Are you a minimum wage earner and planning to have your own house?
do you think it is impossible for you to do it because your salary may not be enough?
Now, a Pag-IBIG Fund member who are earning minimum wage not more than P17,500 can avail of their Affordable Housing Program.
All you need to do is to follow these Question and Answers and educate yourself and go one step further for acquiring your dream home.
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The maximum repayment period for the loan is thirty (30) years.
The Pag-IBIG housing loan may be used to finance any one of the following:
• Purchase of a fully developed residential lot or adjoining lots not exceeding 1,000 square meters;
• Purchase of a residential house and lot, townhouse, or condominium unit;
• Construction or completion of a residential unit on a lot owned by the member.
The program may be availed of by members who satisfy the following requirements:
• Must have remitted 24 monthly contributions under Pag-IBIG I Membership Program. New members may pay the 24 monthly membership contributions in lump sum, corresponding to the loan amount applied for;
• Has a gross monthly income not exceeding ₱17,500.00 for those working in the NCR and ₱14,000.00 for workers in other regions; • Not more than 65 years old;
• Has no outstanding Pag-IBIG housing loan;
• Has no outstanding multi-purpose loan in arrears;
• Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default or subjected to Dacion en Pago.
• A qualified Pag-IBIG member may borrow up to a maximum amount of ₱750,000.00, depending on the member’s actual need, his loan entitlement based on gross monthly income, his loan entitlement based on capacity to pay, and the loan-to-appraisal value ratio, whichever is the lowest.
What is the loan to appraisal value ratio?
The loan to appraisal value ratio is: Loan Amount Loan-to-Appraisal Value Ratio Up to ₱450,000 100% Over ₱450,000 to ₱750,000 90%
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For the first ten years of the loan, interest rate for loans of up to ₱450,000 is 3% provided the gross monthly income is ₱15,000 for those working in the NCR and ₱12,000 for workers in other regions.
For loans of up to ₱750,000, the interest rate is 6.5%, provided the gross monthly income for those working in the NCR is not more than ₱17,500, and not more than ₱14,000 for workers in other regions.
At the end of the ten-year period, the interest rate shall be re-priced based on the prevailing interest rate in the Fund’s pricing framework or it shall be increased by 2%, whichever is lower. Said interest rates shall be re-priced periodically depending on the chosen fixed pricing period of the borrower.
The base rate for succeeding re-pricing shall be the interest rate for the immediately preceding re-pricing period.
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Where to file Housing Loan Application?
• Housing loan application may be filed online at www.pagibigfund.gov.ph, by clicking “E-Services” on the PagIBIG Fund website’s homepage, then clicking “Housing Loan Application.”
• Housing Loan applicants may also go to the Pag-IBIG NCR/Regional Branch that has territorial jurisdiction over over the property subject of the loan.
For the checklist of requirements, choose “Benefits and Programs” on the Pag-IBIG Fund website’s homepage, click “Housing Loan Program,” then click “Requirements” under “Housing Loan Availment.”
How long is the Processing Time? The regular processing time for a housing loan application is fifteen (15) working days, provided the borrower has submitted all the necessary requirements.
You can apply personally through any Pag-IBIG offices near you. Or log on to www.pagibig.gov.ph.
To download the needed application forms, click here.
For further details contact any Pag-IBIG offices in your area or visit their website.
Source: Pag-IBIG Fund
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