Over 30,000 foreclosed properties being offered with up to 40% discount by Pag-IBIG Fund
Looking to buy a house soon? The Home Development Mutual Fund, more commonly known as the Pag-IBIG Fund, is offering huge discounts on over 30,000 foreclosed properties.
On its website, Pag-IBIG said that through its Acquired Assets Super Sale, occupied units are up to 40% off and unoccupied units are up to 35% off.
The sale is open to members and non-members alike, winning bidders of properties during the promo period, direct purchase buyers who received their invitation to purchase or lease within the promo period, and existing lease with the option to purchase holders converting to cash, short-term, or long-term installment within the promo period.
Pag-IBIG said interested individuals must get a buyer ID first through the online public auction registration. They may then check the list of properties for sale or check the agency's bulletin boards in any branch or housing hub.
Bids or offers may be placed on Pag-IBIG's online public auction platform. Upon receiving an invitation to purchase, one must comply with the requirements within the promo period.
Winning bidders and buyers must then fulfill their payment based on their chosen mode of payment: a one-time cash payment within 30 days of the compliance timeline, a short-term installment of 12 months, or a long-term installment via a housing loan.
The sale will run until Dec. 14.
Pag-IBIG noted that before the super sale, discounts were already in place for the occupied and unoccupied properties.
Under its negotiated sale scheme, cash purchases have a 40% discount, up from 30%. Short-term installment payments have a 30% discount, up from 20%, while Pag-IBIG housing loan purchases are at a 20% discount, from the previous 10%.
For unoccupied properties, Pag-IBIG discounts were set at 35% for cash buyers, 25% for short-term installment buyers, and 15% for those with housing loans.
Pag-IBIG said occupants of foreclosed properties will also be allowed to legitimize ownership at a lower cost.
They will be invited to buy the property they occupy at the moment to make their stay legal. But if they can't purchase the property despite the discount, they will be allowed to lease it for up to three years.
Pag-IBIG reminded the public that discounts are non-transferable and cannot be combined with its other promos or housing programs.
All properties are sold on an “as-is, where-is” basis.
Pag-IBIG said it reserves the right to correct listing errors at any time, and buyer registration and submission of complete documents don't guarantee approval of sale or financing, as all transactions remain subject to final evaluation and compliance with its policies.
The super sale is part of Pag-IBIG's Expanded Pambansang Pabahay para sa Pilipino Program, which aims to give Filipino workers more affordable housing opportunities.
