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PAG-IBIG POLICIES & GUIDELINES |
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Pursuant to the approval of the
HDMF Fund Board of Trustees in its 255th Board Meeting held last 30
March 2009, the Pag-IBIG Fund End-User Home Financing Program are
hereby issued:
1. COVERAGE
These guidelines shall apply to the following:
1.1. All accounts taken out beginning 1 April 2009 and onwards. Take
out date shall refer to the date of the payee’s actual receipt of
the DV/check.
1.2. All accounts with proceeds not yet fully released (staggered
releases) as of 1 April 2009, except for accounts with retention due
to lacking requirements
(i.e. uncompleted units/development, etc.)
2. LOAN PURPOSE
The Pag-IBIG housing loan may be used to finance any one
or a combination of the following:
2.1. Purchase of a fully developed lot not exceeding one thousand
square meters (1,000 sq. m.), which should be within a residential
area;
2.2. Purchase of a residential house and lot, townhouse or
condominium unit, inclusive of a parking slot, which may be:
2.2.1. Old or brand new;
2.2.2. A property mortgaged with the Fund; or
2.2.3. An acquired asset, which is disposed of through sealed public
bidding, negotiated sale, or Rent-to-Own Program.
2.3. Construction or completion of a residential unit on a lot owned
by the member;
2.4. Home improvement, i.e. any alteration in an existing
residential unit intended by a homeowner to be a permanent integral
part thereof, which will enhance its durability and material value;
2.5. Refinancing of an existing mortgage with an institution
acceptable to the Fund, provided that:
2.5.1. The loan is not in default within twelve months prior to date
of application;
2.5.2. Said loan has a repayment history of at least two (2) years
with the original mortgagee
2.6. Combination of loan purposes shall be limited to the following:
2.6.1. Purchase of a fully developed lot not exceeding one thousand
square meters (1,000 sq. m.) and construction of a residential unit
thereon;
2.6.2. Purchase of a residential unit, whether old or new, with home
improvement;
2.6.3. Refinancing of an existing mortgage with home improvement;
2.6.4. Refinancing of an existing mortgage, specifically a lot loan,
with construction of a residential unit thereon.
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3. BORROWER’S
ELIGIBILITY
To qualify for a Pag-IBIG housing loan, a member shall
satisfy the following requirements:
3.1. On Pag-IBIG Membership
3.1.1. 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.
3.1.2. A member, whether new or with existing monthly contributions
that are still short of the 24-month membership requirement, shall
be allowed to make lump sum payment based on the mandatory monthly
membership contribution rates (both EE and ER share) to meet said
requirement at point of loan application. 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 Five Hundred Thousand Pesos
(P500,000.00) shall be required to pay the upgraded membership
contribution rates upon housing loan approval and onwards.
3.1.3. A member who has contributed for at least two (2) years shall
be required to pay the upgraded contribution rates upon housing loan
approval and onwards.
3.1.4. For purposes of satisfying the residency requirement, the
period corresponding to the Total Accumulated Value (TAV) applied
earlier to a member’s outstanding loan (offsetting) shall be
considered when counting the total number of monthly contributions,
provided that the remaining TAV after offsetting does not fall below
the equivalent amount of 24 monthly contributions.
3.2. 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;
3.3. Has the legal capacity to acquire and encumber real property;
3.4. Has passed satisfactory background/credit and employment/
business checks of the developer and Pag-IBIG Fund;
3.5. Has no outstanding Pag-IBIG housing loan, either as a principal
borrower or coborrower;
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.
3.6. 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;
3.7. 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.
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4. LOAN
AMOUNT
A qualified Pag-IBIG member shall be allowed to borrow an
amount up to a maximum of Three Million Pesos (P3,000,000.00), which
shall be based on the lowest of the following: the member’s actual
need, his loan entitlement and the loan-to-collateral ratio.
4.1. Loan Entitlement based on Pag-IBIG Contributions
A member’s loan entitlement shall be proportionate to his Pag-IBIG
contributions (inclusive of the employer counterpart contributions),
which shall be based on the following schedule:
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Pag-IBIG Membership Contributions
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Loan Amount |
POP |
Pag-IBIG I & II |
US $5 |
P200 |
Up to P500,000 |
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250 |
Over P500,000 – P600,000
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300 |
Over P600,000 – P700,000
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350 |
Over P700,000 – P800,000
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400 |
Over P800,000 – P900,000
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US $ equivalent |
450 |
Over P900,000 – P1,000,000
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at point of |
500 |
Over P1,000,000 – P1,100,000
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availment |
550 |
Over P1,100,000 – P1,200,000
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600 |
Over P1,200,000 – P1,300,000
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650 |
Over P1,300,000 – P1,400,000
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700 |
Over P1,400,000 – P1,500,000
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750 |
Over P1,500,000 – P1,600,000
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800 |
Over P1,600,000 – P1,700,000
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Pag-IBIG Membership Contributions
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Loan Amount |
POP |
Pag-IBIG I & II |
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850 |
Over P1,700,000 – P1,800,000
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900 |
Over P1,800,000 – P1,900,000
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950 |
Over P1,900,000 – P2,000,000
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1,000 |
Over P2,000,000 – P2,100,000
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US $ equivalent |
1,050 |
Over P2,100,000 – P2,200,000
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at point of |
1,100 |
Over P2,200,000 – P2,300,000
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availment |
1,150 |
Over P2,300,000 – P2,400,000
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1,200 |
Over P2,400,000 – P2,500,000
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1,250 |
Over P2,500,000 – P2,600,000
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1,300 |
Over P2,600,000 – P2,700,000
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1,350 |
Over P2,700,000 – P2,800,000
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1,400 |
Over P2,800,000 – P2,900,000
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1,450 |
Over P2,900,000 – P3,000,000
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POP contributions made in foreign
currency shall be converted to its peso equivalent on the date when
payment was made, rounded off to the nearest peso. POP members may
also opt to pay the required/upgraded contributions in its local
currency (peso) equivalent.
For loans up to Seven Hundred and Fifty Thousand Pesos (P750,000.00)
which shall either be secured by a First Real Estate Mortgage or a
Deed of Assignment of Contract to Sell on the property, which is
bought from a developer and is covered by a buyback guaranty, the
member’s loan entitlement shall be based solely on his Pag-IBIG
contributions.
4.2. Loan Entitlement based on Capacity to Pay
A member’s loan entitlement based on his capacity to pay shall be
evaluated in the following cases:
a.
The loan amount applied for is less than or equal to Seven Hundred
and Fifty Thousand Pesos (P750,000.00), and the account is not
covered by a buyback guaranty;
b.
The loan amount applied for is over Seven Hundred and Fifty Thousand
Pesos (P750,000.00).
A member’s loan entitlement shall be limited to an amount for which
the monthly repayment on principal and interest shall not exceed
forty percent (40%) of the member’s or family’s net disposable
income, whichever is applicable; provided further that the member’s
net take home pay does not fall below the minimum requirement as
prescribed by the GAA or company policy, whichever is applicable,
after deducting the statutory deductions, computed monthly repayment
and other obligations.
These conditions shall be supported by the following documents:
4.2.1. 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 1-month pay slip
c.
Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316)
and latest 1-month pay slip
The following, however, are not qualified for substituted filing and
therefore still required to file BIR form 1700:
c.1. individuals with two (2) or more employers, whose taxes during
the year did not result to tax withheld = tax due.
c.2. individuals whose income tax has not been withheld correctly.
c.3. individuals whose spouses fall under a.1 and a.2.
c.4. individuals deriving other non-business,
nonprofessional-related income in addition to compensation income
not otherwise subject to final tax.
4.2.2. For Self-Employed:
Income Tax Return and Audited Financial Statements and Official
Receipt of tax payment from bank, DTI Registration, Mayor’s Permit
4.2.3. For POP Members
a.
Employment Contract (EC), which shall be supported by an English
translation if written in a foreign language other than the English
language;
b.
Other proofs of income duly validated and certified/initialed by the
assigned Pag-IBIG Information Officer shall be accepted for
evaluation.
The gross family income shall pertain to the income of the member,
his parents, legitimate spouse and unmarried children, provided they
are living with the borrower. On the other hand, the income of a
relative within the second civil degree of consanguinity shall only
be considered as part of the gross family income if he shall act as
co-borrower to a tacked loan.
The net disposable income shall be the gross family income less
statutory deductions and monthly amortizations on outstanding
obligations.
4.3. Loan-to-Collateral Ratio
The ratio of the loan amount to the appraised value of the
collateral shall not
exceed the following rates:
Loan Amount
With Buyback Guaranty
Without Buyback Guaranty/ Retail Account
Up to P400,000 100% 100% Over P400,000 to P750,000 100% 90% Over
P750,000 to P1.25 M 95% 85%
With
Without Buyback
Loan Amount
Buyback
Guaranty/
Guaranty
Retail Account
Over P1.25 M to P3.0 M 90% 80%
4.4. A maximum of three (3) qualified Pag-IBIG members may be tacked
into a single loan which is secured by the same collateral, provided
they are related within the second civil degree of consanguinity or
affinity.
5. INTEREST RATE
5.1. The Pag-IBIG Fund End-User Home Financing Program
shall bear interest at the following rates per annum:
Loan Amount Interest Rate
Up to P400,000 6%
Over P400,000 to P750,000 7%
Over P750,000 to P1,000,000 8.5%
Over P1,000,000 to P1,250,000 9.5%
Over P1,250,000 to P2,000,000 10.5%
Over P2,000,000 to P3,000,000 11.5%
5.2. Prior releases for retail accounts with staggered release of
takeout proceeds shall be subject to an interim interest rate based
on HDMF Circular No. 243. Subsequent releases of takeout proceeds
beginning 1 April 2009 onwards for said accounts shall be subject to
the rates provided for in these guidelines.
5.3. Repricing
5.3.1. For loans up to Four Hundred Thousand Pesos (P400,000),
Pag-IBIG Fund may reprice the interest rate every three years
provided that it shall not exceed the original rate.
5.3.2. For loans over Four Hundred Thousand Pesos (P400,000.00) up
to Three Million Pesos (P3,000,000.00), Pag-IBIG Fund shall reprice
the interest rate of the loans every three years at rates based on
prevailing market rates at point of repricing, which shall not be
lower than the original rates provided under section 5.1 and shall
not exceed the following:
Loan Amount Interest rate
Over P400,000 to P750,000 9%
Over P750,000 to P1,000,000 10.5%
Over P1,000,000 to P1,250,000 11.5%
Over P1,250,000 to P2,000,000 12.5%
Over P2,000,000 to P3,000,000 13.5%
6. LOAN TERM
6.1. The loan shall be repaid at a maximum term of thirty
(30) years and shall, in no case, exceed the difference between the
present age and age seventy (70) of the principal borrower.
6.2. The borrower shall be allowed to lengthen or shorten the loan
term only once during the life of the loan.
6.3. Acquired assets disposed of through Pag-IBIG housing loans
shall have a maximum loan term of thirty (30) years.
7. LOAN PAYMENT
7.1. The loan shall be paid in equal monthly
amortizations in such amounts as may fully cover the principal and
interest, as well as insurance premiums, over the loan period, and
shall be made, whenever feasible, through salary deduction.
7.1.1. The borrower shall execute the Authority to Deduct the
monthly loan amortization from his salary, and shall secure the
conforme of his employer for the purpose.
7.1.2. Pag-IBIG Fund and the employer shall enter into a Collection
Agreement stipulating, among others, that the deduction for the
employee’s Pag-IBIG housing loan shall have priority over other
obligations of the same nature after all statutory deductions have
been effected.
7.2. The monthly amortizations may also be paid to Pag-IBIG Fund
through any of the following modes:
7.2.1. Accounts covered by buyback guaranty
a. Post-dated checks issued by the borrower, co-borrower or
relatives up to the first civil degree of affinity or consanguinity,
initially to cover the first twelve (12) monthly amortizations.
Developers with Collection Servicing Agreement (CSA) with Pag-IBIG
Fund shall have custody of the PDCs. Meanwhile, PDCs for accounts of
developers not covered by CSAs shall be kept in the Fund’s
possession.
PDCs must be dated on the date that coincides with the date of loan
takeout/final loan release.
b. if the developer has a Collection Servicing Agreement (CSA) with
Pag-IBIG Fund, payments shall be remitted to the developer.
c. over-the-counter
d. auto debit arrangement with banks
e. any other collection system which the Fund may implement in the
future
7.2.2. Accounts not covered by buyback guaranty
a. Post-dated checks issued by the borrower, co-borrower or
relatives up to the first civil degree of affinity or consanguinity,
initially to cover the first twelve (12) monthly amortizations.
PDCs must be dated on the date that coincides with the date of loan
takeout/final loan release.
b. auto debit arrangement with banks
c. any other collection system which the Fund may implement in the
future
7.3. The first monthly installment/amortization shall commence on
the month immediately following loan takeout/final loan release. The
monthly payments shall be paid on the date that coincides with the
date of loan takeout/final loan release, e.g., every 17th .
7.4. For accounts affected by the issuance of these guidelines, the
difference of the first amortization that was deducted from loan
proceeds, which was based on HDMF Circular No. 243 rates, and the
revised amortization based on the rates provided herein shall be
automatically applied to the principal.
7.5. Should the due date fall on a non-working day, the monthly
payments shall be paid on the first working day after the due date.
7.6. Staggered payments for an amortization/installment period shall
be allowed provided the amortization is paid in full on or before
the due date.
7.7. In case of tacked loans where a co-borrower is released from
the original loan obligation, the principal borrower may request for
the adjustment of his monthly amortization based on the outstanding
balance of the loan, original interest rate and repayment period
corresponding to the remaining term of the loan.
7.8. The borrower who fails to pay the full monthly amortization
and/or other loan obligations when due shall pay a penalty of 1/20
of 1% of the amount due for every day of delay.
7.9. The upgraded membership contributions for loans exceeding Five
Hundred Thousand Pesos (P500,000.00), net of the mandatory
contributions (except in the case of individual payors /
self-employed / POP who shall be shouldering both the EE and ER
share) shall be paid together with the borrower’s monthly
amortization and shall be considered as contributions for the
applicable month.
7.10. A borrower’s monthly payments shall thus be applied according
to the following order of priority:
a. Penalties
b. upgraded membership contributions
c. insurance premiums
d. interest, and
e. principal
8. COLLATERAL
The loan shall be secured by collateral consisting of the
same residential properties to which the loan proceeds are applied.
8.1. For Developers’ Accounts
8.1.1. For loans that are covered by buyback guaranty and are
secured by properties which are bought from developers, the security
shall consist of a First Real Estate Mortgage or a Contract to Sell
(CTS) on the subject properties, fully covering the payment of the
obligation, as stipulated in the corresponding Promissory Note and
Loan Agreement of the borrower (for REM), or the Deed of Assignment
(for CTS).
8.1.2. For loans which are not covered by buyback guaranty and are
secured by properties which are bought from developers, the security
shall consist of a Contract-to-Sell on the aforesaid properties,
fully covering the payment of the obligation, which shall likewise
be stipulated in the Promissory Note and Deed of Assignment.
8.1.3. Instead of a CTS, the loan may be secured by a First REM and
exempted from the buyback provision, provided any of the following
conditions are complied with:
a. The borrower pays the advance amortizations for twenty-four (24)
months; or
b. The loan-to-collateral ratio does not exceed seventy percent
(70%).
8.1.4. For developer accounts, the properties subject of the loans
shall be appraised by Pag-IBIG Fund in two stages:
a. A preliminary appraisal (PA) which may be undertaken prior to
actual development and house construction upon the request of the
developer, and payment of the corresponding appraisal fees; and
b. A collateral inspection/validation to be undertaken upon
completion of the house construction and land development servicing
the houses constructed, for which a Collateral Appraisal Report
(CAR) shall be issued
8.1.5. The housing unit and the facilities fronting the unit for
takeout must be 100% complete, and an occupancy permit presented by
the borrower at the time of loan takeout, if the purpose of the loan
is to purchase a residential unit (PRU)
8.1.6. Appraisal of developers’ accounts conducted by the Home
Guaranty Corporation (HGC) shall be validated by the Fund
8.2. For Retail Accounts
8.2.1. For retail accounts, the security shall consist of a First
Real Estate Mortgage on the subject properties fully covering the
payment of the obligation as stipulated in the corresponding loan
agreement and promissory note of the borrower.
8.2.2. Accommodation mortgages shall be allowed only for borrowers
who are related up to the second civil degree of consanguinity or up
to first civil degree of affinity, subject to the following
requirements:
a. The owner shall constitute the first mortgage as accommodation
mortgagor, to secure the borrower’s loan obligation or give the
latter the special power to do so; and
b. The borrower shall undertake and sign as co-mortgagor, to fully
cover the residential unit and improvements thereon
8.2.3. 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.
To ensure that the real estate taxes on the mortgaged property are
updated, Pag-IBIG Fund shall require the borrower to submit a copy
of the official receipt of the real estate taxes paid for the
preceding year not later than April 30 of the succeeding year.
Failure of the borrower to submit proof of payment of the real
estate taxes for the year shall render the outstanding loan due and
demandable.
8.2.4. The property subject of the loan shall be appraised by
Pag-IBIG Fund.
8.3. The property must be covered by an Original Certificate of
Title (OCT), Transfer Certificate of Title (TCT) or Condominium
Certificate of Title (CCT) issued by the Register of Deeds, free
from all liens and encumbrances; and must be registered in the name
of:
8.3.1. Any one or more of the borrowers, (except in the case of
accommodation mortgages), in the case of a real estate mortgage
(REM)
8.3.2. The developer, in the case of a Contract to Sell (CTS),
provided that the Deed of Assignment of the CTS is annotated in the
title in favor of Pag-IBIG Fund.
8.3.3. In case of a joint venture where the land is owned by a third
party, the developer must be authorized under a Joint Venture
Agreement to execute a Deed of Assignment of CTS covering the
property in favor of the Pag-IBIG Fund.
9. PARI-PASSU
A Pari-Passu arrangement with any institution acceptable
to Pag-IBIG Fund, such as but not limited to provident funds, shall
be allowed wherein said institution can extend its own loan (not for
Pag-IBIG Fund takeout), in addition to the Pag-IBIG member housing
loan, secured by the same collateral, on a pro-rata sharing of the
mortgage lien, subject to the following conditions:
9.1. Pag-IBIG Fund shall have physical possession of the mortgages,
regardless of the loan amount extended by the other institution
9.2. In computing the credit capacity of the borrower, the income
already considered in determining the Pag-IBIG housing loan
entitlement of the borrower shall be excluded.
9.3. In case of default, the following shall apply:
a. Cross-default -Default in the monthly payments for either
amortization shall constitute default in both.
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b. |
Foreclosure
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-When foreclosure becomes
necessary or advisable, proceedings may be
initiated either by the Fund or the
originating institution upon mutual
agreement by both parties.
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c. |
Proceeds |
-Foreclosure proceeds shall
be divided according to the ratio of loan
exposure of the Fund and the originating
institution after deducting all the legal
and incidental expenses. |
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10.INSURANCE
The borrower shall be compulsorily covered by
mortgage/sales redemption insurance and fire insurance:
10.1. Mortgage/Sales Redemption Insurance (MRI/SRI) – A borrower who
is not beyond sixty-five (65) years old at the date of housing loan
application shall be covered by the MRI/SRI, provided, that he shall
not be over seventy (70) years old on his birthday nearest the date
the original housing loan expires. The MRI/SRI coverage of the
borrower shall be subject to the schedule of insurance in the
Pag-IBIG Fund Master Policy.
In the case of borrowers who are tacked into a single loan, only the
principal borrower shall be covered by the MRI/SRI to the full
extent of the loan. Thus, the entire loan shall be extinguished by
the MRI/SRI, should the principal borrower die. On the other hand,
the principal borrower shall continue to amortize the entire loan,
should one or both of his co-borrowers die.
10.1.1. Interim Coverage
The interim MRI/SRI coverage on the principal borrower under the
automatic coverage system shall take effect on the date of the
issuance of the Notice of Approval (NOA) or Letter of Guaranty (LOG)
by Pag-IBIG Fund.
10.1.2. Regular Coverage
a.
The regular coverage shall be a non-medical yearly renewable term
insurance (YRT) for which Pag-IBIG housing loan borrowers shall pay
a uniform premium rate effective on the date of loan-takeout.
b.
The amount of coverage shall be the original amount of the loan.
10.2. Fire and Allied Perils Insurance -The borrower shall obtain
fire and other allied perils insurance on the property mortgaged or
subject of the Contract to Sell for an amount equivalent to the
appraised value of the residential unit or the loan amount,
whichever is lower.
10.3. Premium Payments – The annual premium for the first year of
coverage shall be prepaid and shall be deducted from the loan
proceeds upon loan takeout. Premiums due for the second year, and
every year thereafter that the insurance coverage is in force shall
be prepaid on a monthly basis and shall be collected together with
the monthly loan amortization.
10.4. All housing loan applicants registered under the Pag-IBIG
Overseas Program and working overseas shall be charged an additional
two pesos per thousand of coverage per year (P2.00/P1,000/annum).
10.5. No Evidence Limit (NEL) – The NEL shall be P2,000,000. As
such, all borrowers up to 60 years old with loans of up to
P2,000,000 shall no longer be subjected to underwriting approval.
10.6. Borrowers over 60 years old shall be required to submit a
Health Statement Form (filled out by the applicant in his own
handwriting, duly signed and dated, and witnessed by two persons)
for underwriting approval.
10.7. FME for POP members over sixty (60) years old – The full
medical examination (FME) report may be dispensed with for loan
applicants under the Pag-IBIG Overseas Program who are over 60 years
old. In its place, the Health Statement Form shall be submitted,
filled out by the applicant in his own handwriting, and witnessed by
two persons. The applicant shall also be required to submit a copy
of the result of his medical examination conducted prior to his
assignment overseas as required by his employment agency.
Should the applicant’s health be found “sub-standard”, the
corresponding sub-standard rating shall be applied, and the
applicant shall also be charged the additional extra premium.
11. PREPAYMENT
11.1. A borrower shall be allowed to prepay his loan in
full or in part without prepayment penalty, pursuant to Republic Act
7394.
11.2. Accelerated payments – any amount paid in excess of the
required monthly amortization shall be applied automatically to
principal, unless otherwise expressly requested by the borrower upon
payment.
The treatment of excess payment the borrower prefers must be noted
on/properly disclosed in the Pag-IBIG Fund Receipt (PFR).
12. DEFAULT
12.1. The borrower shall be considered in default when he
or any of his coborrowers fails to pay any three (3) consecutive
monthly amortizations and/or monthly membership contributions and
other obligations on the loan.
12.2. At point of default, the outstanding loan, together with
accrued interest, penalties, fees and other charges, shall become
immediately due and demandable. The said amount shall likewise be
subject to the following:
12.2.1. The unpaid monthly payments shall continue to be charged
with a penalty equivalent to 1/20 of 1% of the amount due for every
day of delay.
12.2.2. It shall continue to bear interest at the stipulated rate
from the time the outstanding loan become due and demandable.
12.3. Pag-IBIG Fund may adopt the following remedies:
12.3.1. For Loans Secured By Contract to Sell (CTS)
a. Cancellation of the CTS;
b. Call against the warranty of the developer to buy back the
defaulting account.
12.3.2. For Loans Secured By Real Estate Mortgage (REM)
a. The account shall be endorsed for foreclosure.
b. Default shall also constitute a lien on the Total Accumulated
Value (TAV) of the member’s savings with Pag-IBIG Fund
13. LOAN CHARGES
The borrower shall pay a Processing Fee of Three Thousand
Pesos (P3,000.00), which shall be paid as follows:
13.1. One Thousand Pesos (P1,000.00) upon filing of the loan
application, which shall be non-refundable if the loan is
disapproved;
13.2. Two Thousand Pesos (P2,000.00) upon loan takeout.
14. SECOND AVAILMENT
A Pag-IBIG member may avail himself of a second Pag-IBIG
housing loan provided he has fully paid his first housing loan,
whether as a principal borrower or as a co-borrower.
15. ADDITIONAL LOANS
15.1. Additional loan shall be herein defined as a
housing loan availed while there is still an existing housing loan.
15.2. A member who is updated with his monthly contributions as well
as his monthly housing loan amortizations as of date of application
for additional loan shall be eligible for the said loan.
15.3. A qualified Pag-IBIG member who has an existing housing loan
may avail himself of an additional housing loan for the following
purposes:
15.3.1. House construction on a lot purchased/refinanced through a
Pag-IBIG housing loan
15.3.2. Home improvement.
15.4. An eligible member shall be entitled to borrow an amount that
will not exceed the difference between the member’s loan entitlement
upon his application for an additional loan and his original loan
availment.
15.4.1. If the original loan was taken out prior to 23 November 2006
and the additional loan was availed under these guidelines, the
additional loan shall be treated as separate and distinct from the
original loan.
Hence, the original loan shall be subject to the interest rates
prevailing at the time said loan was taken out while the additional
loan shall be charged with the interest rates provided in these
guidelines.
15.4.2. The additional loan shall be consolidated with the original
loan for the following accounts:
a. If the original loan was taken out under HDMF Circular No. 219 or
any of the succeeding issuances; or
b. if the original loan was taken out under the “Magaang Pabahay”
Program
Thus, the consolidated loan shall consist of the additional loan and
the outstanding balance of the original loan as of the date of the
additional loan’s final release. It shall be charged the
corresponding interest rate provided in these guidelines.
The resulting monthly amortization, whether the original and
additional loans are consolidated or treated separately, shall not
exceed forty percent (40%) of the member-borrower’s net disposable
income.
15.5. For consolidated loans, the borrower shall continue paying the
original amortization until such time that the additional loan is
completely released. However, upon full release of the additional
loan, the new amortization shall be based on the consolidated loan
as provided for in Section 15.4 hereof.
15.6. Inclusive of the value of improvements to be introduced, the
loan-tocollateral ratio shall not exceed the corresponding rate
stipulated in Section
4.3 hereof.
15.7. The consolidated loan shall be charged with the corresponding
interest rate provided for in Section 5 of these guidelines.
15.8. The additional/consolidated loan shall have a loan term in
accordance with the provisions stipulated in Section 6 hereof.
15.9. The additional loan shall be secured by the same collateral as
that of the original housing loan. The borrower shall execute an
Addendum to the First Real Estate Mortgage on the subject property
to fully cover the payment of the additional/consolidated loan as
stipulated in the corresponding loan agreement and promissory note
of the borrower.
For a CTS account originally taken out under the “Magaang Pabahay”
Program, the consolidated loan shall be secured by a First Real
Estate Mortgage on the subject property to fully cover the payment
of the obligation as stipulated in the corresponding promissory note
of the borrower. In connection thereto, the borrower shall pay for
the unpaid monthly payments that would cover the expenses to be
incurred in the conversion of the CTS to REM. The consideration of
the Deed of Absolute Sale shall be the contract price appearing in
the CTS, while that of the Loan and Mortgage Agreement shall be the
consolidated loan amount.
15.10. The member shall be charged with fees as provided for in
Section 13 hereof.
16. EFFECTS OF MEMBERSHIP TERMINATION ON AN
OUTSTANDING HOUSING LOAN
16.1. Application of Member’s TAV
A member whose housing loan is taken out under this Circular shall
not be allowed to withdraw his TAV if he has an outstanding housing
loan with Pag-IBIG Fund as of the date of membership/savings
withdrawal, he shall be given the following options:
16.1.1. Pay off the outstanding housing loan balance and withdraw
his accumulated savings;
16.1.2. Continue amortizing the loan until it is fully paid,
provided that the account is updated. The member can withdraw his
accumulated savings only upon full settlement of the loan; or
16.1.3. Apply the accumulated savings to the outstanding loan
balance.
Meanwhile, withdrawal of TAV for a member whose account was taken
out under earlier Pag-IBIG Fund housing programs shall be governed
by the guidelines prevailing at the time of loan takeout.
16.1.4 For Accounts released from 1 March 1999 up to 8 November 2001
(taken out under HDMF Fund Circular Nos. 171 and 178)
In case of membership termination due to membership maturity,
permanent departure from the country, retirement, total disability
or insanity, Pag-IBIG Fund shall effect automatic application of the
member’s TAV to the outstanding housing loan balance, regardless if
the account is updated or in arrears.
16.1.5 For Accounts released from 9 November 2001 to 19 July 2004
(taken out under HDMF Circular Nos. 189, 189-A, and 189-B)
Upon membership termination on the grounds of membership maturity,
permanent departure from the country, retirement, total disability
or insanity, Pag-IBIG Fund shall automatically apply the member’s
total accumulated savings to his outstanding housing loan, only if
the account is in arrears.
In all cases, should there be any unpaid loan balance after the
member’s total savings have been offset against the loan, Pag-IBIG
Fund shall require the borrower to pay the balance either in full,
or under a revised amortization scheme, for a period not longer than
the remaining term of the loan. Should the borrower opt for the
latter, he shall be required to pay his monthly membership
contributions until the loan obligation is fully settled, in
accordance with the terms and conditions of the loan agreement.
16.2. Application of Insurance Proceeds
In the event of death, Pag-IBIG Fund shall apply the proceeds of the
member’s mortgage/sales redemption insurance (MR/SRI) to his
outstanding housing loan balance, and the excess, if any, shall be
paid to the member’s designated beneficiaries.
In case the insurance proceeds shall not be sufficient to pay the
member’s housing loan balance fully, the Fund shall offset the
remaining amount against the member’s TAV. Should the member’s TAV
still not suffice, the Fund shall require the member’s
heirs/beneficiaries to settle any remaining balance in full or under
a revised amortization scheme for a period not longer than the
remaining term of the loan.
17. OTHER PROVISIONS
17.1. Alignment of Pag-IBIG Fund Special Housing Loan
Facilities with these guidelines
Provisions on the eligible borrower’s age, membership contributions,
loan term and interest rate of Special Housing Loan Facilities shall
be aligned with these guidelines. All other provisions as stated in
the respective guidelines and Memorandum of Agreement of the
Pag-IBIG Fund Special Housing Loan Facilities that are not
inconsistent with these guidelines shall continue to be in effect.
17.2. Alignment of HDMF Circular No. 200 with these guidelines
With exception to the loan-to-collateral ratio, which is provided
for in Section
F.1 of HDMF Circular No. 200, all other provisions under these
guidelines shall be used in processing housing loans to purchase
Pag-IBIG Fund’s Real and Other Properties Owned or Acquired (ROPOA).
18. AMENDMENTS
These guidelines may be amended, revised or modified by
the Pag-IBIG Fund Senior Management Committee in furtherance of the
objectives of the program, provided that the amendments, revisions
or modifications herein adopted are consistent with the mandate of
the Fund under its charter and existing laws.
19. REPEALING CLAUSE
All memoranda, rules, regulations, and other issuances
inconsistent herewith are hereby repealed, amended or modified
accordingly.
20. PROGRAM ALLOCATION
The Management is hereby authorized to allocate P3
Billion Pesos for 2009 to finance the housing loan package of over
P2,000,000 to P3,000,000.
21. EFFECTIVITY
These guidelines shall take effect beginning 1 April
2009.
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Pagibig Loan Term Schedule and Monthly Amortization Table |
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