By Brian Campued
Over 30,000 foreclosed properties are up for auction or direct purchase at reduced prices through super sale discounts by the Pag-IBIG Fund as part of its initiatives under the Expanded Pambansang Pabahay Para sa Pilipino Housing (4PH) Program.
The limited-time offer is open to both Pag-IBIG Fund members and non-members; winning bidders of properties during the promo period; direct purchase buyers who received their invitation to purchase or lease (IPL) within the promo period; and existing lease with the option to purchase (LWOP) holders who will convert their account to cash, short-term, or long-term installment within the promo period.
Qualified buyers may get discounts depending on the mode of sale, property status, and mode of payment.
Notably, for occupied properties under negotiated sale, cash purchases receive 40% off, short-term installment payments come with 30% discounts, and long-term installments, or purchases through Pag-IBIG housing loans, are now offered at a 20% discount.
Cash payments for unoccupied properties, on the other hand, will get a 35% discount, while short-term and long-term installments will receive 25% and 15% discounts, respectively.
According to Pag-IBIG Fund, eligible members, particularly minimum- and low-wage earners and overseas Filipino workers, may also avail of the Pag-IBIG Housing Loan under the Expanded 4PH Program through a subsidized 3% interest rate for the first five years of the loan term.
In order to join the promo, interested buyers must first acquire their Buyer ID online before they can select a property and submit their bids.
Once they receive an invitation to purchase, buyers must comply with the necessary requirements. Winning bidders will then be required to comply with the payment and documentary requirements.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta underscored that the super sale aims to expand access to ready-for-occupancy homes and make homeownership opportunities more affordable for Filipinos.
“This is also the best time for current occupants of our foreclosed properties to settle with Pag-IBIG Fund and become legitimate homeowners,” Acosta said in a statement.
“We will issue them invitations to purchase or lease the property they currently occupy so that they can legalize their tenure and finally gain peace of mind in having a home to call their own. And, if they are unable to purchase the property even with the discount we offer, they may still opt to lease the property for up to three years,” she added.
Meanwhile, Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board of Trustees chair Jose Ramon Aliling said the initiative is in line with President Ferdinand R. Marcos Jr.’s national housing agenda.
“I commend Pag-IBIG Fund for once again heeding the call to provide additional, practical options for Filipino workers to achieve homeownership at a lower cost,” he said.
“Through this Acquired Assets Super Sale initiative, Pag-IBIG Fund is able to offer more home options by integrating foreclosed properties into the Expanded 4PH housing pipeline, thereby expanding access to affordable, ready-for-occupancy homes.”
-jpv
