For those Who Plan to Avail a Pag Ibig Housing Loan…
To those of you who are planning to avail of a Pag Ibig Housing Loan and are first-timers at it, kindly take note that the maximum loanable amount for a Pag Ibig House Loan is P3 million pesos. Also, most of the applicants of Pag-Ibig are usually borrowing P400,000 to P700,000, and you will get the lowest interest rates of these amounts. Hence, Pag ibig housing loans are actually more ideal for middle-income earners.
Below is the Interest Rate table for the corresponding Pag-ibig Loan Amount (30 year maximum loan term):
| Up to P400,000 | 6% |
| Over P400,000 upto P750,000 | 7% |
| Over P750,000 upto P1,000,000 | 8.5% |
| Over P1,000,000 upto P1,250,000 | 9.5% |
| Over P1,250,000 upto P2,000,000 | 10.5% |
| Over P2,000,000 upto P3,000,000 | 11.5% |
In addition, take note of these guidelines when applying for a Pag ibig housing loans…
- Pag-ibig can only be applied to existing properties already built. Only selected pre-selling properties are accredited by Pag-Ibig, and usually they are affordable-type properties and socialized houses.
- The amount of the Loan is always lower than the value of the property stated in the Deed of Absolute Sale. This means that you cannot loan the whole amount of the property, and must be prepared to shell out a downpayment (about 20 to 30% of the property’s price)
- When you want to apply a Pag-ibig Loan on a property which has encumbrances (utang) like unpaid property taxes or mortgages, you must first verify with HDMF (Home Development Mutual Fund or the official name of Pag-Ibig) if this property is acceptable for a loan.
- Improvements outside of the unit (e.g. fences) are not included in Pag-Ibig financing, and you must consult with them before you plan to construct these outer improvements.
- Follow the Bill or Materials specified by your loan. Any attempt to finance more than the specified amount of materials will result to lower loan releases, so please be honest with your construction.
- Borrowers who are separated from their husbands/wives must submit legal separation papers so that the signature of the spouse will not be required from all legal documents.
The FIRST STEP to applying a Pag ibig housing loan is to attend their Loan Counseling session at the Pag-Ibig offices, so set your appointment there by calling their hotline at 7244244 (PAGIBIG) or going to this web address: http://www.pagibigfund.gov.ph/mt_fac.htm.
Goodluck and Godspeed to your application folks!
Tags: Home Development Mutual Fund, Pag Ibig House Loan, Pag Ibig Housing Loan, Pag ibig housing loans, Pag-Ibig, Pag-ibig financing, Pag-ibig Loan
Nice! Im planning to get 2 units from lancaster residences by profriends. one for my sister and one for me.
Ah.. goodluck to you
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