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Information about PAG-IBIG

Published on April 28, 2008

Author: RealtorMelvin


Slide 1: Housing Loan Seminar Cebu City Branch Slide 2: Pag-tutulungan sa kinabukasan Ikaw Bangko Industriya Gobyerno Slide 3: Must be an active member of Pag-IBIG Fund. Must have at least 24 monthly contributions. - lump sum/one time payment can be done for immediate availment of the HL. Considered as one month contribution only, for meeting residency requirements. Must not be more than 65 years old at date of loan application, and must be insurable. - age at loan application plus repayment term should not go beyond 70 years old. 3. Must have the legal capacity to acquire and encumber real property. - Aliens who are Pag-IBIG member are not qualified to get a loan as they cannot encumber real property in the Philippines. 4. Must have passed satisfactory background /credit investigation. - Check on employment status, credit standing, etc. Eligibility Slide 4: 5. Must have no outstanding Pag-IBIG Housing Loan, either as principal or co-borrower. - Outstanding/existing loan must be fully paid first before a second availment is allowed Must have no Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back, or subjected to dacion en pago. 7. Has no outstanding Pag-IBIG Multi-Purpose Loan in arrears at the time of loan application. - updating of the MPL is allowed in order to qualify for the HL. Eligibility Note: Co-Borrower must be related up to 2nd degree by consanguinity or affinity Processing Time Walk-in/Retail Accounts – 15 working days approval Window 2 Accounts – 15 working days approval Window 1 Accounts – 7 working days check release Slide 5: Purchase of a fully developed lot not exceeding 1,000 sq. m. and must be within residential area. Construction or completion of house on a lot owned by the borrower. (accommodation mortgage where the owner of the lot is not the borrower but must be related w/in the 1st degree of consanguinity or affinity). Purchase of lot and construction of house thereon Purchase of a Residential Unit Home Improvement (Minor & Major Improvement) Refinancing of an existing mortgage loan with an institution acceptable to the Pag-IBIG Fund. (requirement of repayment history for at least 2 years and updated 12 months prior to date of loan application) Purchase of a Residential Unit with Home Improvement - fencing is allowed as this enhances the value of the property Refinancing with Home Improvement Refinancing of a Lot account with House Construction Loan Purpose Slide 6: Manner of Release: lump sum or one time release (bldg. should be 100% complete based on the submitted building plans / specification). Staggered release = 40%, 40% and 20%; = interest to be charged everytime we make partial release and will be deducted from the loan proceeds of the borrower; Computation of interim interest includes Saturday, Sundays and Holidays; = remaining 20% will only be released upon submission of tax declaration (bldg.) & occupancy permit. PURCHASE OF A RESIDENTIAL UNIT: maybe a new or old unit units thru a developer – through a Contract-to-Sell (CTS) / REM Scheme (accredited with HDMF) * Developer with buyback and back-up guaranty (WINDOW 1) * Developer w/o buyback and back-up guaranty (WINDOW 2) Example in computing the interim interest: LV = P 1M Interest rate: 12% / 14% 1st release ( 40% of 1M ) = P 400,000.00 Interim Interest = Amount of Partial Release X Interest rate X 360 = P 400,000.00 X 12% = P 133.33 / day 360 Example for HC & HI: Slide 7: Basic Facilities : 1. Source of Electricity 2. Source of Water 3. Drainage System 4. Road Right of Way 5. Monuments 6. Free from Squatters Other Requirements : 1. Purchase of Lot - Clean Title (in the name of Seller) - Check Payable to Seller AND Buyer/Borrower 2. House Construction - 2 meter setback/ Firewall/ High Fence (1 layer CHB from roofline) - Initial Put-up (at least 10% or more, depending on the approved loan and appraisal value) Major Requirements Slide 8: A qualified member shall be allowed to borrow an amount up to a maximum of TWO MILLION PESOS (P 2,000,000.00) which shall be based on the four (4) factors, whichever is lowest.  Pag-IBIG contributions  Loan-To-Collateral Ratio  Member’s Actual Need  Capacity to Pay Loanable Amount Slide 9: MONTHLY CONTRIBUTIONS POP Pag-IBIG I & II LOAN ENTITLEMENT US/Can$ 5 US/Can$ equivalent at point of availment P200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 Up to P 500,000 Over P 500,000 - P 600,000 Over P 600,000 - P 700,000 Over P 700,000 - P 800,000 Over P 800,000 - P 900,000 Over P 900,000 - P1,000,000 Over P1,000,000 – P 1,100,000 Over P1,100,000 – P 1,200,000 Over P1,200,000 - P1,300,000 Over P1,300,000 - P1,400,000 Over P1,400,000 – P1,500,000 Over P 1,500,000 – P 1,600,000 Over P 1,600,000 – P 1,700,000 Over P 1,700,000 – P 1,800,000 Over P 1,800,000 – P 1,900,000 Over P 1,900,000 – P 2,000,000 Based on Pag-IBIG Contributions Slide 10: APPROVED LOAN Appraisal % Up to P300,000 100% 100% Over P300,000 – P750,000 100% 90% Over P750,000 – P1,000,000 95% 85% Over P1,000,000 – P2,000,000 90% 80% Based on Loan to Collateral Ratio w/ Buyback without Buyback/Retail Slide 11: Refers to the amount as stated on the Contract to Sell, License to Sell, Amount Applied or Cost Estimates. Based on Actual Need Slide 12: NET DISPOSABLE INCOME = Gross family Income less statutory deductions, and monthly amortizations on outstanding loans. - Statutory deductions are those mandated by law like SSS, GSIS, Pag-IBIG, withholding tax Shall be determined on the basis of the amortization to the borrowers disposable income ratio, which shall not exceed forty percent (40%). Example : Gross Income = P 12,000.00 less Deductions - 2,000.00 Net Income = P 10,000.00 Allowable Monthly Amortization = P 10,000.00 x 40% = P 4,000.00 Based on Capacity to Pay Slide 13: APPROVED ON OR BEFORE THE DUE AMOUNT DATE Up to P300,000 6% Over P300,000-P750,000 7% Over P750,000-P2,000,000 10.5% REPRICING - for loans up to P300,000 , Pag-IBIG may reprice the outstanding balance of the loans once every three years provided that it shall not exceed the original rate. Over P300,000-P750,000 9% Over P750,000-P2,000,000 12.5% Interest Rates Slide 14: APPROVED LOAN TERM OF LOAN Up to P2,000,000 max of 30 years In no case shall the age of the borrower exceed 70 years old at loan maturity. Loan Term Slide 15: Mortgage Redemption Insurance (MRI) covers the risk in case of death of the borrower subject to the schedule of insurance in the Pag-IBIG Fund Master Policy. ( P 0.41 per P 1,000 of Approved Loan) Fire Insurance (FI) the borrower shall obtain fire insurance on the property Mortgage or subject to the Contract to Sell for an amount Equivalent to the appraised value of the house or the loan Amount whichever is lower. ( P 0.36 per P 1,000 of Approved Loan or Building Value) Insurances Slide 16: Processing fee of THREE THOUSAND PESOS (P3,000.00) which shall be paid as follows: * ONE THOUSAND PESOS (P 1,000.00) upon filing of the loan application, which shall be non-refundable if the loan is disapproved or cancelled. * TWO THOUSAND PESOS (P 2,000.00) upon loan take-out. Loan Charges Slide 17: The loan shall be paid in equal monthly amortizations in any of the following modes of payment: * SALARY DEDUCTION (if applicable) - to pay two (2) months advance amortizations. * ISSUANCE OF TWELVE (12) POST DATED CHECKS (PDC’s) - to pay one (1) month advance amortization. - renewal in the issuance of post dated checks must be made two(2) months before the succeeding year (on a yearly basis) Loan Payment Note: Staggered payments for an amortization/installment period shall be allowed provided the amortization is paid in full on or before the due date. Slide 18: One(1) year advance MRI One(1) year advance Fire Insurance Documentary Stamp (0.0025) Balance of Processing Fee (P2,000.00) One(1) month advance amortization Retention Fee (CTS Accounts) Loan Deduction upon take-out Retention Fee: Loan Value Up to Over 180T to Over 500T Over P 1M P 180T to P 500T to P 1M to P 2M BIR 2.5% 3.5% 4.5% 5.0% RD 1.5% 1.5% 1.5% 1.5% LGU 1.0% 1.0% 1.0% 1.0% 5.0% 6.0% 7.0% 7.5% Slide 19: In the absence of borrower, a Special Power of Attorney (SPA) or Deed of Assignment, maybe executed by the borrower, in case he/she may not be available or out of the country, in order for the loan to be taken out. If the borrower is out of the country, the SPA, must be executed in the place/country where the borrower is presently residing duly acknowledged by the Philippine Embassy of that certain country. Payment of the amortization shall commence one(1) month after the full/final release of the loan. (Ex. Date of take-out/release: Nov. 23, 2006, payment will start on December 23, 2006 and every 23rd day of the month thereafter.) If the due date falls on a Saturday, Sunday or Holiday payment shall be made on the first working day after the due date or a penalty of 1/20 of 1% of the amount due for every day of delay. For Purchase of Res. Unit/Purchase of Fully Develop Lot: Check will be payable to the borrower / buyer and seller Slide 20: A Pag-IBIG member may avail himself a second Pag-IBIG Housing Loan, provided he has fully paid his first housing loan, whether as principal borrower or as co-borrower. Second Availment Slide 21: Qualified member-borrowers may avail of additional loans for: Lot purchase - house construction, or - improvement of an existing house b. Purchase of residential unit / House Constructed - home improvement under the terms and conditions of the Good Payor Home Improvement Loan Program Additional Loan The additional loan shall be treated as separate and distinct if the original loan take out is before Nov. 23, 2006, for loans taken out as of Nov. 23, 2006 the additional loan will be consolidated with the previous loan. Slide 22: Borrowers who fail to pay any three (3) consecutive monthly amortizations and/or Contributions shall be subject to extra-judicial foreclosure. In the event of default, the entire loan outstanding together with the accrued interest, charges, fees and penalties shall be due and demandable and shall constitute a lien on his total Accumulated Value (TAV). Call against the warranty of the developer to buyback the defaulting account. Default Slide 23: The upgraded contributions shall remain until the housing loan is fully paid or extinguished. OTHER IMPORTANT THINGS TO REMEMBER All documents should be thoroughly read before signing them. The Certificate of Lot and House Acceptance for one has to be signed after the borrower inspects the property he/she is buying and he/she is satisfied with the workmanship on the unit. 3. The borrower should find time to visit his/her unit during the construction stage so that he/she is confident that what he/she is buying is a good and wise investment for his/her family. Slide 24: 4. The Pag-IBIG housing loan is an obligation which every member-borrower should religiously pay so that other members who wish to avail of a loan in the future will be assured of a continuous flow of funds for housing. 5. The income earned from loans granted to the members is plowed back to them in the form of yearly dividends. At least 70% of the net earnings of the Fund is returned to the members. This is one reason why all member-borrowers should conscientiously pay their obligations. Slide 26: The End Tel No : (032) 415-5008 to 09

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