Tag Archive: PAG-IBIG


7 July 15

I found this super helpful article in Rappler that I think will help this year’s high school and college graduates secure their government IDs and other documents that are required when applying for a job.  When I was a fresh graduate myself, I dreaded making trips to government offices because of the long lines and wait time.  I remember when I applied for my Pag-IBIG number, I had to make two trips to their main office because I did not have a copy of my (NSO) birth certificate when I first came!  Imagine the hassle!

If I had this list then, I would have been able to secure all my IDs and membership numbers in less than five days.  So for those of you who are just getting a head start on this thing called adulating, here’s something that I hope can help you.

SSS:

  1. Prepare the required documents.

For the complete list of required documents to secure an SSS number, please visit their website at www.sss.gov.ph.  But let me tell you now, you need an original copy of your PSA birth certificate when securing an SSS number. You can order at www.psahelpline.ph and have it delivered to you instead.

  1. Accomplish the online form.

You’ll need a working and accessible email account so make sure yours is working.  SSS will send a link to your email address and they will ask for further details from you (to verify that you truly are who you say you are).  The link will expire in 5 days so do check your email diligently and reply as soon as you can.

  1. Review your details.

Always double check the entries you made on the form before hitting the “submit” button.  When sure, click the Generate SSS number button.

  1. Print a copy of the documents and bring these to the nearest SSS branch.

Along with your PSA birth certificate and other requirements, submit the print-out to the nearest SSS branch.  Make sure to bring photocopies, just in case.

PhilHealth:

  1. Prepare copies of accomplished PhilHealth Member Registration Form (PMRF) and two copies of your latest 1×1 ID photos.
  2. Bring two valid IDs or a copy of your PSA birth certificate.

Submit all of the above to PhilHealth in order to get your PhilHealth number.

 

NBI:

You can now apply for an NBI clearance online.  Just follow these simple steps:

  1. Log on to nbi-clearance.com and register to a new account.
  2. Fill out the online form and click the I accept the Terms of Service box; read the terms and then click the I agree button.
  3. Wait for your account confirmation and as soon as it is activated, fill out the form and save your information.
  4. You may now secure an appointment with the NBI.
  5. Indicate the type of ID you will be bringing to your appointment. Make sure that this is a valid ID.
  6. Choose the date and NBI branch where you want to get your clearance. And then choose the mode of payment you prefer for your reservation.
  7. Pay the required fee and then log back to the website to register your account. You will see if your payment has been posted already: the status will either be paid (payment has posted) or pending (payment has not yet posted). Save a copy of the application form or take a screenshot with your phone; make sure that the reference number is clear and readable.
  8. On the date of your appointment, proceed to your chosen NBI branch and bring 2 valid IDs that you declared in your application, as well as the NBI clearance payment receipt.
  9. Upon reaching the NBI office, proceed to the image capturing section and biometrics so they can collect your information.
  10. The staff will ask you to review all your information before printing. If you do not have a “hit”, you will be able to get your clearance immediately. If you have a “hit” (meaning records match your name), you will have to wait for a few more days before you are issued your clearance.

Pag-IBIG:

Just like the SSS, you can now register online to apply for a Pag-IBIG membership.

  1. Log on to the Pag-IBIG website at www.pagibigfund.gov.ph and click the online registration link. You will be taken to a page where you need to key in your details.
  2. After you have double-checked that all entries are correct, submit your online form and wait for your Registration Tracking Number.
  3. Your Registration Tracking Number will serve as your temporary number while you are waiting for your permanent Pag-IBIG number.

 

UMID (Unified Multi-purpose ID)

  1. Print out this form, fill out and submit to the nearest SSS branch.
  2. After submitting, line up and have your photo, fingerprints, and signature taken.
  3. Your UMID card will be delivered to you within 30 calendar days (or longer, just wait.).
  4. When you receive your UMID card, you need to activate this. You can proceed to any SSS branch or selected kiosks in malls for the activation.

Questions? Send us an email!

Source: www.rappler.com

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3 Mar 21.jpg

Now that we have the list of documents and IDs that can be presented when registering for a National ID, we shall be sharing the areas of registration centers where citizens and resident aliens can submit their application.  The following list was lifted from the Implementing Rules and Regulations of the RA 11055 or the Philippine Identification System Act.

Section 8. Registration

  1. Registration Centers

Every citizen or resident alien shall register personally in any of the following registration centers that have the necessary facilities to capture the information required to be contained in the registry.  These registration center shall be made available one year after the effectivity of this Act:

  • Philippine Statistics Authority (PSA) Regional and Provincial Offices;
  • Local Civil Registry Offices (LCROs);
  • Government Service Insurance System (GSIS) for its members and their dependents;
  • Social Security System (SSS) for its members and their dependents;
  • Philippine Health Insurance Corporation (PhilHealth);
  • Home Development Mutual Fund (HDMF);
  • Commission on Elections (COMELEC);
  • Philippine Postal Corporation (PHLPost); and
  • Other government agencies and GOCCs as may be assigned by the PSA.

Take note:

  • The list of offices of the above-mentioned agencies, which will be designated as registration centers, shall be posted on the PSA website.
  • The above agencies shall each designate an area for the setting up of registration centers by the PSA.  The PSA shall provide the necessary facilities, manpower, equipment, registration system, and resources to carry out the registration in the registration centers.
  • In the case of Filipino citizens residing abroad, the registration shall be made in the nearest Philippine Embassy or Philippine Foreign Service post, or other registration centers that may be designated by the Department of Foreign Affairs in coordination with the PSA.

 

Source:

www.psa.gov.ph

https://bit.ly/2Tfvhyv (PDF Copy of the IRR)

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1 jan 28 (1)

Last January 18, I personally filed my application for a Pag-IBIG Multi-purpose Loan (or salary loan) at the Pag-IBIG office in Intramuros, Manila.  This is actually the third time I renewed my loan but decided to write about it only now because of the significant improvement in speed and efficiency I experienced at this particular branch.  I was so happy and satisfied that I even took pictures of their newly refurbished office!

I hope today’s article could help you better prepare for your trip to a Pag-IBIG office.

What to do BEFORE going to Pag-IBIG:

  1. The first thing I did was ask for a Multi-purpose Loan Form from our office (it could be at your HR or finance department). I filled out the form and had two of my colleagues sign as witnesses (or co-makers). After that, I submitted it back to the head of our Finance Department for their verification and signature.

You can also download and print a copy of the form here.

  1. I was advised by our Finance Department to prepare a photocopy of the following before going to Pag-IBIG:
  • Front and back photocopies of 2 valid IDs (I photocopied my PhilHealth insurance card and my company ID)’
  • Photocopy of one-month pay slip (I used my December 2018 – always use the latest pay slip.)
  1. Bring the same IDs with you when you go to Pag-IBIG just in case they ask you to present it for verification. Make sure that your photocopies are clear and readable.

What to do DURING the application at Pag-IBIG:

  1. Upon entering the Pag-IBIG office, the lady at the receiving desk will ask you what is the purpose of your visit and check your documents. If your papers are complete, she will give you a number and will direct you to the counter that is processing your application. If your documents are incomplete, she will give you a list and will advise you to come back as soon as you have all the requirements ready.  In my case, I was given a number and was advised to proceed to counter 6.
  2. I only had to wait for about 10 minutes for my number to be called. In fact, way before it was my turn, the gentleman at the counter already asked for my documents and lined it up with the rest. When he called my number (D78), he checked that all my documents are accurately filled out and signed and then asked me to do the following:
  • Make 2 more photocopies of my IDs
  • Make 2 more photocopies of my payslip
  • Sign all photocopied sheets and submit all to him.
  1. When I headed back to his desk with the fresh prints, he reviewed my account in his computer. That was when I was able to take a peek at his screen and saw the total proceeds of my new loan. Remember, this is a loan renewal and I still had a few more months in my account before my previous loan is fully paid up.  Pag-IBIG allows loan renewal after six months of amortizing your first loan.
  2. He then handed me my Landbank ATM and told me to get a new number for the “Check Releasing” counter so I can get my card’s PIN. I said I already had the Citibank cash card (from my previous multi-purpose loans); he said that Pag-IBIG has since changed its partner bank for loan disbursement and now uses Landbank.
  3. I went back to the lady by the entrance of the building and asked for a new queuing number for the Check Releasing counter. When my number was called (which was no more than 5 minutes later), the lady at the Check Releasing counter told me to wait for 3 to 5 working days for the approval of my loan and the proceeds to be credited to my Landbank cash card.  She then advised me to carefully tear open the slip containing my card’s PIN and to change it as soon as I find a Landbank ATM.

That was the last process I had to go through.  I arrived at the Pag-IBIG office at 9:47AM and was done with my application by 10:27AM.  I was able to complete my errand in less than an hour on a Friday morning!  Now that’s pretty impressive, as far as transacting with government offices go.

What to do AFTER submitting your loan application:

Basically, all I had to do was wait for the third business day from the day I got my cash card.  Since I submitted my loan application on a Friday, I expected to be able to access my card on Wednesday of the following week.

I tried checking my balance on Wednesday morning (January 23) but I used a BDO ATM (the only one that is nearest to our office).  Sadly, I got a prompt that said: “Could not access card”, or something to that effect.  I waited a bit more and by lunchtime, I received a text message from PagIBIGFund telling me that my MPL application has been approved.  The message included the net proceeds of my loan and the amount of my monthly amortization and when it will start.

I immediately proceeded to a Landbank ATM to withdraw the cash.  It was only then that I realized the reason why I could not access the card from any other ATM: I had to change the PIN as it was the first time I was going to use it.

I did and then was able to check the actual contents of my account.  And so using my new PIN, I was able to withdraw my loan’s proceeds!  Exactly on the third business day after I submitted my loan application!

Based on the text message I received, I am to begin paying for my loan on April 15, 2019.  That means that my January to March pay slips will reflect that I have already paid up my previous Pag-IBIG salary loan (so expect to see a slightly higher amount in my ATM until before April).  Since this is a salary loan, I leave it up to our Finance department to process the necessary deductions and remittance to Pag-IBIG.

Easy does it, huh?  Below are the actual photos I took during my loan application.  Sorry, I am truly not a very good photographer.

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This is the main entrance of the Pag-IBIG office in Intramuros.  Their address is: Postigo Street, Intramuros, Manila.  It is a stone’s throw away from the COMELEC headquarters.

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This is basically how the waiting area looks like now; no more long lines of people waiting for their numbers to be called, nor monobloc chairs that were really uncomfortable if you have to sit for long hours.  The room is well-lit and air-conditioned; you really would not mind waiting as it was truly comfortable inside.

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multi-purpose loan application

This was one of the three counters dedicated to assisting and processing applications for MPL (multi-purpose loans).  I was assigned to counter 7 though.

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While I was waiting for my number to be called at the “Check Releasing” desk (this was the last step of the MPL application where I will be given my card’s PIN), I took a picture of the counters right beside me.  These are new counters built for members who are making voluntary contributions and other payments for the Pag-IBIG memberships and loans.  See how organized and roomy it is now?

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And here is a photo I took right before I was called for my PIN.  The lady behind that counter happily accommodated my last-minute questions about my loan.

Overall, my experience at the “newly refurbished” office of the Pag-IBIG in Intramuros was remarkable.  I remember visiting this same office in December 2017 and we had to spend the whole day there just to file our MPLs.  It was humid inside and people were grabbing on to chairs as there were not enough available to accommodate the crowd.  The scenario last January 18 was a far cry from my 2017 visit and I am truly impressed.

If you have any questions about Pag-IBIG, you may call their hotline at 02-724-4244.  They are available 24×7.

 

 

1 jan 24

If you are an employed member of the Pag-IBIG and the SSS, you shall, at one point, be entitled to salary loans from these government agencies.  The good thing about getting a government-issued personal loan is that they offer low-interest rates compared to getting a loan from the bank or a private lending company.  Your monthly loan payments are deducted from your salary so it’s convenient… and consistent (which is really important in all types of loan repayments!).

So if you have not decided yet if you should get a Pag-IBIG MP Loan or an SSS Salary Loan (or both!), let us help you with the following comparisons, from requirements to eligibility to the amount that you can possibly borrow based on your total contributions.

Read on!

Pag-IBIG Multi-purpose Loan SSS Salary Loan
Requirements:

  • 24 monthly membership savings
  • Have paid at least one monthly contribution within the last six months before the loan application date.
  • Any other existing Pag-IBIG loan (calamity, housing) must not be in default before applying for an MPL.
Requirements:

  • If the loan is worth your one-month salary, you must have paid at least 36 total monthly contributions.
  • Must have paid at least six monthly contributions within the last 12 months before the loan application date.
  • If your loan is worth two months of your salary, you must have a minimum of 72 total monthly contributions and six monthly contributions within the last 12 months.
  • Must not be over 65 years old and has not received final benefits from the agency such as retirement, total permanent disability, etc.
Loan Amount:

  • The loan amount depends on the member’s preferred loan amount, entitlement, and capacity to pay – whichever is the lowest.
  • A member can borrow up to 80% of his Total Accumulated Value (TAV).  It consists of the member’s monthly contributions, employer’s contributions, and accumulated Pag-IBIG dividends.
  • If you have an existing calamity loan
Loan Amount:

  • SSS members with at least 36 monthly contributions can borrow an amount that is equal to their one-month salary, up to Php 15,000.
  • Members with at least 72 monthly contributions are entitled to a 2-month loan worth twice their salary up to Php 30,000.

 

Loan Interest Rates and Fees:

  • 10.75% per year throughout the loan term.
  • No processing fee.
  • 0.5% fee is imposed on the unpaid amount for every month of late payment.
Loan Interest Rates and Fees:

  • 10% annual interest rate on the outstanding principal balance.
  • This is based on diminished principal balance; the interest becomes lower as the loan is paid.
  • A service fee of 1% of the total loan amount for each SSS salary loan processing.
  • 1% penalty per month for unpaid months.
How long does it take to process loans?

  • 3 to 5 working days from the date of submission to Pag-IBIG.
How long does it take to process loans?

  • 2 to 3 weeks whether you apply online or at an SSS branch.
How will the loan proceeds be released to the member?

  • Pag-IBIG will issue the borrower a Landbank Cash Card.  This is where the proceeds will be deposited.
  • The borrower will receive a text message when his loan is approved and credited to the cash card.
How will the loan proceeds be released to the member?

  • SSS will send a check payable to the member-borrower.
  • If the borrower has a UMID card activated for ATM functionality, it can also be credited there.
What are the repayment terms of Pag-IBIG?

  • 24-month repayment term.
  • Monthly amortization starts in the second month from the loan approval date.
  • Paid monthly via salary deduction.
  • Self-employed and voluntary members can pay at any accredited banks and payment centers.
What are the repayment terms of Pag-IBIG?

  • 24-month repayment term.
  • Monthly amortization starts in the second month from the loan approval date.
  • Paid monthly via salary deduction.
  • Self-employed and voluntary members can pay at any accredited banks and payment centers.

I actually applied for a Pag-IBIG multi-purpose loan last week.  I will write about my experience next week. Come visit us again!

 

Sources:

www.sss.gov.ph

www.pagibig.gov.ph

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1 jan 17

Pag-IBIG offers the provision of home financing programs for both new and repossessed (or acquired) housing properties that were developed by Pag-IBIG.  Active members have the option to purchase an acquired Pag-IBIG property at negotiated rates.

Acquired assets are foreclosed properties (house and lot) that are auctioned off by Pag-IBIG to the public at cheaper rates.  These are not “brand new” houses; these are properties that are repossessed due to non-payment of the original owners.  Once auctioned by Pag-IBIG, it becomes a possible alternative for other active members that are unable to take on the costs of a brand new housing unit.

If you are thinking of applying for a Pag-IBIG housing loan, it may be good to weigh your options and see if an acquired asset is something you can consider.

Here are the steps and requirements needed when applying for a Pag-IBIG loan for acquired properties under negotiated sale:

  1. Reserve the property and pay the Php 1,000 reservation fee (non-refundable/non-transferrable). Bring one valid ID and choose among the following modes of payment:
  • Cash – 30% discount; payment term of 1 month.
  • Installment – 20% discount; up tp 12 months only, with 12% interest rate per annum.
  • Housing Loan – 10% discount, for qualified members of Pag-IBIG Fund; up to 30 years, provided that borrower’s age shall not exceed 70 years old at date of loan maturity.
  1. For purchase through housing loan, submit the complete documentary requirements within 30 calendar days from payment of reservation fee and pay the processing fee of Php 2,000 and Documentary Stamp Tax of Php 100.00.
  2. Receive the Notice of Approval of Loan and pay the one (1) year advance insurance premiums within 30 days.
  3. Execute and submit the notarized Deed of Conditional Sale and other mortgage documents evidencing the loan in favor of the Fund.

Below are the BASIC REQUIREMENTS for:

SELF-EMPLOYED applicants:

  • Accomplished Buyer’s Information Sheet (2 copies) with recent 1×1 ID photo (2 copies).
  • One (1) valid ID (photocopy, back to back) of Principal Buyer and Spouse, Co-Buyer and Spouse, if applicable.
  • Proof of Income for (any of the following):
    1. Owned Business
      • Income Tax Return (ITR)
      • Audited Financial Statements
      • Official Receipt of Tax Payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit.
    2. Commission Base
      • Commission Vouchers reflecting the issuer’s name and contract details (for the last 12 months).
    3. Drivers
      • Certified True Copy of Transport Franchise issued by an appropriated government agency (LGU for tricycles, LTFRB for other PUVs).
    4. Foreign Remittances and Pensions
      • Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.
    5. Rental Payments
      • Copy of Lease Contract and Tax Declaration (if income is derived from rental payments).
    6. Sari-sari Store/Mini Groceries, Sub-contractor, On-call Maintenance, Technician
      • Brgy. Certificate/Clearance
      • Properly Accomplished Certificate of Engagement, duly notarized.

Additional Requirements:

  • Copy of Frequently Asked Questions (FAQs) with signature.
  • Photocopy of Php 1,000 reservation fee receipts.
  • Photocopy of 1 valid ID of the signatory in the Certificate of Engagement
  • Insurance Coverage (if applicable only)
    • Health Statement form (Medical Questionnaire)
      • For borrowers over 60 years old
      • For borrowers up to 60 years old, if loans are over P2.0M to P6.0M
    • Health Statement Form (Medical Questionnaire) and a copy of the result of a medical examination conducted prior to assignment overseas as required by the employment agency.
    • For OFW borrowers over 60 years old.

Locally Employed

Basic Requirements:

  • Accomplished Buyer’s Information Sheet (2 copies) with recent 1×1 ID photo (2 copies)
  • One (1) valid ID (photocopy, back to back) of Principal Buyer and Spouse, Co-buyer and Spouse, if applicable.
  • Proof of Income (any of the following):
    • Notarized Certificate of Employment and Compensation (CEC) indicating the gross monthly income and monthly allowances or monthly benefits received by the employee.
    • Certified One (1) month payslip, within the last three (3) months prior to date of loan application.
    • Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with attached BIR Form No. 2316, stamped received by the BIR.

Note: Government employees must present one-month payslip issued within the last three months prior to the date of loan application and submitted together with CEC or ITR.

Additional Requirements:

  • Copy of Frequently Asked Questions (FAQs) with signature.
  • Photocopy of Php 1,000 reservation fee receipt.

Insurance Coverage (if applicable only)

  • Health Statement Form (Medical Questionnaire)
    • For borrowers over 60 years old
    • For borrowers up to 60 years old, if loans are over P2.0M to P6.0M
  • Health Statement Form (Medical Questionnaire) and a copy of the result of the medical examination conducted prior to assignment overseas as required by the employment agency.
    • For OFW borrowers over 60 years old.

If you have more questions about Pag-IBIG’s acquired assets, you may call their hotline at 02-724-4244.  They are available 24×7.

Source: www.pagibigfund.gov.ph

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1 jan 16

Active members of the Pag-IBIG Fund are entitled to avail of housing loan privileges; you can choose to build a house, buy one that is up for sale, or choose from among Pag-IBIG’s acquired assets.  It is the most affordable means to own a home through its payment terms and low interest rates.

To help you get started on your housing loan application, we are sharing Pag-IBIG’s six simple steps as published on their website.

  1. Get your CHECKLIST OF REQUIREMENTS.
  • Housing Loan (HL) application form and other related forms are available at the Servicing Department, 2nd floor JELP Business Solutions Bldg., #409 Shaw Blvd., Mandaluyong City (for NCR accounts) or at any provincial branch office (for provincial accounts). These forms are also downloadable at pagibigfund.gov.ph.
    • Health Statement Form (Medical Questionnaire)
      • For OFW applicants over 60 years old.
      • Loans over P2M to P6M and for borrowers aged up to 60 years old.
    • Health Statement Form (Medical Questionnaire) and Full Medical Examination
      • All borrowers over 60 years old.
  1. Submit your Housing Loan Application to the Pag-IBIG Fund with complete requirements. Pay partial processing fee of Php 1,000 (non-refundable).
  • For NCR properties, file at any of the following:
    • JELP Business Solutions Building – Shaw Blvd., Mandaluyong City.
    • Kamias Branch – #795 Anchor Center EDSA, Quezon City (near GMA Kamuning Station)
    • 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 housing loan application via www.pagibigfund.gov.ph, click “E-Services”.

  1. 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.
  1. 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 the Pag-IBIG Fund.
  • For purchase of House and Lot Mortgaged with Pag-IBIG Fund
    • Proceed to the BIR for payment of Captial 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 a trip to the Registry of Deeds (RD) for transfer of title and annotation of the mortgage.
    • Proceed to the LGU for transfer of Tax Declaration.
    • Submit complete requirements to the Pag-IBIG Fund.
  • For the 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 the mortgage.
    • Submit complete requirements to the 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 the mortgage.
    • Submit complete requirements to the Pag-IBIG Fund.
  1. Receive loan proceeds at the Pag-IBIG Fund
  • Payee to bring two (2) valid IDs.
  • The payee is either the:
    • Borrower
    • Seller
    • The third party to which the loan proceeds are 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.
  1. Start paying your monthly amortization.
  • One month from 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 based on progress of construction.

For more information on Pag-IBIG Housing Loan or any question you may have regarding your Pag-IBIG membership, you may call their hotline at 02-724-4244.

Have you tried applying for a home loan at the Pag-IBIG? Tell us about your experience!

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

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May 07

If you are a member of the Social Security System and the Home Development Mutual Fund or Pag-IBIG (HDMF), you have various privileges such as short-term loan applications, housing loans, educational loans, and retirement benefits.  You have the option to choose one from the other or maximize both.

Today we are going to feature the similarities and differences between one of the most common loan applications offered by both agencies – salary loan.  Both are popular among employed Pinoy members because both offer lower interest rates and light payment schemes.

If you are thinking of borrowing money from a bank or any other lending facility, it may help to read first on the following facts about SSS and Pag-IBIG salary loans.

What are the requirements when applying for a salary loan?

The primary requirements are that you have to be an active member of either Pag-IBIG or SSS and have paid the minimum contributions prescribed by the agencies.

  • Pag-IBIG requires the following in terms of membership:
    • 24 monthly membership savings;
    • Have paid at least one monthly contribution within the last six months before your loan application date.
    • Any existing Pag-IBIG multi-purpose loan, calamity, or housing loan must not be in default at the time of your new loan application.
  • SSS requires the following in terms of membership:
    • If you are applying for a loan that is worth your one-month salary, you must have paid at least 36 total monthly contributions and at least six monthly contributions within the last 12 months before your loan application date.
    • For two-month salary loans, the minimum requirements are 72 total monthly contributions and 6 monthly contributions within the last 12 months.
    • Make sure that your employer has remitted all your SSS contributions on time. You may check the updates on your contributions online by signing up for a My.SSS account at the SSS website.

How much can you borrow from Pag-IBIG and SSS?

  • Pag-IBIG
    • Amount of loan will depend on your preferred loan amount, loan entitlement or capacity to pay, whichever is lowest.
    • A qualified member borrower may borrow 80% of his total accumulated value (TAV) which consists of all his monthly contributions, employer’s contributions, and accumulated Pag-IBIG dividends.
    • If the borrower has an exsisting calamity loan, Pag-IBIG will deduct the calamity loan’s outstanding balance from the 80% of the TAV.
  • SSS
    • Qualified SSS member borrowers may borrow an amount equal to their one-month salary, up to P15,000.  Those with at least 72 monthly contributions are entitled to a two-month loan worth twice their salary up to P30,000.
    • To determine the loan amount, SSS shall get the average of the loan applicant’s monthly salary for the last 12 months of employment.

What are the loan interest rates and fees?

Interest rates:

  • Pag-IBIG imposes an interest rate of 10.75% per year throughout the loan term.
  • SSS charges a 10% annual interest rate on the outstanding principal balance.

Both agencies base the interest computation on diminished principal balance, which means that the interest becomes lower as the loan gets paid over time.

Loan processing fees:

The SSS deducts a service fee of 1% of the total loan amount; Pag-IBIG does not come with a processing fee.

Late payment penalties:

  • Pag-IBIG charges 0.5% of the unpaid amount for every month of late payment.
  • SSS charges 1% per month of late payment.

How long does it take for the agencies to process salary loan applications?

Pag-IBIG takes about three to five working days to be approved and released, while SSS takes about two to three weeks, whether applied online or over-the-counter at an SSS office.

Should the agencies find any discrepancy in your account, the approval and release of proceeds might take even longer.

 How will the loan proceeds be released to the borrower?

  • Pag-IBIG
    • ATM withdrawal using a prepaid or cash card (from Citibank, Development Bank of the Philippines, or Landbank);
    • Bank account via Landbank’s Payroll Credit Systems Validation (PACSVAL) facility;
    • Check payable to the borrower.
  • SSS
    • Check or ATM withdrawal through their UMID card (you need to have your UMID card activated for ATM functionality.

What are the repayment terms?

  • Both agencies offer a maximum loan term of 24 months, starting on the second month from the loan approval date.
  • Both are paid monthly via salary deduction.  If the borrower is self-employed or is a voluntary member, loan installment payments may be done at any Pag-IBIG or SSS branch or any accredited bank or payment center.

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References:

www.sss.gov.ph

www.pagibigfund.gov.ph

 

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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