THE State-run Common House Development Fund (Pag-IBIG Fund) has announced that it is developing a new program for its members who are looking for additional home loans.
“We have one (loan program) in the works. It’s called HEAL or Home Equity Appreciation Loan,” Pag-IBIG spokesperson Kalin Franco Garcia told Laging Hand’s press conference on Saturday. .
Garcia did not specify, but the HEAL program, according to Fund Circular Pag-IBIG 446, aims to enable borrowers / buyers of existing home loans to take out a second loan to finance home improvements and other family needs.
Borrowers must be active members of the Fund; they must be at least 65 years old at the time of the application and at most 70 years old at maturity; they must have the legal capacity to acquire and encumber real estate, if necessary; and they must have passed the satisfactory background / credit and employment / business checks of Pag-lBIG.
They must also have an existing housing account open for at least five years from the date of application, and no Pag-IBIG short-term loans in arrears.
âAll existing housing loans / installment accounts, whether as principal borrower / buyer or co-borrower / co-buyer, must have been paid regularly within the last twelve months immediately preceding the date of application. , without any payment made beyond the last day of the applicable month, âPag-IBIG added.