Category: Housing Loan Financing

Documents Required Upon Pag-ibig Housing Loan

Admin Leave a comment

housing-loan-documents

The following are the documents upon housing loan:

1. Housing Loan Application (2 copies) with recent  ID photos of borrower

2. Membership Status Verification Slip (MSVS)

3. Income Documents:

For Locally Employed, any of the following:

a. Notarized Certificate of Employment and Compensation (Employer’s format) and for government employees one (1) month payslip, within 3 months prior to date of loan application

b. Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with attached W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form No. 2316) For Self Employed/Other Sources of Income, any of the following:

c. ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit

d. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)

e. Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.)

f. Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)

g. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle or PUVs)

h. Certificate of Engagement issued by owner of business

i. Other document that would validate source of income

For Overseas Filipino Workers (OFW), any of the fol
lowing:

j. Employment Contract (with English translation if in foreign language)

k. Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly certified/initialed by Pag-IBIG Fund Information Officer assigned in the country where the member works.
l. Other Proofs of Income, whether original or photocopy, shall be duly certified/initialed by Pag-IBIG Fund Information Officer assigned in the country where the member works.

4. Photocopy (back-to-back) of one (1) valid primary ID of Principal Borrower and Spouse, Co-Borrower and  Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact,  if applicable.

5. Authorization to Conduct/Credit Background Investigation

6. For OFW members, Special Power of Attorney notarized prior to dateof departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad. If SPA is without the red ribbon of Consulate Office, the SPA must have a duly stamped notarial seal.

7. Insurance Coverage

a. Health Statement Form (Medical Questionnaire) OFW members over 60 years old Loans over P2.0 M to P6.0 M and for borrowers aged up to 60 years old

b. Health Statement Form (Medical Questionnaire) an d Full Medical Examination Borrowers over 60 years old

8. Marriage Contract  (For all married borrower/s, co-borrower/s, spouse, family member/s included on the  computation of aggregate income)

9. Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income

10. Certified True Copy of Transfer Certificate of Title (TCT) (latest title)

11. For Condominium Unit, Certified True Copy of present TCT and CCT

12. Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt

13. Location Plan and Vicinity Map

14. For new member or member with less than the required number of contributions, photocopy of Pag-IBIG Fund Receipt (PFR) representing lump sum payment of contributions.

15. Approved letter request to re-avail of a Pag-IBIG housing loan (for member/s with housing loan that was foreclosed, cancelled, bought back due to default or subjected to dacion en pago)

Save

Pag-ibig Housing Loan Technical Requirements

Admin Leave a comment

pag-ibig-loanPag-ibig help their members to have their own house by allowing them to apply for Pag-ibig Housing Loan. Pag-ibig interest rate is much lower and cheaper than other housing loan and financial loan offered usually by banks. It is important to prepare all documentary requirements as well as technical requirement in order to avail Pag-ibig housing loan.

Aside from the documentary requirements needed to apply for Pag-ibig Housing Loan the following Technical Requirements are need to prepared:

  1. Certified true copy of TCT/CCT by the Registry of Deeds (latest title)
  2. Location Plan and Vicinity Map
  3. Photocopy of Tax Declaration and Real Estate Tax Receipt

There are also additional requirements depending on the loan purpose

For Purchase of Residential Unit; Purchase of Lot and Construction of House, Purchase of Lot

  • Contract to Sell or similar agreement between the buyer and the seller

For Refinancing

  1. Statement of Account on outstanding loan balance, indicating loan purpose
  2. Any of the following documents: Official receipt for the past 12 months, subsidiary ledger, any valid proof of payment for the past 12 months

For Purchase of Lot and Construction of House, Construction of House, Home Improvement

  • Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect.

Source: Pag-ibig website

Who is Entitled for Pag-ibig Housing Loan?

Admin Leave a comment

eligible Pag-ibig loanThere are Filipinos that still renting to apartment or staying with their parents even though they are married and have children. So it is time to build their house with the help of Pag-ibig. Just make sure that you are eligible for housing loan.
The following are the eligibility requirement for  Pag-ibig housing loan.

 
Eligibility Requirements

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

1.    On Pag-IBIG Membership

  • Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
  • A member with less than the required number of contributions applying for a Pag-IBIG housing loan shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) 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. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
  •  A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.
  • A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.For purposes of satisfying the required two (2) years membership contributions, the member may opt to pay in lump sum any amount short of the said requirement. In addition, the period corresponding to the TAV applied earlier to an outstanding loan shall also be considered when counting the total number of monthly contributions, provided the remaining TAV after offsetting does not fall below the equivalent amount of two (2) years membership contributions.

2.    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;

3.    Has the legal capacity to acquire and encumber real property;

4.    Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;

5.    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.

6.    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;

7.    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.

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

Save

What are the Documents Needed for Pag-ibig Housing Loan?

Admin Leave a comment

The following are the documents needed in order to process your Pag-ibig housing loan application:

1.    Housing Loan Application with recent ID photos of borrower

2.    Membership Status Verification SlipPag-ibig housing loan

3.    Proof of Income

3.1 For Locally Employed, any of the following:
a.    Notarized Certificate of Employment and Compensation (Pag-IBIG format)
b.    Notarized Certificate of Employment and Compensation (Employer’s format) and latest one (1) month payslip
c.    Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest one (1) month payslip

3.2 For Self-Employed/Other Sources of Income
d.    ITR, Audited Financial Statements and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
e.    Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
f.    Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.)
g.    Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
h.    Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle or PUVs)
i.    Certificate of Engagement issued by owner of business
j.    Other document that would validate source of income

3.3 For Overseas Filipino Workers (OFWs), any of the following:
k.    Employment Contract (with English translation if in foreign language)
l.    Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly validated and certified/initialed by HDMF Information Officer assigned in the country where the member works
m.    Other Proofs of Income, whether original or photocopy, shall be duly validated and certified/initialed by HDMF Information Officer assigned in the country where the member works

4.    Photocopy (back-to-back) of one (1) valid ID of Principal Borrower and Spouse, Co-Borrower and Spouse, and Attorney-In-Fact, if applicable. The same ID must be presented during the conduct of borrower’s validation.

5.     Authorization to Conduct/Credit Background Investigation

6.    For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad

7.    Insurance Coverage
a.    Health Statement Form (Medical Questionnaire)
    OFW members over 60 years old
    Loans over P2.0 M to P3.0 M and for borrowers aged up to 60 years old
b.    Health Statement Form (Medical Questionnaire) and Full Medical Examination
    Borrowers over 60 years old

8.    Marriage Contract (For all married borrower/s, co-borrower/s, spouse, family member/s included on the computation of aggregate income)

9.    Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income
The Pro-forma Health Statement Form (Medical Questionnaire) is available at the Members Services Support Division-Servicing Department for NCR or at any Pag-IBIG Regional Branch or downloadable from the Pag-IBIG website, www.pagibigfund.gov.ph.

Tips on Getting Home Loan Approved

Admin Leave a comment

approve loanEveryone wants to have their own house but the problem is they do not have enough money for the construction of their house. Of course, before thinking of constructing, it is advisable to get or purchase a lot for the location of your dream house. But some are planning to buy house and lot in the loan basis.
Some person get financial help to banks and other financial institution in order to construct their house or buying a house and lot but the problem is they do not have any idea on how to start a mortgage loan.

Here are some tips to get your home loan approve:

1. Determine your credit score.

It is important and necessary to investigate and know your credit score before applying for the home loan. A high credit score have chances that your home loan application can be approve quickly. Credit scores and credit activity may have impact on loan approvals. A low credit score and credit fraud may deny your loan application.

2. Have some cash

It is a good idea to save cash before applying for home loan because chances are some financial association or banks requires the applicant to pay such as insurance payment, processing fee. If you have zero cash, you loan application might be rejected.

3. Get Pre-Approve d for Home Loan

The pre-approval process will help you decide how much you can afford and you can decide what type of house you should look for. Just need to submit financial and personal information to the lending institution and wait for the response

4. Recognize what you can afford

Analyze your income and expenses so that you will know how much you can afford. Knowing the in and out of money will make you determine how much money is available for your future monthly amortization. Do not believe easily when your lender said that you can afford that amount of money because they did not know how much you spend in everyday needs such as gas, groceries, allowance, etc. Lenders only depend on their computed amount to your income and credit report.

5. Do not quit to your job

During the application, you should stay for your job because any changes in employment or income status may delay or even reject your home loan application. Quitting to your job and changing your status to self-employed will greatly affect your loan application and lender may re-check  your finances if you are still qualifying for the loan.

6. Clear your debt and avoid new debt

The less you owe your creditors the better when applying for the home loan. Your debt will determine if you get a loan and how much you will acquire from your lender because your lenders will evaluate your debt-to-income ratio before approving your application for loan. It is crucial to avoid new debt while applying for the loan because lender may re-check your application before approving your loan. Prevent from major purchasing such as financing new car or home appliances because if you have a high debt ratio, your request might not be granted.

How to Avail Pag-ibig Housing Loan

Admin 21 Comments

pag-ibig loanMost Filipinos are homeless and just renting an apartment. They have no enough money to construct their own house. Some of them are trying to get help either from Bank or Pag-ibig to finance their house. One of the benefits of employees is to availing housing loan on Pag-ibig.

Pag-ibig Housing Loan Application Steps:

  1. Attend seminar about the housing loan application and they give you a checklist
  2. Prepare all the documents needed in 3 set of copies and compile them in folder.
  3. Fill out all details correctly and honestly.
  4. Wait for the Notice of Approval if your loan was approved.
  5. They will contact you in case there are additional documents required.

Here are the following requirements to avail Pag-ibig Housing Loan:

  • You should be a Pag-ibig active member and have a contributed of at least 24 months of contribution which is equivalent to 2 years contribution. If you are no longer active member, just resume being active and you can apply. If you are a new member, pay lump sum payment to complete the 24 months contribution and submit the Pag-ibig Fund Receipt (PFR) upon filing of housing loan application.
  • You should attend a seminar about your housing loan application. The seminar will discuss all the processing steps and tackled all requirements and points about the loan application.
  • You have to submit 3 sets of the following requirements
    o    Housing loan application with recent 1×1 photo
    o    Membership Status Verification Slip with 2 valid ID photocopy
    o    Proof of income documents

For Locally Employed, any of the following:

  1. Notarized Certificate of Employment and Compensation (Employer’s Format) and for government employees 1 month payslip, within 3 months prior to the date of loan application
  2. Latest ITR for the year immediately preceding the date of loan application – attach W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form 2316)

For Self-employed / Other Sources of Income, any of the following:

  1. ITR, Audited Financial Statements and Official Receipt of Tax Payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
  2. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
  3. Bank Statements or passbook for the last 12 months (in case income is sourced or derived from foreign remittances, pensions, etc.)
  4. Copy of Lease of Contract and Tax Declaration (if income is derived from rental payments)
  5. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle (PUVs)
  6. Certificate of engagement issued by owner of business
  7. Other document that would validate source of income or funds

For OFWs, any of the following:

  1. Employment Contract (with English translation if in foreign language)
  2. Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly certified/initiated by Pagibig Fund Information Officer assigned in the country where the member works.
  3. Other Proofs of Income, whether original or photocopy, shall be duly certified/initiated by Pagibig Fund information officer assigned in the country where the member works.
  • You should also have a photocopy (back-to-back) of 1 primary valid ID of Principal Borrower and Spouse, Co-borrower and Spouse, Seller and Spouse and Developer’s authorized representative and Attorney-in-Fact, if applicable
  • Submit Authorization to conduct credit/background investigation
  • A Special Power of Attorney is needed for OFW’s notarized prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad.  If SPA is without the Red Ribbon of Consulate Office, the SPA must duly stamped notarial seal.
  • Health Insurance Coverage
    o    Health Statement Form (Medical Questionnaire)
        OFW members over 60 years old
        Loans over 2M pesos to 6M pesos and for borrowers aged up to 60 years old
    o    Health Statement Form (Medical Questionnaire and Full Medical Examination
        Borrowers over 60 years old
  • Marriage Contract for all married borrower, co-borrower/s, spouse, family member/s included on the computation of aggregate income.
  • Birth certificate of or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income.
  • Certified True Copy of Transfer Certificate of Title (TCT) – from Registry of Deeds
  • Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt  from Municipal’s Assessor’s Office.
  • Submit Location Plan and Vicinity Map
  • Approved letter request to re-avail of a Pag-ibig housing loan for members with housing loan that was foreclosed, cancelled, bought back due to default or subjected to dacion en pago

Additional Requirements

  • Building plans, specification and bill of materials signed by the Licensed Civil Engineer or Architect and building permit for construction of house and house improvement
  • Statement of Account on Outstanding Loan Balance indicating loan purpose for refinancing. Also, submit any of the two; official receipt for the past 12 months subsidiary ledger or any valid proof of payment for the past 12 months.
  • Contract to Sell or similar agreement between the buyer and seller for the Purchase of Lot or Adjoining Lots and Purchase of Residential Unit, Townhouse or Condominium Unit inclusive of a parking slot. If the seller is a developer, submit the certificate of registration, license to sell, development permit, and secretary’s certification as well as photocopy (back to back) valid primary ID from Corporate Secretary
  • Building plans, specification and bill of materials signed by the licensed civil engineer or architect and building permit for the purchase of lot and construction of house. Also, you have to submit contract to sell, or similar agreement between the buyer and seller. If the seller is a Developer, submit certificate of registration, license to sell, development permit and secretary’s certificate and photocopy (back to back) valid primary ID from corporate secretary