Pag-IBIG offers new loan for home renovations

MANILA, May 1 ------ The Pag-IBIG Fund is offering a new loan for home renovations. In a statement, Pag-IBIG said its Home Equity Appreciation Loan or Pag-IBIG HEAL will allow users to borrow up to P6 million to improve their houses. 

The agency said the amount to be loaned will be based on the borrower's capacity to pay, the balance of their existing Pag-IBIG loan, or the net amount based on 60 percent of the latest appraised value of the property that was bought with a Pag-IBIG Housing loan. Borrowers must have Pag-IBIG Fund accounts that are at least 5 years old. They must be in good standing and have updated payments in the last 12 months. They must not be above 65 years old. 

Pag-IBIG Fund chief executive officer Marilene Acosta said this is the agency's way of helping Filipinos with their home improvement projects. “Habang tumataas ang halaga ng kanilang tahanan, maaari nilang magamit ito at mapagkunan ng pondo para sa mahahalagang pangangailangan,” she said. “Nauunawaan naming hindi natatapos sa unang housing loan ang pangangailangang pinansyal ng aming mga miyembro," she noted. 

Source: news.abs-cbn.com