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Wednesday, August 12, 2015

Pag-ibig Housing Loan Seminar

A post shared by Bryant Ocampo (@bryantdmo) on

Pag-ibig Housing Loan will require you to attend their seminar once the developer of your house or subdivision (if you have one) received the notice of approval for your account.

Personal appearance in the seminar is an additional requirement before Pag-ibig will take-out your loan from your in-house financing or developer.

It is a short and quick seminar by  a credit investigator of Pagibig, about 45 minutes, with a question and answer portion; so that know what you are getting-in to.

Here are the 10 things I have learned:

1. Contribution
For local employees, our normal monthly contribution to Pagibig is PHP200. It is divided into two, PHP100 from you and PHP100 from your employer.

If you're monthly contribution is PHP100, you can avail a housing loan worth PHP500,000. If the house is worth more than that, additional PHP250 per month for every PHP100,000 succeeding price.

2. Insurance
Your housing loan comes with two insurances, MRI (Mortgage Redemption Insurance) and Fire Insurance.

MRI insurance is, when the borrower died from natural cause of death, the insurance will pay for the whole remaining month.

If the cause of death is intentional like suicide, the immediate family will continue the remaining loan of the borrower.

If it's an accident, it will be under investigation before the insurance will pay-off your loan to determine if it is not intentional or not your fault.

Fire Insurance, same as above, must not be intentional but will only pay for the original part of the house that was destroyed by fire and not the improvements like extensions.

3. PDC
PDC or Post Dated Check is required on your first 24 monthly amortization, so you have to issue 24 PDC.

If you have no checking account yet, you may ask your developer if they issue a referral letter to open a checking account in a bank if they have a partner bank.

4. Monthly Amortization
After 24 months, you have now a choice if you want your monthly amortization be paid through Pagibig office, bank/bayad center, or salary deduction.

In salary deduction, if your payment has been delayed, you will not pay for the penalty but your employer, from your employer's pocket.

5. Penalty
Penalty is 1/20 of 1% of the amount due per day of delay.

Unpaid monthly amortization should only be paid on Pag-ibig branches because banks and other payment center will not compute or they are not aware of your penalties.

6. Excess Payment
After 24 months, you have now an option to pay more than your monthly amortization.

Paying in advance or with excess will help lessen interest or shorten your terms of payment.

If you want to pay in advance or with excess, you may pay only at Pagibig branches, so you can specify where to put your advance or excess payment.

7. Transfer of Title
After 24 months, title will now be processed to transfer it under your name.

If you have been a good payer, processing of transfer to your name should be easy and quick, else it will take long. They will reprocess your paper to check your history of payments, your penalties, and other documents.

Major contraction is not yet allowed until the title is transferred under your name.

8. Real Estate Tax
Real Estate tax is paid at Assessor's office in your local municipal government yearly. Make a photo copy of payment for Real Estate tax because Pagibig will require you to submit it.

9. Foreclosure
Pagibig will foreclose your property once you have not paid or your payment is delayed for 3 months.

Unlike other financing or banks, Pigibig is not that strict when it comes to foreclosed property if you are willing to coordinate with them. Just come to Pagibig branch to negotiate or issue a promissory note.

10. Certificate of Acceptance
Before you move-in, do not sign the Certificate of Acceptance issued by developer unless you are satisfied with the repairs they made in your house before you use it.

If you have signed it but there defects in your house, you will be the one to pay for the repairs in your house.

That's all; for additional details, questions, and updated information; visit their website at http://www.pagibigfund.gov.ph/

4 comments:

  1. sir regarding sa PDC ..need po ba talaga magadvance ng 2yrs ? ? hindi po ba puwede na pagkaissue ng loan samin..ibayad sa seller..then lumipat...then monthly na lang magbayad...let me know..

    thanks..

    ReplyDelete
  2. Yes, kelangan mo mag-issue ng pdc (24 checks), then popondohan mo yun pdc monthly sa bank. Loan will not be issued to you, pagibig mismo magbabayad ng ni-loan mo sa developer. Move-in date depends sa usapan nyo ng seller o developer.

    ReplyDelete
  3. Hi sir, gusto ko po mag avail ng housing loan. mag 7 years na po ako sa sa company na pinapasukan ko. Matagal ko ng gustong mag avail ng housing loan para matuloy ko na po yung bahay namin na maipatayo na. Kya lang indi natutuloy kc yung mga requirements nahiya po ako magtanung sa liason officer namin kc suplado hehehe.

    Ask ko lang po kelan po ang schedule ng seminar para maka attend po ako at doon narin po ako mismo magtanong at magpa compute kung kaya ko syang bayaran monthly. :)

    Thanks in advance po!

    ReplyDelete
  4. Hi;
    The seminar mentioned above is about housing loan, kung bibili ka ng bahay at magpapa-finance.
    Pagibig conducts seminar everyday in their branches about housing loan.
    Kung magpapa-tayo ka ng bahay or magpapa-ayos, I think it's called house improvement loan, which I have not availed yet kaya di pa ako familiar sa loan na yan.
    You may call 7244244 or email them at contactus@pagibigfund.gov.ph

    ReplyDelete

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