1 / 19

Loan Purpose

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;.

hyatt-black
Download Presentation

Loan Purpose

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 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

  2. 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;

  3. 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.

  4. 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

  5. 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)

  6. 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

  7. Loan Entitlement Based on Loan to Value Ratio

  8. INTEREST RATE

  9. INTEREST RATE Re-pricing every 3 years for loans over P400T to 3M

  10. 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

  11. 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

  12. 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.

  13. Loan Payment Applications of monthly payments in order of priority: • Penalties • Upgraded membership contributions • Insurance premiums • Interest, and • Principal

  14. 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

  15. 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

  16. Our Contact Details

  17. Thank you [Updated as of 30 Sept 2010]

More Related