Housing Loan

[cebu.opportunities]

PAG-IBIG Housing Loan:

Two (2) modes of applying for a Pag-IBIG housing loan:
(a) Developer-Assisted - the developer assists the member in his/her housing loan application and
(b) Retail - the member applies directly to the Fund.

Requirements:
1. Eligibility

Spoiler! 

Eligibility Requirements

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

On Pag-IBIG Membership
Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
A member with less than the required number of contributions applying for a Pag-IBIG housing loan shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet the said requirement at point of loan application provided he has been a contributing member of the Fund for at least twelve (12) months. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.
A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.

For purposes of satisfying the required two (2) years membership contributions, the member may opt to pay in lump sum any amount short of the said requirement. In addition, the period corresponding to the TAV applied earlier to an outstanding loan shall also be considered when counting the total number of monthly contributions, provided the remaining TAV after offsetting does not fall below the equivalent amount of two (2) years membership contributions.
Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;
Has the legal capacity to acquire and encumber real property;
Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;
Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures.
Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;
Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.

Processing Fee
P1,000 - upon filing of housing loan application with required documents (non-refundable)
P2,000 - to be deducted from loan proceeds

Basic Requirements
Pag-IBIG Housing Loan Application Form (PHLAF)
Membership Status Verification Slip (MSVS)

Documents Required Upon Loan Application:
A. Documentary Requirements

Spoiler! 

Housing Loan Application with recent ID photos of borrower
Membership Status Verification Slip
Proof of Income
3.1 For Locally Employed, any of the following:
Notarized Certificate of Employment and Compensation (Pag-IBIG format)
Notarized Certificate of Employment and Compensation (Employer’s format) and latest one (1) month payslip
Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest one (1) month payslip
3.2 For Self-Employed/Other Sources of Income
ITR, Audited Financial Statements and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.)
Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle or PUVs)
Certificate of Engagement issued by owner of business
Other document that would validate source of income
3.3 For Overseas Filipino Workers (OFWs), any of the following:
Employment Contract (with English translation if in foreign language)
Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly validated and certified/initialed by HDMF Information Officer assigned in the country where the member works
Other Proofs of Income, whether original or photocopy, shall be duly validated and certified/initialed by HDMF Information Officer assigned in the country where the member works
Photocopy (back-to-back) of one (1) valid ID of Principal Borrower and Spouse, Co-Borrower and Spouse, and Attorney-In-Fact, if applicable. The same ID must be presented during the conduct of borrower’s validation.
Authorization to Conduct/Credit Background Investigation
For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad
Insurance Coverage
Health Statement Form (Medical Questionnaire)
OFW members over 60 years old
Loans over P2.0 M to P3.0 M and for borrowers aged up to 60 years old
Health Statement Form (Medical Questionnaire) and Full Medical Examination
Borrowers over 60 years old
Marriage Contract (For all married borrower/s, co-borrower/s, spouse, family member/s included on the computation of aggregate income)
Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income
The Pro-forma Health Statement Form (Medical Questionnaire) is available at the Members Services Support Division-Servicing Department for NCR or at any Pag-IBIG Regional Branch or downloadable from the Pag-IBIG website, www.pagibigfund.gov.ph.

B. Technical Requirements

Spoiler! 

Certified true copy of TCT/CCT by the Registry of Deeds (latest title)
Location Plan and Vicinity Map
Photocopy of Tax Declaration and Real Estate Tax Receipt

Additional Requirements Depending on the Loan Purpose:

Spoiler! 

For Purchase of Residential Unit, Purchase of Lot and Construction of House, Purchase of Lot
Contract to Sell or similar agreement between the buyer and the seller
For Refinancing
Statement of Account on outstanding loan balance, indicating loan purpose
Any of the following documents:
Official Receipt for the past 12 months
Subsidiary Ledger
Any valid proof of payment for the past 12 months
For Purchase of Lot and Construction of House, Construction of House, Home Improvement
Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect

DOCUMENTS REQUIRED PRIOR TO LOAN RELEASE:

Spoiler! 

TCT/CCT in the name of the borrower with proper mortgage annotation in favor of the Pag-IBIG Fund (owner’s copy)
Certified true copy of the TCT/CCT in the name of the borrower with proper mortgage annotation in favor of the Pag-IBIG Fund (RD’s copy)
Photocopy of New Tax Declaration in the name of the borrower and updated Real Estate Tax Receipt
Collection Servicing Agreement with Authority to Deduct or Post Dated Checks, if applicable
Proof of Billing Address

Pag-IBIG Documents:
Notarized Loan and Mortgage Agreement (LMA) with original RD stamp
Notarized Promissory Note (PN)
Disclosure Statement on Loan Transaction (DSLT)

Additional Requirements Depending on the Loan Purpose:
Occupancy Permit (for Purchase of New Residential Unit, Purchase of Lot and Construction of House, Construction of House, Home Improvement)
Building Plans/Electrical/Sanitary Permits duly approved by building officials (for Purchase of Lot and Construction of House/House Construction/Home Improvement)
Deed of Absolute Sale (DOAS) with original RD stamp (for Purchase of Residential Unit, Purchase of Lot, Purchase of Lot and Construction of House)

Source:
REQUIREMENTS

Procedure for House Construction or Home Improvement with Staggered Releases:
http://www.pagibigfund.gov.ph/benpro...20Releases.pdf

[supernotsona]

I just want to verify if its true since I overheard a conversation nga separate daw na ang amount sa loan for a lot and pag build sa house?

[cebu.opportunities]

@xyberblue
Puro rani opinion akoa ha base sa na inquire sa banks pero don't know if ma apply sa pag-ibig...
1. Yes, possible to pre-terminate the loan contract but naa gihapon fees.
2. Advance payment of a portion of the principal loan is also allowed and will cause the interests to diminish but the term remains the same. mogamay imong monthly amortization but the same imo loan term pero you have the option to fully pay.
3. depends on how fast can you comply the requirements. la ko kasuway sa ila, so don't know how fast they can process after completion of requirements.

Then, naa nasad sila changes. ny seminar last month for updates but la pd ko niattend, hehe...

Naay email and contact numbers for PAG-IBIG Customer Service:

http://www.pagibigfund.gov.ph/benpro.aspx

Much better to contact them directly nlng siguro.

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@supernotsona

IMO nasad ni ha..
murag separate jud ang loan amount according to it's purpose.
if pra palit og lot, usually 60% to 80% to 100% depending on the Seller's/Developer's Credibility. if private, 60% ra.
IMO, if for construction, tan-awn imong structural plan and quotation sa pag tukod, imong capacity to pay and worth sa imong i-collateral.

[wwwfernand]

pa.subscribe...

[xyberblue]

@xyberblue
Puro rani opinion akoa ha base sa na inquire sa banks pero don't know if ma apply sa pag-ibig...
1. Yes, possible to pre-terminate the loan contract but naa gihapon fees.
2. Advance payment of a portion of the principal loan is also allowed and will cause the interests to diminish but the term remains the same. mogamay imong monthly amortization but the same imo loan term pero you have the option to fully pay.
3. depends on how fast can you comply the requirements. la ko kasuway sa ila, so don't know how fast they can process after completion of requirements.

Then, naa nasad sila changes. ny seminar last month for updates but la pd ko niattend, hehe...

Naay email and contact numbers for PAG-IBIG Customer Service:

http://www.pagibigfund.gov.ph/benpro.aspx

Much better to contact them directly nlng siguro.

- - - Updated - - -
@supernotsona

IMO nasad ni ha..
murag separate jud ang loan amount according to it's purpose.
if pra palit og lot, usually 60% to 80% to 100% depending on the Seller's/Developer's Credibility. if private, 60% ra.
IMO, if for construction, tan-awn imong structural plan and quotation sa pag tukod, imong capacity to pay and worth sa imong i-collateral.

Salamat sa pag reply sis.
Maayo unta naa makatubag ani sa mga naka experience sa pag-ibig loan.
Naa man gd kauban nako naka inquire na di daw inani sa pag-ibig.

Question about PAG-IBIG
1. If ever nakakuha tag loan for 30 yrs terms, naa bay option ang buyer to fully pay the loan for 5 yrs ba ron?
2. If allow ta na mo bulto ug bayad let say 30% sa currently loaned na amount, when mag readjust ang pag-ibig sa monthly amortization? If mag readjust, pwd ba ma readjust ang terms instead? like instead of 30 yrs, ipa request nako to lower the term to 15 yrs after paying 30% sa loaned amount?
3. Unsa kadugaya ma approve ang pag-ibig loan application? Once approve, makadawat daun ang seller sa full amount sa gi loan?

[car.dealer]

tinuod mas barato ang interest rate sa pag-ibig compared to banks?

[cebu.opportunities]

up ko balik ana ha...

tinuod ny 4% interest sa tanan interests paid if i-fully pay before the loan matures/loan term?

- - - Updated - - -

up ko balik ana ha...

tinuod ny 4% interest sa tanan interests paid if i-fully pay before the loan matures/loan term?

[anggwaponi]

--- updating ---








Pag-IBIG: interest rate will be retained
NOTE: News link courtesy of sunstar.com.ph

[xyberblue]

up ko balik ana ha...

tinuod ny 4% interest sa tanan interests paid if i-fully pay before the loan matures/loan term?

- - - Updated - - -

up ko balik ana ha...

tinuod ny 4% interest sa tanan interests paid if i-fully pay before the loan matures/loan term?

Just talked with PAG-IBIG personnel regarding this question.
I asked her if additional charges are paid if you fully pay the loan before it matures.
Her answer is No, you only need to pay the remaining amount, no need to pay all the interests until the loan term.

[xyberblue]

Basin naa ninyo dha maka confirm how much interest rate ang ipatong sa pag-ibig after 3 yrs.
What I have found out sauna is if mag reprice ang pag-ibig let's say sa imo current rate of 7% after 3 yrs, it would be 7+2%= 9% na ang interest after 3 yrs. Inani ba ghapon even if mo ubos ang interest rate after 3 yrs?

Teves advises buyers to avail of the three-year repricing at 6.5 percent interest rate per annum since interest rates are forecasted to even go lower over the years.

Base sa above from anggwaponi's article, gina encourage sa pag-ibig na mo go for 3 yrs repricing period.