of Pag-ibig on housing loans apply in this case.