The Home Development Mutual Fund (HDMF or Pag-IBIG) has put in place safeguards to prevent scams in the housing agency.
In a statement, Pag-IBIG Fund chief executive officer Darlene Marie Berberabe said they have instituted an internal ombudsman, as well as an internal control audit that regularly checks all of the agency’s transactions.
Berberabe said Pag-IBIG has also abolished its “Window 1″ scheme, which served as the express lane for real estate developers with good track records to fast track loan applications. Under the said scheme, developers were essentially deputized by Pag-IBIG Fund to evaluate the financial capability of potential borrowers and submit application documents on their behalf.
The said scheme was allegedly used by property developer Globe Asiatique to siphon some P6.6 billion in loans from the agency using ghost borrowers for its Xevera housing project in Mabalacat, Pampanga.
In place of the “Window 1″ scheme, Berberabe said Pag-IBIG Fund implemented the Employer’s Accreditation Program which offers the country’s top employers with accreditation to process housing loans for its employees. The accreditation provides employers with faster access to Pag-IBIG’s housing services such as housing loan pre-qualification, home or housing needs matching, and faster housing loan processing time.
Berberabe said Pag-IBIG also introduced a special lane in several branches for loans amounting to P1 million and above to facilitate faster processing.
Moreover, Pag-IBIG has implemented the “Affordable Housing” program, which offers subsidized rates for the first 10 years for members with gross monthly income not higher than P17,500.
Loans up to P400,000 have an interest rate of 4.5 percent, while loans from P400,001 up to P750,000 have a 6.5 percent interest.
At the end of the 10-year period of subsidized rates, the borrower will have the option to pick the re-pricing period of his choice.
Meanwhile, housing for local government units (LGUs), employers, employee associations, and cooperatives are also fast-tracked through Pag-IBIG’s Group Housing Loan Program. Project proponents are given access to a maximum loanable amount of P20 million for horizontal development and P40 million for vertical development.
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