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Thursday, August 17, 2017

Pag-IBIG Housing Loan Is Now Easier, With Lower Interest - Here's How To Apply



GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. 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. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment 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. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. 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; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; 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. 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; 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. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG


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GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. From the previous 4.5%, the 5-year loan for minimum wage earners is down to 3%. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan.
GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. 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. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment 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. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. 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; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; 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. 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; 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. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG
The new reduced requirements for a housing loan are listed below. These must be submitted upon application:
  • Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back.
  • Proof of Income, any of the following:
    • Locally Employed
      • Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits.
      • 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.
      • Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application
      • NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR.
    • Self Employed, any of the following Proof/s of Income
      • ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
      • Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
      • Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.)
      • Copy of Lease Contract and Tax Declaration (if income is from rental payments)
      • Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs)
      • Certificate of Engagement issued by owner of business
      • Other document that would validate source of income
    • For Overseas Filipino Workers (OFW), any of the following:
      • Employment Contract between employee and employer; or  
      • POEA Standard Contract
      • Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport)
      • Income Tax Return filed with Host Country/Government (in English)

  • One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable
  • Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy).
  • Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy)
  • Contract-to-Sell or similar agreement between the buyer and seller
  • Vicinity Map/Sketch of the Property

GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. 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. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment 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. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. 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; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; 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. 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; 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. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG

"ADVERTISEMENTS"
The Following Eligibility Requirements Still Applies:
  • Pag-IBIG Membership
    • To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application.
    • A member with less than 24 contributions can make a lump sum payment 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.
    • A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards.
  • 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;
  • Has the legal capacity to acquire and encumber real property;
  • Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;
  • Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; 
  • A co-borrower can 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. The co-borrower may be released from the original obligation and will be allowed to avail of his own Pag-IBIG housing loan, subject to usual evaluation procedures.
  • Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or where the borrower is no longer interested to pursue the loan and surrenders the property;
  • 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.




GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. 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. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment 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. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. 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; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; 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. 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; 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. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG

"ADVERTISEMENTS"

 REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE
  • TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy)
  • TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy)
  • Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable
  • Loan Mortgage Documents
  • Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163)
  • Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp
  • Duly accomplished/notarized Promissory Note (HQP-HLF-086/087)
  • Disclosure Statement on Loan Transaction (HQP-HLF-085)
GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. 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. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment 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. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. 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; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; 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. 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; 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. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG

 source: Pag-IBIG

This article is filed under: Pag-Ibig Fund, Pag-Ibig Housing Loan, Low Interest House Loan, How to Apply for Housing Loan


Know the Maintaining Balance and Dormancy Fees of Your Bank

A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees. In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge. These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on. What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts. The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos. Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines: Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance: Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year. For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000. The calculation for your account's ADB is as follows: This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much). Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account. Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad. Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30. A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account. Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below: A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees. Banks are now required to notify dormant accounts holders of the situation in three instances. First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act. So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.


There's a lot for sale, be it a vacant lot or agricultural lot. You are interested. You pay the seller. So now you think the property is already yours? Not yet, unless you can provide a new land title where your name is stated as a new owner. Processing of land title transfer is one of the tedious parts of owning a property in the Philippines. Completing the process of transferring land title from the previous owner to you as a buyer and a new owner is considered to be the most crucial steps. This is an important legal process because the buyer will now have a public record declaring him as a new owner of a particular property as a protection for investment and to avoid ownership issues in the future.


Senate Ways and Means Committee question the lifting of the exemption of 12% vat on low cost housing under the proposed tax reform package from the Department of Finance during a hearing recently. Senator Cynthia Villar said that it could potentially harm the OFWs who are working abroad to provide their families a home and lifting the exemption for low cost housing amounting to P3 million is like penalizing them. Under the current system, the low cost housing units with amount P3 million and below are VAT exempted. The proposed lifting of the VAT on housing is designed to fund the government's P9 trillion infrastructure build-up. Finance Undersecretary Tonette Tionko says, the government could raise an additional P6 billion in revenues if the proposal transpires. This revenue could be used to support the government's social welfare program, said the DOF official but Senator Villar believes that the collection will not really go straight to the people. Meanwhile, the Subdivision and Housing Developers Association Inc. said that low cost housing units with prices starting at P450,000 could be more expensive with possible increase on the monthly amortization of up to P3,000. This will also prompt the developers to decrease the production of these housing units and would cause housing backlog to exacerbate. The present housing demand is at 800,000 a year against the developers production of only 180,000 units in a year. Ways and Means Committee chairman Sonny Angara said that the proposal will most likely fail due to the present housing situation in the country. The Department of Finance said that they are still open to address the concerns regarding the tax reform proposal.


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