The Program is aimed at instituting a mechanism through which the HDMF shall further expedite the recovery of its investments in non-performing mortgage loans, and provide Pag-IBIG members, whose current income cannot sustain the monthly amortization on a Pag-IBIG housing loan, with a facility that will provide affordable housing, and ensure home ownership by the time they become eligible for such loan.
THE RENT-TO-OWN SCHEME
Housing units acquired by HDMF shall be leased to qualified Pag-IBIG members, who shall enter into a Contract of Lease with Option to Purchase with HDMF, for a period of not more than five (5) years.
At the end of the term of the lease, a Lessee who complies with the provisions of the Lease Agreement, and who qualifies for a Pag-IBIG housing loan, shall be required to exercise his option to purchase the leased housing unit.
A Lessee who does not exercise his option to purchase shall not be allowed to occupy the housing unit after the expiration of the Contract of Lease.