Looking for a bargain home? Pag-IBIG is slashing prices up to 40 percent

If you’ve been hunting for a more affordable home, Pag-IBIG Fund is dangling one of its biggest property markdowns yet. Starting on Monday, August 25 and running until December 14, the agency is putting more than 30,000 foreclosed houses and condominiums on the block, with discounts as high as 40 percent.

For occupied properties, units already lived in but foreclosed, buyers paying cash now get a 40 percent cut from the original price. Even those opting for short-term installment plans are looking at a 30 percent discount. Meanwhile, unoccupied homes are also cheaper, down by up to 35 percent for cash buyers, 25 per cent for short-term installment buyers, and 15% for those using Pag-IBIG housing loans.

The Super Sale isn’t restricted to Pag-IBIG members, but those who are, particularly minimum-wage earners and Overseas Filipino Workers, have extra leverage. Under the agency's initiatives under the Expanded Pambansang Pabahay para sa Pilipino (4PH) housing plan, qualified members can tap subsidized housing loans with rates as low as 3 percent for the first five years, provided the unit falls within the set price ceilings: P850,000 for house-and-lot, P1.8 million for condos.

Pag-IBIG Fund CEO Malen Acosta affirmed the agency’s commitment to making homeownership more attainable.

“By offering larger discounts through our Pag-IBIG Acquired Assets Super Sale, we are giving more Filipino workers the opportunity to finally own a home. This is also the best time for current occupants of our foreclosed properties to settle with Pag-IBIG Fund and gain peace of mind in having a home to call their own.”

The entire process has also been moved online. Through Pag-IBIG’s Centralized Online Public Auction platform (www.pagibigfundservices.com/OnlinePublicAuction), anyone can browse listings, place bids, and finalize purchases from their laptop or phone. New batches of properties will be uploaded every week until the sale closes.

So, who should pay attention? Bargain hunters, renters hoping to own, or families looking for starter homes might all find something here. The catch, of course, is that the foreclosed properties are sold on an 'as is, where is' basis. This means the buyer accepts the physical status of the property, including whether it is occupied or not. You'll want to check listings closely, maybe even visit the unit if possible, before making a commitment.

Still, with discounts this steep and an easy-to-access digital bidding system, Pag-IBIG’s 'Super Sale' could be the best chance in years for everyday Filipinos to finally grab a home of their own.