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Pag Ibig Housing Loan: What you need to know about PAG IBIG HOUSING LOAN

Pag Ibig Housing Loan: What you need to know about PAG IBIG HOUSING LOAN

PAG IBIG HOUSING LOAN:

PAG IBIG HOUSING LOAN: WHAT YOU NEED TO KNOW ABOUT PAG IBIG HOUSING LOAN

 
Yes, Pag Ibig offers an affordable Housing loan to its members! Members can apply for a loan if they plan to purchase a residential “lot” not exceeding 1,000 sqm, a residential house and lot, a town house, a condominium unit or even for house constructions.

PAG IBIG HOUSING LOAN REQUIREMENTS OR QUALIFICATIONS:

Members are welcome to apply for housing loan as long as they comply with the following requirements:
 
1. Must have remitted 24 monthly contributions under Pagibig Membership Program, The 24 months contributions can be paid in lump sum, so this is a good news for Pag Ibig’s new members.
2. Has a gross monthly min income of Php 17,500.00 for NCR workers and Php14,000.00 for non NCR workers.
3. Age qualification is not more than 65 years old (with no outstanding pagIbig housing loan).
4. Has NO Pagibig housing loan that was foreclosed or cancelled.

A qualified Pag-ibig member can loan a maximum of Php750,000.00 (Seven hundred fifty thousand pesos) or depending to his/her needs, the lone entitlement will be based on the member’s gross monthly income or its capacity to pay. According to Pagibig, a maximum of 3 qualified members may be tacked into single loan as long as they are related within the second civil degree of consanguinity.

For the loan appraisal value ratio, the loan amount of up to Php 450,000 has a 100% loan to appraisal value ratio and 90% for over Php450,000 to Php750,000.

PAG IBIG HOUSING LOAN INTEREST RATES:

Pag ibig offers the lowest interest rates of only 4.5% compares to bank financing or in housing financing unit, BUT this is applicable only to housing loans amounting Php 450,000.00 below. Loan upto Php750,000.00 has an interest rate of 6.5%. At the end of the 10th year period the interest rates will be repriced. If you are planning to loan a bigger chunk of money (Bigger than 750,000.00) ex. 3 million, BANKS offer a more competitive interest rates compare to pagibig. Some banks offer as low as 5.5% interest rates per anum. However, Pagibig granted the longest payment terms of up to 30 years.

Charges or fees are Php3,000 for the processing fee, Php1,000 upon filling of loan application and Php2,000 for loan take out.

Members may file their applications HERE

Processing time is 15 working days, provided that the borrower submitted all the necessary requirements.

::Pag Ibig Housing Loan::
::Pag Ibig Housing Loan::

Pag Ibig Housing Loan: What you need to know about Pag ibig Housing Loan
 
 
 
 

Pag Ibig Housing Loan: What you need to know about PAG IBIG HOUSING LOAN was last modified: May 25th, 2016 by Joyful Mommy

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