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AMENDED GUIDELINES ‘ABOT-KAMAY PABAHAY PROGRAM’

AMENDED GUIDELINES ‘ABOT-KAMAY PABAHAY PROGRAM’. CIRCULAR 247. LOAN PURPOSE. The Pag-IBIG housing loan may be used to finance any of the following: Purchase of a fully developed lot within a residential area not exceeding 1,000 sq.m.; not less than 32 sq. m

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AMENDED GUIDELINES ‘ABOT-KAMAY PABAHAY PROGRAM’

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  1. AMENDED GUIDELINES ‘ABOT-KAMAY PABAHAY PROGRAM’ CIRCULAR 247

  2. LOANPURPOSE The Pag-IBIG housing loan may be used to finance any of the following: • Purchase of a fully developed lot within a • residential area not exceeding 1,000 sq.m.; • not less than 32 sq. m • Purchase of a residential house and lot, • townhouse or condominium unit;

  3. BORROWER ELIGIBILITY Active Pag-IBIG member with at least 24 months contributions at the time of loan application.

  4. BORROWER ELIGIBILITY •   Not more than 65 years old at the date of loan application; insurable; not more than 70 years old at the date of loan maturity • Has the legal capacity to acquire and encumber real property; •   Has passed satisfactory background/credit and employment/business checks; • Has no outstanding Pag-IBIG housing loan; • Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back, or subjected to dacion en pago. • Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application.

  5. LOAN AMOUNT Maximum of P3M, which shall be based on the lowest of the following: • Capacity to Pay (40 % of NDI) • Actual Need • Loan to collateral ratio • Membership Contribution

  6. Loan Entitlement Based on Pag-IBIG Contributions Monthly Contributions Loan POP Pag-IBIG I & II Entitlement US/ Can$ 5 P200 Up to 500T P250 Over 500T – 600T US/ Can$ Equivalent at pt. Of availment P300 Over 600T – 700T P350 Over 700T – 800T P400 Over 800T – 900T P450 Over 900T – 1M P500 Over 1M – 1.1M P550 Over 1.1M – 1.2M LOAN AMOUNT

  7. Loan Entitlement Based on Pag-IBIG Contributions Monthly Contributions Loan POP Pag-IBIG I & II Entitlement P600 Over 1.2M – 1.3M P650 Over 1.3M – 1.4M US/ Can$ Equivalent at pt. Of availment P700 Over 1.4M – 1.5M P750 Over 1.5M – 1.6M P800 Over 1.6M – 1.7M P850 Over 1.7M – 1.8M P900 Over 1.8M – 1.9M P950 Over 1.9M – 2M P1000 Over 2.0M – 2.1M LOAN AMOUNT

  8. Loan Entitlement Based on Pag-IBIG Contributions Monthly Contributions Loan POP Pag-IBIG I & II Entitlement P1050 Over 2.1M – 2.2M US/ Can$ Equivalent at pt. Of availment P1100 Over 2.2M – 2.3M P1150 Over 2.3M – 2.4M P1200 Over 2.4M – 2.5M P1250 Over 2.5M – 2.6M P1300 Over 2.6M – 2.7M P1350 Over 2.7M – 2.8M P1400 Over 2.8M – 2.9M P1450 Over 2.9M – 3.0M LOAN AMOUNT

  9. LOAN AMOUNT Loan Entitlement Based on Capacity to Pay • 40% of NET DISPOSABLE INCOME • Tacking Provision • Maximum of three (3) qualified Pag-IBIG members who are related within the second civil degree of consanguinity and affinity. • COMBINED INCOME • e.g. Married - Spouse and unmarried children, • Single - Parents • CO-BORROWER • e.g. Married – Parents, Brothers, Sisters, In-laws • Single – Brothers / Sister, In-laws

  10. LOAN AMOUNT Loan Entitlement based on Loan to Value Ratio

  11. INTEREST RATES

  12. INTEREST RATES Re-pricing every 3 years for loans over P400T to 3M

  13. LOAN TERM Shall not exceed the difference between the principal borrower’s age at the time of loan application and age seventy (70).

  14. LOAN TERM Borrower shall be allowed to lengthen or shorten the loan term only once during the life of the loan.

  15. PREPAYMENT Shall be allowed to pay his loan in full or in part without prepayment penalty, pursuant to RA 7394.

  16. LOAN PAYMENT Mode of Payment • Issuance of post dated checks •   Salary deduction • If the developer has a Collection Servicing • Agreement (CSA) with HDMF, payments shall be • remitted to the developer. • SM BDO Bills Payment

  17. LOAN PAYMENT DEVELOPER • Monthly amortization shall commence on: • Month immediately following the loan • take- out • Ex. • Take-out Date / Final Loan Release April 1, 2010 • First Monthly Amortization May 1, 2010 • Succeeding monthly payments shall be paid on the date that coincides with the date of loan take-out/final loan release.

  18. LOAN PAYMENT Penalty 1/20 of 1% for everyday of delay for payments made after the due date. • Should due date fall on non working day, payments shall be paid on the 1st working day after the due date • - Cash/Check payment should be made directly to the cashier (Atrium Building Rm. 118)

  19. Applications of monthly payments according to the following order of priority: • Penalties • Upgraded membership contributions • Insurance premiums • Interest, and • Principal

  20. SAMPLE COMPUTATION All loan packages with 30-year repayment

  21. DEFAULT Failure to pay any 3 consecutive: Monthly amortizations Membership contributions and other obligations on the loan.

  22. DEFAULT For Loans Secured by Contract-to-Sell (CTS) • Cancellation of the CTS • Call against the warranty of the Developer For Loans Secured by Real Estate Mortgage (REM) • Outstanding loan shall be due and demandable • Shall constitute a lien on the Total Accumulated Value (TAV) of the member’s savings with HDMF. • Accounts shall be endorsed to Foreclosure.

  23. INSURANCE Mortgage Redemption Insurance (MRI) •   Interim Coverage – upon issuance of Notice of Approval (NOA) or Letter of • Guaranty (LOG) by Pag-IBIG. • Regular Coverage – effective on the date • of loan take out. • Fire & Allied Perils Insurance

  24. ITEMS TO BE DEDUCTED ON THE LOAN PROCEEDS: DEVELOPER • Processing Fee • P1,000 – upon filing of HLA, non-refundable • P2,000 – upon loan take-out • One year prepayment insurance/s • Retention (Conversion CTS to REM) • is the amount retained to cover the transfer of TCT • under the borrower’s name. • - 5.0 % - for loans up to P180,000.00 • - 6.0 % - for loans over P180T to P500T • - 7.0 % - for loans over P500T to 1M • - 7.5 % - for loans over P1M to 2M • - 8.5 % - for loans over P2M to 3M

  25. POINTERS IN HOUSING LOAN AVAILMENT Lot area – minimum of 32 sq m. Condominium floor area – 18 sq m. Road Right of way - minimum of 1.5 meters Full medical examination - for loans over 2M - for borrower 60 yrs old and above Special Power of Attorney (SPA) -Valid for one (1) year only

  26. REAL ESTATE TAXES The real estate taxes on the property must be updated as of the quarter immediately preceding the date of loan application and; Yearly thereafter during the term of the loan and shall be for the account of the member/borrower.

  27. Second Availment Provided the member/borrower has fully paid his 1st Pag-IBIG housing loan (whether as principal or co-borrower) Additional Loans Borrower must be updated with his monthly amortization/ contribution as of date of application • House Construction on a lot purchased/ refinanced through Pag-IBIG • Home Improvement

  28. MSVS (MEMBERSHIP STATUS VERIFICATION SLIP) DEVELOPER ACCOUNT • Validity of loan counseling – 6 months only • Claim Stub signed by the counselor to be submitted to the Developer • Developer to claim MSVS from Pag-IBIG Fund

  29. Our Contact Details Servicing Department Room 108 & 109 Atrium of Makati, Makati Ave, Makati City Tel nos.: 811-4230; 811-4491; 811-4212 Fax no.: 848-8245 WEB SITE:www.pagibigfund.gov.ph

  30. Thank you and good day!

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