Tag Archive: PAG-IBIG Housing Loan


May 03 - 2 (1)

Are you planning to buy a house soon?  Have you considered getting one through a Pag-IBIG housing loan?

Here are some facts and figures that could help you decide on availing a real estate property through your Pag-IBIG membership.

  • Lower interest rates for Regular Housing Loan

Effective February 14, 2018, the Pag-IBIG began offering home loan interest rates for as low as 5.67% per annum (from 5.5%) for a 1-year fixing period, and 6.37% per annum (from 6.5%) for a 3-year fixing period.  This applies to members who are willing to pay a 25% equity upfront.

Members can borrow up to P6-million, depending on their monthly salary and the loan may be payable up to 30 years.

Pag-IBIG boasts that their interest rates are at an all-time low this year (2018) and therefore, is the best time to avail of a housing loan from the agency.

  • More affordable pabahay for minimum-wage earners.

Lowest interest rate at 3% per annum.

Roughly P1,897.22 monthly amortization for the first five years of a P450,000 loan, over a 30-year repayment period).

No equity

For developer-assisted housing loans up to the prevailing maximum limit for socialized housing loan, the LTV ratio shall be 100% provided the developer’s License to Sell is for a socialized housing project and the loan purpose is for the purchase of a residential unit.

Longer loan term of up to 30 years.

Only 7 documents to apply!

  • Pag-IBIG offers Online Housing Loan Application.

You have the option to submit your application online at http://www.pagibigfund.gov.ph/HousingLoan

  • Housing Loan Programs Orientation
    • Every Saturday at 2/F JELP Business Solutions Building, 409 Shaw Blvd., Mandaluyong City
    • Every 2nd Saturday of the month at 3/F Lecture Hall B, Legislative Building, Quezon City Hall.
    • Every 3rd Saturday of the month at Rizal Provincial Capitol Multi-purpose Hall, Antipolo City

All orientation programs run from 9Am to 11AM and are given for free to all interested housing loan applicants.

For more information about Pag-IBIG housing loans, you may call their hotline at 02-724-4244 or visit their website at www.pagibigfund.gov.ph

 

Reference:  http://www.pagibigfund.gov.ph

 

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Apr 17 (2)

If you plan to apply for a Pag-IBIG housing loan soon, know that the first thing you need to do is attend a loan counseling session at designated Pag-IBIG offices.  To help you plan your trip to Pag-IBIG, here are their schedules for the said counseling session, as well as the addresses of the offices where they hold such talks:

  • Every TUESDAY and THURSDAY

3/F Training Room, Kamias MSB

#795 Anchor Center, Edsa, Quezon City

(Near GMA-Kamuning MRT Station)

  • Every SATURDAY

2/F JELP Business Solutions Building

409 Shaw Blvd., Mandaluyong City

  • Every 2ND SATURDAY OF THE MONTH

3/F Lecture Hall B, Legislative Building,

Quezon City Hall

  • Every 3RD SATURDAY OF THE MONTH

Rizal Provincial Capitol Multi-purpose Hall

Antipolo City

All orientations are scheduled to start at 9:00AM and will end at 11:00AM.  You do not need to pay anything to attend the seminar.  You just need to be at the venue or session hall on time, with a pen and paper for your notes.  You may approach any Pag-IBIG staff after the session if you have further questions.

Reference: www.pagibigfund.gov.ph

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Mar 13

Apart from being a member of the SSS, you will also be required by your employers to submit your Pag-IBIG membership number.  Pag-IBIG, or the Home Development Mutual Fund is a Government-owned and controlled corporation responsible for the administration of affordable shelter financing to Pinoys.

Like SSS, there are different types of membership under Pag-IBIG.  You could be an employed member, self-paying (or voluntary), self-employed, or an OFW.  Each type of membership has different sets of membership requirements and contribution rates.

If you have not yet signed up with the Pag-IBIG Fund, today’s blog is for you.  Read and share!

5 Steps to Become a Pag-IBIG Member for Employees

  1. Visit the nearest Pag-IBIG office in your area.
  2. Proceed to the Marketing and Enforcement Division.
  3. Request for a copy of the Membership Registration/Remittance Form or MMRF. You may also download and print a copy through this link: http://bit.ly/2IojV71
  4. Fill out 2 copies of the MMRF and submit to the MED, along with a Member’s Data Form. You may download a copy here:  http://bit.ly/2kpyO11
  5. Submit an SSS Coverage and Compliance Certificate for the current year. If you are a government employee, submit your GSIS Certificate of Membership.

Your Pag-IBIG number will be handed to you on the same day.

You also have the option to apply for your membership online through www.pagibigfundservices.com.  Most multi-national companies process the Pag-IBIG membership of newly-hired employees.

Once your Pag-IBIG number is issued, your employer may begin remitting your monthly contribution (deducted from your salary) to the agency.

How much should you contribute to the Pag-IBIG Fund?

Below is the Pag-IBIG Contribution Table for 2018:

Pagibig Contribution Table 2018

 

Self-paying Employees

If you prefer to personally remit your contributions to the Fund, you need to submit the following:

  • Certificate of Employment and Compensation
  • Latest pay slip
  • Company ID

For Self-employed Individuals

If you work from home, run your own business, or a self-employed professional, you may register as a Pag-IBIG member under the Self-employed category.  The following are required upon registration:

  • Latest Income Tax Return (ITR) with Financial Statement certified by an accountant.
  • PRC/BAR license (if licensed professional).
  • Certificate of Remittance / ESAV (for old members)
  • SEC or DTI Registration
  • Business Permit or Mayor’s Permit
  • Two 1×1 ID photos

For OFWs

Even while you are working abroad, you can still be a member of the Pag-IBIG Fund and contribute regularly.  The following are required upon registration:

  • Latest Contract of Employment stamped by POEA.
  • Passport or any valid ID
  • Certificate of Remittance/ESAV
  • Two 1×1 ID photos

If you are already deployed abroad, you can still have your membership and contributions facilitated by your spouse or relatives; you just need to execute a Special Power of Attorney to authorize them to transact with the Pag-IBIG Fund on your behalf.

For unemployed spouse

No longer employed and staying at home with the kids?  You can still be a member of the Fund and continue making regular contributions!  Just submit the following:

  • Letter of consent from the working spouse.
  • Certificate of Employment and Compensation of the working spouse.
  • Affidavit of Unemployment.

As a member of the Pag-IBIG Fund, you have the option to acquire a residential home for you and your family through easy payment terms.  You also have the privilege to apply for multi-purpose loans and are entitled to dividend payments upon retirement.  It is an additional means to save up for our future, apart from the SSS or GSIS.

Reference: www.pagibigfund.gov.ph

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07 - 31

Like your savings deposits in your bank, you also have the option to withdraw your contributions from the Home Development Mutual Fund (HDMF) or Pag-IBIG.  Each member has the right to refund their total accumulated savings or TAV, which includes their monthly savings, employer share, and total annual dividend earnings.

There are, however, certain criteria that a Pag-IBIG member needs to satisfy before he is deemed eligible to withdraw his contributions.

Find out how a member can qualify for Pag-IBIG fund withdrawal and the requirements when requesting for a refund.  Read on!

What are the criteria for membership termination and refunding of Pag-IBIG contributions?

A. Membership Maturity

  • Member must have at least 240 monthly membership contribution.
  • Pag-IBIG Overseas Program (POP) members should have accumulated 4, 10, 15, or 20 years contributions depending on the option chosen upon membership registration.

B. Retirement

  • Member must be at least 65 years old – the mandatory retiring age.
  • Optional retirement may be availed due to the following circumstances:
    • Actual retirement from the SSS, the GSIS, or a separate employer provident/ retirement plan, provided the member has at least reached age 45.

C. Permanent Total Disability or Insanity

  • Temporary total disability lasting continuously for more than 120 days;
  • Complete loss of sight of both eyes;
  • Loss of two limbs at or over the ankle or wrist;
  • Permanent complete paralysis of two limbs;
  • Brain injury resulting in incurable imbecility or insanity; and
  • Such other cases which are adjudged to be total and permanent disability by a duly licensed physician and approved by the Board of Trustees.

D. Termination from service by reason of health.

E. Permanent departure from the country.

F. Death

The benefits will be divided among the member’s legal heirs in accordance with the New Civil Code as amended by the New Family Code.

Requirements when claiming your Pag-IBIG Fund Refund

  1. Application for Provident Benefits Claim
  2. Pag-IBIG Transaction Card and one (1) valid ID card with photo and signature of claimant.
    • If the Pag-IBIG Transaction Card is not available, two (2) valid ID cards with photo and signature of claimant.
  3. Service Records (for government employees only).
  4. Statement of Service (for AFP)

Additional Requirements depending on reason for claim:

Death

  1. PSA Certified True Copy of Member’s Death Certificate 
  2. Notarized Proof of Surviving Legal Heirs
  3. PSA Certified True Copy of Birth Certificate of all children or Baptismal / Confirmation Certificate (if with children).
  4. Notarized Affidavit of Guardianship (if with children below 18 years old, or if child/children is/are physically or mentally incompetent).
  5. To establish kinship with the deceased member, the claimant shall submit any one of the following:
    • PSA Certified Tru Copy of Member’s/Claimant’s Birth Certificate
    • PSA Certified True Copy of Non-availability of Birth Record and Notarized Joint Affidavit of Two (2) Disinterested Persons.
    • Certified True Copy of Member’s / Claimant’s Baptismal / Confirmation Certificate.
    • If member is single, Certificate of No Marriage (CENOMAR).
    • If member is married, PSA Certified True Copy of Member’s Marriage Contract and Advisory on Marriage.

Retirement

  1. PSA Certified True Copy of Birth Certificate
  2. PSA Certified True Copy of Non-availability of Birth Record and Notarized Joint Affidavit of Two Disinterested Persons.
  3. Notarized Certificate of Early Retirement (for private employees only, at least 45 years old).
  4. GSIS Retirement Voucher (for government employees).
  5. Order of Retirement (for AFP).

Permanent Total Disability or Insanity / Termination from the Service by Reason of Health

Physician’s Certificate / Statement (with clinical or medical abstract).

Permanent Departure from the Country

  1. Photocopy of Passport with Immigrant Visa / Residence Visa / Settlement Visa or its equivalent.
  2. Notarized Sworn Declaration of Intention to Depart from the Philippines Permanently (no need to submit if already based abroad).

Procedure on how to claim refund:

  1. Visit the nearest Pag-IBIG Fund office in your area.
  2. Present your ID to a Pag-IBIG staff and inquire about fund withdrawal.
  3. Your Pag-IBIG account will be verified for any applied or outstanding housing loan or short-term loan.
  4. You will be advised to secure your application for Provident Benefits Claim after verification.
  5. Submit your application form and get your claim stub with the date when refund check is ready for pick-up.

You may request for your TAV print out by visiting the nearest Pag-IBIG office or by sending them an email at contactus@pagibigfund.gov.ph.

Source: www.pagibigfund.gov.ph

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01-18-2

We all know that the process of applying for a Housing Loan with the Pag-IBIG fund can be a long and daunting course.  Most of the time, applicants are compelled to take a leave from work and hop from one government office to another in order to complete the necessary documents.  After submitting all the documents, applicants are requested to wait for a long time before they are given the results of the Pag-IBIG’s evaluation.

Well, Pag-IBIG has some good news for housing loan applicants!

The Pag-IBIG Online Housing Loan Application has been launched and interested home buyers may now submit their applications online!  This makes the entire process of applying for a home loan so much easier because you can do it right at the comfort of your home!  The site is currently on its soft launch phase but all the links are working perfectly already.

Here are the updates you can expect from the simplified housing loan process:

  1. You may now apply for a Housing Loan online by logging in to http://www.pagibigfund.gov.ph/housingloan/.  Once logged, key in your MID Number (Membership ID Number) or your RTN (Registration Tracking Number) in order to access the application page.
  2. In the same site, you also have the option to view a rough estimate of your amortization using the Amortization Calculator.  There is a clickable link at the bottom of the page.
  3. If all the documents you have submitted for your loan have fully satisfied the requirements, you can expect to be given the results of your application in 20 days.
  4. From 14 basic documents, you are now only required to submit 7.  Take note though that the Pag-IBIG might require for additional papers, depending on the results of evaluation:
    • Housing Loan Application with recent ID photo
    • Proof of Income
    • One valid ID
    • Transfer Certificate of Title (TCT)
    • Updated Tax Declaration and Updated Real Estate Tax Receipt
    • Contract-to-sell
    • Vicinity Map

Apart from the online application, Pag-IBIG is also targeting to turn their offices into one-stop shops.  This means that members, beneficiaries, and applicants no longer need to go from one government office to another to secure copies of documents required by Pag-IBIG.  There will be designated desks in Pag-IBIG offices where applicants can simply request for copies of their documents and these will be processed while they wait (similar with the presence of LRA personnel in some Pag-IBIG offices).

Applicants may still file their housing loan applications in any of the 113 branches of Pag-IBIG.  Word of the wise: Pag-IBIG offices tend to have lesser foot traffic during the first two weeks of the month.  You may want to schedule your visit during these days.

Follow us for more updates on Pag-IBIG application processes!

Source: http://www.pagibigfund.gov.ph/housingloan/

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11-21

Wondering if you are already qualified to apply for a housing loan with Pag-IBIG?  Here’s how you can run a quick assessment based on the requirements published by Pag-IBIG.

There are four key considerations you need to take note of when applying for a housing loan:

  1. Your Pag-IBIG Membership
  2. Your Age
  3. Your Capacity to Pay
  4. Other Pag-IBIG loans you may have

What do you need to check before you submit your housing loan application?

  1. Your membership status.
    • Your membership must be tagged as active and you must have made a minimum of 24 monthly contributions at the time of your loan application.
    • If you have not made consecutive monthly contributions within the last 24 months, you may make a one-time payment to update your account. However, you need to wait for another 24 months before you can apply for a housing loan (some branches allow 12 months).
    • If there are more than one member who will be applying a loan for the same property, all of them must meet the membership status requirement.
    • Pag-IBIG allows up to three members to avail of a single housing loan provided that they are related with the second civil degree of consanguinity.
  2. Your age.
    • The borrower member must not be more than 65 years old at the time of the loan application.
    • The borrower member must not be more than 70 years old at the date of maturity.
    • The borrower member must be insurable.
  3. Your capacity to pay.
    • Your monthly amortization should not be more than 40% of your Net Disposable Income. You may request for a Monthly Amortization and Net Disposable table from Pag-IBIG; you may use this as a reference of monthly amortization rates based on the total loanable amount.
    • You must be prepared with the funds for down payment or equity.
    • You must also have an updated file of your proof of income such as your Pay Slips, Income Statements, Employment Contract where your salary is indicated.
  4. Other Pag-IBIG Loans.
    • You may only apply for and be granted one housing loan at a time.
    • Any previous housing loans with Pag-IBIG must not have been foreclosed, cancelled, or bought back.
    • Payments for outstanding Multi-Purpose Loan must be updated and must not be in arrears at the time of application.

The best time to apply for a housing loan is while you’re in your 30s and early 40s.  Should you get disqualified on your first application, you can always try again after a year or two.

The secret is in keeping your Pag-IBIG contributions updated all the time and maintaining a good credit score.

Good luck on your housing loan application!

Sources:

http://www.pagibigfund.gov.ph/

How To Check If You Are Qualified For A Pag-IBIG Housing Loan

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The highlight of an individual’s adult life is when he begins acquiring assets out of the money he earned from his employment or business. Our foremost dream is to be able to purchase our own home where our family can reside safely and peacefully.

With Pag-IBIG’s housing loan, buying a house has become easier and more affordable for the Filipino. So if you are planning on buying a house, a condominium or townhouse unit, and thinking of getting it through a Pag-IBIG Housing loan, here are the requirements and processes you need to undergo. It may look like a long list but believe me, it is a lot easier than most of us think.

This was lifted from the Pag-IBIG website: www.pagibigfund.gov.ph

  1. Get your checklist of requirements, Housing Loan (HL) application form and other related forms at:
    • For NCR Accounts: Servicing Department, 2nd floor JELP Business Solutions Building, 409 Shaw Boulevard, Mandaluyong City
    • For Provincial Accounts: Any provincial Pag-IBIG branch office.
    • You may also access the form at www.pagibigfund.gov.ph, click on “Forms”
    • Accomplish the following forms prior to filing:
      • Health Statement form (Medical Questionnaire)
        • For OFW members over 60 years old
        • For Loans over P2M to P6M and for borrowers aged up to 60 years old.
      • Health Statement Form (Medical Questionnaire) and Full Medical Examination
        • Borrowers over 60 years old
  2. Submit your Housing Loan Application to the Pag-IBIG Fund with complete requirements. Pay partial processing fee of P1,000 (non refundable).
    • For NCR Properties, file at any of the following:
      • JELP Business Solutions Building: 409 Shaw Blvd., Mandaluyong City
      • Kamias Branch: 795 Anchor Center EDSA, Quezon City
      • Imus Branch: Olma Bldg., Emilio Aguinaldo Highway, Imus, Cavite
      • Provincial Properties: To be filed at the Pag-IBIG office nearest the subject property
      • Processing period: 20 working days (inclusive of Credit Investigation and Property Valuation)
      • You may also file your HL application online via www.pagibigfund.gov.ph, click “E-Services”.
  3. Receive your Notice of Approval (NOA)/Letter of Guaranty (LOG) and sign your loan documents.
    • NOA will be released ONLY to the borrower or to the Attorney-In-Fact for OFW borrowers, provided with SPA.
  4. Accomplish your NOA requirements for check release
    • You are given 90 calendar days to do the following:
      • For purchase of House and Lot/Purchase of Condominium Unit/Purchase of Lot
        • Give LOG to the seller
        • Proceed to the BIR for payment of Capital Gains Tax and Documentary Stamp Tax. The BIR will issue Certificate Authorizing Registration.
        • Proceed to the Local Government Unit (LGU) for payment of Transfer Tax
        • Proceed to the Registry of Deeds (RD) for the transfer of the title and annotation of mortgage
        • Proceed to the LGU for the transfer of Tax Declaration
        • Submit complete requirements to Pag-IBIG Fund.
      • For purchase of House and Lot mortgaged with Pag-IBIG Fund
        • Proceed to the BIR for payment of Capital Gains Tax and Documentary Stamp Tax. The BIR will issue Certificate Authorizing Registration
        • Proceed to the Local Government Unit (LGU) for payment of Transfer Tax
        • Go to the Pag-IBIG office to schedule trip to the Registry of Deeds (RD) for transfer of title and annotation of mortgage
        • Proceed to the LGU for transfer of Tax Declaration
        • Submit complete requirements to Pag-IBIG Fund
      • For construction of House/Home Improvement
        • Proceed to the BIR for payment of Documentary Stamp Tax
        • Proceed to the Registry of Deeds (RD) for annotation of mortgage.
        • Submit complete requirements to Pag-IBIG Fund.
      • For refinancing
        • Proceed to the bank/financing institution to give the Letter of Guaranty (LOG) and Loan and Mortgage Agreement (LMA).
        • Proceed to the Registry of Deeds (RD) for annotation of mortgage.
        • Submit complete requirements to Pag-IBIG Fund.
  5. Receive loan proceeds at the Pag-IBIG Fund
    • Payee to bring two (2) valid IDs. (Payee is either the borrower, the seller, or a third party to which the loan proceeds is assigned to be released). Borrower to bring 12 PDCs (if payment is not thru Salary Deduction).
    • Loan proceeds will be released to the person/institution assigned by the borrower/buyer.
  6. Start paying your monthly amortization.
    • One month from the DV/Check Date
    • For house construction/home improvement, one month from DV Check Date of the final loan release.
      • For house construction or home improvement, the loan release shall be staggered on progress of construction.

The list of requirements can be accessed here. The list includes the PSA Birth Certificate of the borrower and co-borrowers included in the computation of the aggregate income. If you are married, you would also need to submit your PSA Marriage Certificate.

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