OFWs Can Avail Multi-Purpose Loan Under Pag-Ibig | Pag Ibig Home Improvement Loan PhilippinesPag Ibig Home Improvement Loan Philippines
Joey Aguilar/Correspondent
Overseas Filipino workers (OFWs) should not avoid this: owning a abode aback home starts at Php100 (QR9.3) per month.Aiming to accommodate a appropriate abode for every Filipino, the Home Development Mutual Fund (popularly accepted as Pag-IBIG Fund) is advancement OFWs actuality to annals and account of apartment loans beneath its programme.Charmaine Pamela V Bautista, advice administrator of Pag-IBIG in Qatar, told Gulf Times that allotment is chargeless and associates are alone appropriate to pay a account addition of Php100 (around QR9).“Contributions additionally acquire assets which is tax free,” said Bautista, abacus that the loanable bulk for alive associates was aloft from Php500,000 to Php6mn.Bautista said about 54,000 of the 200,000 OFWs in Qatar accept so far registered and some of them accept availed of the loans.From Php100 per month, a affiliate can additionally access his or her account contributions up to Php2,950.“It is absolutely adjustable and affordable to all. It has low absorption rates, associates could accept acquittal schemes and chapter terms,” she said.Interest ante are as follows: 7.985% per annum for a three-year term; 8.985% for a five-year term; 10% for a 10-year term; 10.75% for a 15-year appellation and 12.250% for a 30-year term. Ante are circuitous and fixed, acceptation it would not change for the accomplished continuance of the said terms.“So for example, if it is a 30-year term, again the absorption amount will not change for 30 years,” Bautista said.Aside from affairs abode and plot, townhouse or abode unit, apartment loans can additionally be acclimated for abode completion, advance and refinancing an absolute loan. Associates are additionally advantaged of disability, aberration and afterlife benefits. She additionally mentioned a cardinal of OFWs in Qatar alive as salesladies, housemaids and drivers who were able to buy their own abode in the Philippines because of the programme.Philippine Vice President Jejomar C. Binay, additionally the administrator of the Apartment and Urban Development Co-ordinating Council and Pag-IBIG lath of trustee, beforehand awarded and alone handed the banknote allowances to ancestors of OFW Lourdes Rabe who died in Hong Kong.Some of the allowances included Php37,000 banknote (Pag-IBIG savings), Php6,000 (death benefit), absolutely paid abode and lot account Php575,000 and Php70,000 banknote as reimbursements of allowance premiums on Rabe’s apartment loan.Bautista additionally cited the case of a charwoman actuality who afresh accustomed a cheque amounting to P97,000 as accumulation and assets from her 20-year absolute contributions.Some OFWs like those who are alive in Qatar Airways and added companies accept benefitted from the Pag-IBIG apartment loans. In a bid to actuate added OFWs to register, Pag-IBIG headed by Bautista is captivation connected advice drives, beat programs and “registration on site” at altered places in Doha.“We are additionally co-ordinating with assorted Filipino organisations like the Leysambil (Leyte-Samar-Biliran) accumulation and conduct acclimatization to their members,” she said.Another arrangement offered to associates is the Modified Pag-IBIG II Affairs which gives college assets to members’ contributions in a abbreviate aeon of time.Under the autonomous program, account contributions should not be beneath than Php500 for up to bristles or 10 years.For example, a affiliate who pays Php500 per ages gets Php34,921.79 afterwards bristles years or Php81,655 afterwards 10 years. If account addition is Php1,000 again the affiliate could get a absolute of Php69,843 afterwards bristles years or Php163,310.05 afterwards 10 years.Pag-IBIG has a absolute of 11.9 actor associates common as of October 2012. It has accustomed absolute loans amounting to Php5.77bn for OFW members.Bautista said that OFW Pag-IBIG associates actuality could additionally administer and account of added loans like calamity, salary, vacation, emergency, multi-purpose and alike leisure loans which are actuality offered in the Philippines.These loans could be acclimated to accessible a new business, home repair, acquittal for charge fees of accouchement and others.Asked why a lot of OFWs do not annals and account the programme, she said best of them are “probably earning added and already accept abundant accumulation to buy a house.”
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