Assets acquired from Pag-IBIG are offered for sale to buyers of the group
SEVERAL groups and employers have been encouraged to benefit from an affordable housing financing program for their employees through the wholesale and group sale of the assets acquired by the Pag-IBIG Fund.
At its recent Fourth Kapihan virtual event, titled “Own a Home for Less: Pag-Ibig Fund Acquired Assets for Bulk Sale,” the Subdivision and Housing Developers Association Inc. (SHDA), in conjunction with the Fund, made this call to allow more Filipino workers to buy housing and, at the same time, help fill the backlog of housing in the country.
“For more than 50 years, the SHDA has stood firm, not only in articulating the defense of the housing industry, but also in championing the well-being of member developers and providing its members with more opportunity,” said said SHDA National President May Rodriguez while citing their strong partnership with Pag-IBIG to provide affordable home financing to people.
For her part, Marilene C. Acosta, Deputy Managing Director of the Mortgage Lending Operations Cluster at the Pag-IBIG Fund, highlighted their commitment to ensuring that mortgage lending programs consider all stakeholders involved and respond to both demand and supply of housing. sector.
“That’s why we manage the Pag-IBIG fund prudently to keep our interest rates low and our home loans affordable. This is also why we have inclusive programs that cater to all Filipino workers, including the social housing market,” she said.
During the webinar, they discussed how members, through their employers, could benefit from the Fund’s Real Estate and Other Property Acquired (ROPA) which is up for grabs at reduced rates upon approval of their loans.
For regular wholesale, buyers must buy at least 10 million pesos worth of properties in the brokered sale only, while for buyer initiated wholesale (BIBS), ROPA may be at different stages sale, which are the first and second public or negotiated auctions. Sale.
The discount rates are as follows: 40% for properties approved from 10 to 50 million pesos; 42%, more than 50 to 100 million pesos; and 45%, more than 100 million pesos for regular wholesale and BIBS.
If buyers fail to secure properties worth 10 million pesos on their first try, they can still bid or submit another request for three consecutive attempts in the five successive property listings to meet the prices. ceilings set by Pag-IBIG to benefit from discounts.
The Fund only approves cash or short-term installments and charges a fee of 5% of the net sale price. In addition to the down payment, a cash bank of P5,000 per property for short term installments is required.
Once he has approved the properties in regular bulk or BIBS, the employee, association or cooperative members will sign a memorandum of understanding with Pag-IBIG indicating the properties sold and the terms of payment, including the qualified discount .
The group of real estate developers and the Fund encourage co-ops to extend their services to their employees to access government affordable housing. -30-