• Home
  • Properties For Sale
    • House and Lot
    • Condominiums
    • Lots
    • Businesses
  • Interior Works
  • Blog
  • Contact Us
FLY Realty & Interior Works
  • Home
  • Properties For Sale
    • House and Lot
    • Condominiums
    • Lots
    • Businesses
  • Interior Works
  • Blog
  • Contact Us

Pag-IBIG FAQ's

6/30/2013

54 Comments

 
FREQUENTLY ASKED QUESTIONS

How can I buy a house thru Pag-IBIG? I'm locally employed but not yet a Pag-IBIG member.
-You must apply for Pag-IBIG membership first to be eligible to buy a house thru Pag-IBIG.

Who are eligible to borrow?
-Must be a member under the Pag-IBIG I or Pag-IBIG II program for at least 24 months as evidenced by the remittance of at least 24monthly contributions at the time of loan application:
-Must be a member under the Pag-IBIG Overseas Program (POP) for at least two years.
-A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment equivalent to the required number of monthly contributions to satisfy this requirement;
-Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his savings for at least 12 months.
-Must not be more than 65 years old at loan maturity and must be insurable;
-Must have the legal capacity to acquire and encumber real property and currently employed;
-Must have passed satisfactory background/credit and employment/business checks of the developer and the Fund;
-Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to "dacion en pago"
-Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
-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 arrears over the counter to update his account.

2.  How can I join Pag-IBIG? I'm locally employed.
Employees who are not regularly employed can join the Pag-IBIG Fund on a voluntary basis.
a.  Accomplished two (2) copies of the Members Data Form (MDF).
b.  Submit the MDF form with all required supporting documents like:
            1. Certificate of Employment & Compensation
            2. Latest Payslip
            3. Company ID
            4. Two 1x1 picture
             (bring all originals for authentication)
c. Present all verified and stamped documents to:
        Marketing and Enforcement Division
        Pag-IBIG Branch Office
        (where company pays contributions)
d. Secure Payment Order Form (POF) from Marketing and Enforcement Division.
e. Proceed to Cash Division for payment of initial membership contributions (MC).

3.  How can I join Pag-IBIG? I'm an OFW.
Requirements in Applying  Pag-IBIG membership for OVERSEAS FILIPINO WORKER (OFW)
     a. Latest Contract of Employment
     b. Passport or any valid ID
     c. Two 1×1 ID pictures
If a representative submit and pay member's contributions:
     d. Special Power of Attorney (SPA) - Consularized

4.  How much is the maximum loan amount for Pag-IBIG housing loan?A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Three Million Pesos (P3,000,000.00).

5.   I am an OFW, where to apply for Pag-IBIG Overseas Program (POP)?
Where can I register as a Pag-IBIG member?
In the US, Canada and Middle East - Thru the Philippine Embassy or Consular Office nearest you or accredited/authorized Pag-IBIG coordinator.
In the Philippines - Mail or submit the accomplished Member's Data Form to:
   Pag-IBIG Overseas Department
   6/F Atrium of Makati
   Makati Ave., Makati, M.M., Philippines 1200
   c/o Vincent N. Nery or Voltair M. dela Rosa

 6.  I'm separated,  is my spouse's signature needed in the Pag-IBIG forms?
Yes.  You may ask her/him to sign a Special Power of Attorney for you to process the loan.

7.  I stopped paying my monthly contributions, can i still use my Pag-IBIG in buying a house?
Yes.  Just reactivate your Pag-IBIG membership.  Update contribution payments and pay reactivation fee.

8.  Can my fiance and I apply jointly for a Pag-IBIG housing loan?
No.  Only married couple are allowed or relatives within the second civil degree of consanguinity or affinity.  Either you or your fiance will be the principal buyer.  Just change civil status as soon as you're married.

9.  Can I apply for ADDITIONAL LOANS even if I still have a housing loan?
Yes.  A member who is updated with his monthly contributions as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan.
A qualified Pag-IBIG member who has an existing housing loan may avail himself of an additional housing loan for the following purposes:
1. House construction on a lot purchased  or refinanced through a Pag-IBIG housing   loan.
2. Home improvement.

 10. During amortization period, Are we allowed to pay partial or full amount in advance?
Yes.  A borrower shall be allowed to prepay his loan in full or in part without prepayment penalty.
Accelerated payments – any amount paid in excess of the required monthly amortization shall be applied automatically to principal. The treatment of excess payment the borrower prefers must be noted on and properly disclosed in the Pag-IBIG Fund Receipt (PFR).

11.  When can I apply for another Pag-IBIG housing loan?
A Pag-IBIG member may avail himself of a second Pag-IBIG housing loan provided he has fully paid his first housing loan, whether as a principal borrower or as a co-borrower.

12. What are the importance of Fire Insurance (FI) & Mortgage Redemption Insurance(MRI)?
The borrower shall be compulsorily covered by mortgage/sales redemption insurance and fire insurance.

Application of Insurance Proceeds

In the event of death, Pag-IBIG Fund shall apply the proceeds of the member’s mortgage/sales redemption insurance (MR/SRI) to his outstanding housing loan balance, and the excess, if any, shall be paid to the member’s designated beneficiaries.
In case the insurance proceeds shall not be sufficient to pay the member’s housing loan balance fully, the Fund shall offset the remaining amount against the member’s TAV.

13. What is the maximum loan term?
The loan shall be repaid at a maximum term of thirty (30) years .
The borrower shall be allowed to lengthen or shorten the loan term only once during the life of the loan.

14.  Who are accepted as co-makers if my salary did not meet the required amount?
A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which is secured by the same collateral, provided they are related within the second civil degree of consanguinity or affinity.

15.  Will there be re-computation or repricing of my loan after 3 years?
Yes.  For loans over Four Hundred Thousand Pesos (P400,000.00) up to Three Million Pesos (P3,000,000.00), Pag-IBIG Fund shall reprice the interest rate of the loans every three years at rates based on prevailing market rates at point of repricing,

16.  How shall I pay my Pag-IBIG housing loan?
a. Post-dated checks issued by the borrower, co-borrower or relatives up to the first civil degree of affinity or consanguinity, initially to cover the monthly amortizations.
Staggered payments for an amortization/installment period shall be allowed  provided the amortization is paid in full on or before the due date.

17.  How much is my penalty if I cannot pay on due date?
The borrower who fails to pay the full monthly amortization and/or other loan obligations when due shall pay a penalty of 1/20 of 1% of the amount due for every day of delay.

Credits to pagibigmlsblogspot
Note: Visit Pag-IBIG official website for updates and precise details as they may make any changes at any time.
54 Comments

Checklist of Requirements for Pag-IBIG Housing Loan

6/5/2013

2 Comments

 
CHECKLIST OF REQUIREMENTS:

  • Locally Employed:
1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. Income Documents
- Notarized Certificate of Employment & Compensation plus Latest (1) month payslip.
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.

  • OFW/POP:
1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. Latest Employment Contract and Photocopy of Passport.
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.
8. Special Power of Attorney (Authenticated by the Philippine Consulate, if applicable) with attached photocopy of ID of both principal and atty-in-fact.

  • Self-Employed:
1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. ITR (with OR of tax payment0, Audited Financial Statements
- DTI Registration and Mayor's Permit
- Franchise, OR/CR and Deed of Sale (for operators)
- Certificate of Engagement (for private drivers, maids, etc.)
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.

Note: It is best to visit Pag-IBIG official website for any updates and changes.

2 Comments

How to Avail a Pag-IBIG Acquired Asset?

6/5/2013

34 Comments

 
PROCESS/ STEPS OF PURCHASE:

  1. Inquiries and reviews list of acquired assets available for sale at the Acquired Asset Management Group, 2/F JELP Business Solutions Center, 409 Shaw Boulevard, Mandaluyong City or thru HDMF website. Note: Must call Pag-IBIG office at 6541398 to verify that the property is still available. Note: Choose unoccupied status property to avoid hassle.
  2. Inspect the property.
  3. Attend the Housing Loan counseling being conducted daily (Monday to Friday), 10:30 am at the 2/F JELP Business Solutions Center, 409 Shaw Boulevard, Mandaluyong City.
  4. Fill out the Reservation and Purchase Offer Form, indicating the chosen mode of payment and pay a non-refundable reservation fee of P1,000.00 (part of P3,000.00 processing fee).
  5. Received notice of Approval of Sale and Disclosure Statement on Loan Transaction within 15 days from submission of the Purchase Offer and payment of reservation fee.
  6. For cash purchase: Full payment of the selling price shall be made within 30 calendar days from receipt of the Approval of Sale. For purchase of housing loan program with Pag-IBIG Fund: Submit the complete documentary requirements (checklist on my other notes) within 30 calendar days from receipt of the Approval of Sale and pay the incidental expenses (P2,000.00 processing fee + 1 year advance insurance premiums + transfer cost).
  7. Execute  and submit notarized Contract-to-Sell (CTS) and other mortgage documents evidencing the loan in favor of the Fund.
  8. Start paying the monthly amortization after 30 days from date of signing/execution of the mortgage documents.

Get 30% discount (for cash buyers) and 25% discount (for those who will loan from Pag-IBIG Fund) in top of the affordable price listed online.

Note: I used to be accredited with Pag-IBIG's acquired assets but due to time constraint I wasn't able to work on this. It is still best to visit Pag-IBIG official website or office for this matter or for any updates and changes they may have.

34 Comments

Eligibility Requirements for Pag-IBIG Housing Loan Application

6/4/2013

2 Comments

 

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

  1. 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.
  2. 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;
  3. Has the legal capacity to acquire and encumber real property;
  4. Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;
  5. 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.
  6. 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;
  7. 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.

Note: It is best to visit Pag-IBIG official website for any updates and changes.

2 Comments

Pag-IBIG Monthly Contribution's Equivalent Loanable Amount

6/4/2013

8 Comments

 
Monthly Contribution - Loanable Amount

P 200.00 - P 500,000.00
P 250.00 - P 600,000.00
P 300.00 - P 700,000.00
P 350.00 - P 800,000.00

P 400.00 - P 900,000.00

And so on, meaning - Starting from our minimum P 200.00 contribution to Pag-IBIG we are allowed to loan an amount equivalent to P500,000.00 and any additional P50.00 to that is equivalent to an additional P100,000.00 loanable amount thereafter.

Note: It is best to visit Pag-IBIG official website for any updates and changes.

8 Comments

New Pag-IBIG Housing Loan Interest

6/3/2013

0 Comments

 

For Pag-IBIG member with P17,500 monthly gross salary and below
Pag-IBIG Housing Loan Interest is fix 6.5% up to 30 years.

For Pag-IBIG members with above P17, 500 monthly gross salary 
Pag-IBIG Housing Loan Interest is as follows:

First 3 years @ 7.985% annual interest
First 5 years @ 8.985% annual interest
First 10 years @ 10.0% annual interest
First 15 years @ 10.75% annual interest
Straight 30 years @ 12.25% annual interest
 
Note: It is best to visit Pag-IBIG official website for any updates or changes.

UPDATE: Latest Pag-IBIG housing loan interest as of July 1, 2017 
0 Comments
    Picture

    Author

    Hi. My name is Lyndy and I am a licensed real estate broker. I would be more than willing to assist with your real estate needs.

    Categories

    All
    How To Detect Fake Land Titles
    How To Verify License From PRC Website
    Pag-IBIG Acquired Asset
    Pag-IBIG FAQ's
    Pag-IBIG Housing Loan
    Pag-IBIG Housing Loan Application
    Pag-IBIG Housing Loan Interest
    Pag-IBIG Housing Loan Requirements
    Pag-IBIG Loanable Amount
    Pag-IBIG Monthly Contribution
    Pag-IBIG Online Application
    Why Transact With Licensed Real Estate Practitioners

    Archives

    July 2013
    June 2013

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • Home
  • Properties For Sale
    • House and Lot
    • Condominiums
    • Lots
    • Businesses
  • Interior Works
  • Blog
  • Contact Us