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Home Development Mutual Fund

Home Development Mutual Fund. Circular 293: Guidelines on the Pag -IBIG Group Housing Loan Program RIACT Training and Planning Workshop | October 12 - 14, 2011. Juanito V. Eje Vice President Wholesale Lending Group. Outline of Presentation. Objectives Coverage Financing Scheme

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Home Development Mutual Fund

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  1. Home Development Mutual Fund Circular 293: Guidelines on the Pag-IBIG Group Housing Loan Program RIACT Training and Planning Workshop | October 12 - 14, 2011 Juanito V. Eje Vice President Wholesale Lending Group

  2. Outline of Presentation • Objectives • Coverage • Financing Scheme • Eligibility Requirements • Loan Purpose • Loan Amount • Interest Rate • Loan Term • Project Criteria • Loan Releases • Loan Payment • Warranties • Other Provisions

  3. Objectives • Engage the participation and involvement of project proponents in housing provision, through land development and house construction on the land owned and provided by the project proponent. • Encourage project proponents to share in the development of housing packages by providing subsidy programs and other forms of assistance for the intended beneficiaries. • Promote homeownership among the beneficiaries by making it more affordable for them.

  4. Coverage LGUs Employers Cooperatives Employees’ Associations

  5. Financing Scheme • Group Housing Loan Site Development and House Construction • LGU shall provide land to serve as project site • The housing project shall benefit at least thirty (30) beneficiaries

  6. Loan Purpose • Development of residential subdivision • Construction of Units on a fully developed lots • Development of Medium-Rise Building • Note: No part of the loan shall be used to purchase or redeem land.

  7. Loan Amount • P20M per phase for horizontal development* • P40M per building for Medium Rise Condominium • *Land Development and House Construction

  8. Interest Rate • In case of mixed loan values:

  9. Loan Term Loan maturity shall be based on project’s cashflow but not to exceed 3 years

  10. Project Criteria • Technical • Approved Development Plan • Legitimate Title free from liens & encumbrances • Physical suitability and accessibility based on HLURB Standards. • Within 5 kilometers radius from community infrastructures. • Project Design • Necessary Support Facilities

  11. Project Criteria • B. Market • Submitted number of beneficiaries must be 15% higher than the number of proposed housing units for development. • All beneficiaries must have signified interest to buy a property in the housing project. • The beneficiaries must be Pag-IBIG members.

  12. Project Criteria • B. Market • 4. The beneficiaries must qualify to avail of a loan under the prevailing Pag-IBIG end-user housing loan guidelines. • 5. The beneficiaries must qualify as eligible buyers based on the Selection Criteria set by the Local Housing Board or its equivalent office.

  13. Loan Releases • Loan shall be released in tranches. • Initial loan release shall be based on the cashflow projection not to exceed 50% of the approved loan amount. • Succeeding releases shall be made only after 90% of the previous release has been infused.

  14. Loan Payment • The project proponent shall assign to the Fund at least twenty percent (20%) of the proceeds from sales or Pag-IBIG housing loans generated from the project to be financed. Application of the takeout proceeds to the payment of interest shall be effected at any time after the initial release. • 2. Interest – the interest payment on the loan shall be due at the end of the 13th month from initial loan release or from takeout proceeds whichever comes first and shall be paid monthly thereafter. • 3. Principal – The principal payment on the loan shall be paid not later than the end of the 18th month from initial loan release and shall be paid monthly thereafter.

  15. Warranties • The project proponent shall provide the following warranties: • Documentation • Title/Ownership of the Property • Project Development • House Construction • Misrepresentation • Compliance with Laws, Rules & Regulations • Delivery of Accounts & Occupancy of Units

  16. Technical Verification Process A. Requirements Present Title and 2 trace backs Updated Tax Declaration Updated Realty Tax Receipt B. Verification Process Lot Plotting Title verification with Registry of Deeds

  17. Summary of Housing Designs 1. Various Housing Packages in a Residential Subdivision 2. Medium-Rise Condominium

  18. Sample House Model Model : RowhouseLot Area : 60.00 sq. m. Floor Area : 24.50 sq. m. Beneficiary’s Loan Details

  19. Sample House Model Model : RowhouseLot Area : 60.00 sq. m. Floor Area : 24.50 sq. m. Beneficiary’s Loan Details

  20. Sample House Model Model : RowhouseLot Area : 60.00 sq. m. Floor Area : 50 sq. m. Beneficiary’s Loan Details Second Floor Ground Floor

  21. Sample Condominium Unit Beneficiary’s Loan Details

  22. Construction Phase 1 2 3 Open Space

  23. % Completion No. of House Completed 3 45 95 157 229 336 P 1.2 M P 18 M P 38 M P 62.8 M P 91.6 M P 134.4 M Take-Out Value P 2 M P 3 M P 5 M Releases Land Dev’t. P 10 M P 18 M P 20 M P 12.8 M P 4.88 M P 0.00 M Outstanding Balance 46% 64% 43% 33% 17% Loan to Value Ratio 66% Month

  24. Thank you!

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