Pag-ibig Fund processes 243 loan applications daily
Balita News Services
Mutual Development Fund (HMDF), more popularly known as the Pag-ibig
Fund, has processed 243 applications of multipurpose loans a day from
January to June this year, according to an official.
HMDF is a government agency that primarily provides housing loans,
but it also provides loans for other purposes.
Teofredo Garcia, HMDF loans and credit officer 3, said that in the
first six months of the year, the number of borrowers of its
multipurpose loans increased from 22 percent to 32,136 from 26,136 in
the same period last year.
Garcia attributed the higher number of borrowers to the mandatory
membership in the HMDF by all employees since 1995, the lower lending
rate, and the faster processing of loans.
It takes at most two days to get a multipurpose loan from the
HMDF, he said. And the lending rate is just 10.75 percent per annum.
One can already get an HMDF multipurpose loan after making
contributions for 24 months.
The loanable amount is 60 percent of the total accumulated value
of the member's contribution to HMDF.
If the borrower fails to make loan payments for three straight
months, these will be taken from the total accumulated value, Garcia
said. (PNA) jv//wpt/EB/FCE/ad
PNA 07091200