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Loan Purpose. The Pag-IBIG housing loan may be used to finance any of the following:. Purchase of residential lot not exceeding 1,000 sq.m.; not less than 32 sq.m. Purchase of house and lot, townhouse or condominium unit;. House construction;. Home improvement;.
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Loan Purpose The Pag-IBIG housing loan may be used to finance any of the following: • Purchase of residential lot not exceeding 1,000 sq.m.; not less than 32 sq.m. • Purchase of house and lot, townhouse or condominium unit; • House construction; • Home improvement; • Refinancing of an existing loan
Borrower Eligibility • Active Pag-IBIG member with at least 24 months contributions; • Not more than 65 years old at the date of loan application; insurable; not more than 70 years old at the date of loan maturity • Has the legal capacity to acquire and encumber real property; • Has passed satisfactorily background/credit and employment / business checks;
Borrower Eligibility • No outstanding Pag-IBIG housing loan; • No Pag-IBIG housing loan that was foreclosed, cancelled, bought back, or subjected to dacion en pago; • No outstanding Pag-IBIG multi-purpose loan in arrears.
Loan Amount Maximum of P3M, which shall be based on the lowest of the following: • Capacity to pay (40% of NDI) • Loan to collateral ratio • Membership Contribution • Actual Need
Loan Amount Loan Entitlement Based on Capacity to Pay Tacking Provision - Maximum of three (3) qualified Pag-IBIG members who are related within the second civil degree of consanguinity or affinity • Combined Income • e.g. Married - Spouse and Unmarried children • Single - Parents (living with the borrower)
Loan Amount Loan Entitlement Based on Capacity to Pay • Co-borrower • e.g. Married - Parents, Brothers/Sisters, Brother/Sister –In-Law • Single - Brothers/Sisters, Brother/Sister – • In-Law
INTEREST RATE Re-pricing every 3 years for loans over P400T to 3M
Loan Term • Principal borrower’s age shall not exceed 70 years old at date of loan maturity; • May lengthen or shorten the loan term only once during the life of the loan
Loan Payment Modes of Payment • Issuance of post dated checks; • Salary deduction; • Thru developer (Collection Servicing Agreement with HDMF); • Accredited banks abroad • Over-the-counter
Loan Payment Monthly amortization shall commence on: Month immediately following the full loan release Take-out Date/Final Loan Release June 26 Ex. First Monthly Amortization July 26 Succeeding monthly payments shall be paid every 26th.
Loan Payment Applications of monthly payments in order of priority: • Penalties • Upgraded membership contributions • Insurance premiums • Interest, and • Principal
Insurance Mortgage Redemption Insurance (MRI) • Interim Coverage – upon issuance of Notice of Approval (NOA) or Letter of Guaranty (LOG) by Pag-IBIG • Regular Coverage – effective on the date of loan take out Fire & Allied Perils Insurance
Items to be deducted on the loan proceeds: 1. Processing Fee P1,000 – upon filing of HLA, non-refundable P2,000 – upon loan take-out 2. One year prepayment insurance/s
Thank you [Updated as of 30 Sept 2010]