PAG-IBIG FUND PPT [2017 ]
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PAG-IBIG Fund Program of the Philippines. Source: from pagibigfund.gov.ph as of August 2017
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PAG-IBIG FUND PPT [2017 ]
- 2. Pagtutulungan sa Kinabukasan, Ikaw, Bangko, Industriya, Gobyerno IPON PAUTANG PABAHAY Pag-IBIG I Modified Pag-IBIG 2 (MP2) o Multi-Purpose Loan o Calamity Loan o Regular Housing Loan o Affordable Housing Loan
- 3. Essential Features of Pag-IBIG Savings Program • Doubles/triples your money • Annual dividend earning • Tax-Free • Government-guaranteed savings • Portability of Savings • Return of Savings • Availment of loan programs
- 4. • Retirement age (ER@45, OR@60, and MR@65) • Death • Permanent and total disability or insanity • Permanent departure from the country • Termination from the service by reason of health • Other causes as may be approved by the Board • Membership maturity (20 years or 240 monthly savings) Grounds for Withdrawal of Savings
- 5. Modified Pag-IBIG 2 (MP2) Savings Program • A voluntary savings program open to all Pag-IBIG I members with a monthly gross income exceeding Php5,000.00 • Rate of contribution : Php500.00 • Term : five (5) years • Savings are entitled to a preferential dividend rate higher than that of Pag-IBIG I.
- 6. • An added benefits to Pag-IBIG members through mutually beneficial partnerships with private companies • Increasing Pag-IBIG Fund’s presence in the daily lives of the members • Functions as discount, rewards, and Pag-IBIG transaction cards • Pilot implementation in Baguio, Cebu and Davao Pag-IBIG Loyalty Card
- 7. HDMF CIRCULAR 310 ISO 9001: 2008 Certified
- 8. • Enhanced Portfolio Categorization ✓Regular Housing Loan ✓Affordable Housing Loan HOUSING LOAN PROGRAM PhP 6M from 3M • Increased Maximum Loan to * Over P65 Billion annually in total allocation for Housing Loans
- 9. Individual Home Financing Program ✓ Principal borrower’s age shall not exceed 70 years old at date of loan maturity 30 YearsMaximum of up to provided that:
- 10. Individual Home Financing Program All Active Pag-IBIG members with : ✓ at least 24 months contributions ✓ not more than 65 years old at the date of loan application, insurable and is not more than 70 years old at the date of loan maturity ✓ legal capacity to acquire and encumber real property
- 11. Individual Home Financing Program Must also have: ✓ Updated Pag-IBIG housing loan- for existing borrowers (*Multiple Housing effective April 2015) ✓ No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered ✓ If with existing Pag-IBIG Multi Purpose Loan (MPL), payments should be updated upon Housing Loan application
- 12. ✓ Purchase of residential lot or adjoining lots (max 1,000 sq.m.; min 28 sq.m.) ✓ Purchase of house & lot, townhouse or condominium unit (adjoining units) ✓ Construction of house ✓ Improvement of house ✓ Refinancing of an existing loan Individual Home Financing Program
- 13. Individual Home Financing Program ✓ Lot purchase with house construction ✓ Purchase of residential unit with home improvement ✓ Refinancing with home improvement or house construction
- 15. Shall be based on the lowest of the following: Actual Need Capacity to Pay Loan-to-Appraisal Value Ratio Individual Home Financing Program
- 16. PRU: Selling Price House Construction: Total Construction Cost Refinancing: Outstanding Balance Actual Need 35% of your Gross Monthly Income, for loans up to P1,700,000 30% of your Gross Monthly Income, for loans over P1,700,000 Capacity to Pay
- 17. Tacking Provision: Maximum of three (3) qualified Pag-IBIG members Capacity to Pay Individual Home Financing Program
- 18. LOAN AMOUNT PERCENTAGE ON APPRAISAL Up to 1.7M 90% Ex. Selling Price : 500,000 Capacity to Pay: P500,000 Appraisal is P500,000 x 90% = PhP 450,000 Loanable Amount is PhP 450,000 Over P1.7M to P6M 85% Ex. Selling Price : P2M Capacity to Pay: P3M Appraisal is P3M x 85% = PhP 2.55M Loanable Amount is PhP 2M Loan to Appraisal Value Ratio
- 19. Individual Home Financing Program The interest rate shall be re-priced periodically, depending on the chosen fixed-pricing period of the borrower. Interest rates may be fixed for 3, 5, 10, 15, 20, 25 or 30 years. Loan Amount Indicative Rates per Re-Pricing Period 3-yr 5-yr 10-yr 15-yr 20-yr 25-yr 30-yr Up to P6M Effective June 1, 2015 6.985% 6.500% 7.825% 7.270% 8.775 8.035% 9.385 % 8.585% 9.675 % 8.800% 10 % 9.050% 11.375% 10.000% * Changes every six months
- 20. Individual Home Financing Program * LTV is 75%
- 21. Individual Home Financing Program Loan Amount 3 -Yr 5-Yr 10-Yr 15-Yr 30-Yr 6.500% 7.270% 8.035% 8.585% 10.000% 400,000 2,528.27 2,734.13 2,944.82 3,099.78 3,510.29 750,000 4,740.51 5,126.50 5,521.54 5,812.09 6,581.79 1,000,000 6,320.68 6,835.33 7,362.06 7,749.46 8,775.72 1,250,000 7,900.85 8,544.17 9,202.57 9,686.82 10,969.64 2,000,000 12,641.36 13,670.67 14,724.12 15,498.91 17,551.43 3,000,000 18,962.04 20,506.00 22,086.18 23,248.37 26,327.15 4,000,000 25,282.72 27,341.33 29,448.24 30,997.82 35,102.86 5,000,000 31,603.40 34,176.67 36,810.30 38,747.28 43,878.58 6,000,000 37,924.08 41,012.00 44,172.36 46,496.73 52,654.29
- 22. Individual Home Financing Program Loan Amount 3-Yr 5-Yr 10-Yr 15-Yr 30-Yr 6.500% 7.270% 8.035% 8.585% 10.000% 400,000 7,223.63 7,811.81 8,413.78 8,856.52 10,029.39 750,000 13,554.31 14,647.14 15,775.84 16,605.98 18,805.11 1,000,000 18,059.09 19,529.52 21,034.46 22,141.30 25,073.47 1,250,000 22,573.86 24,411.91 26,293.07 27,676.63 31,341.84 2,000,000 42,137.87 45,568.89 49,080.40 51,663.04 58,504.77 3,000,000 63,206.80 68,353.34 73,620.60 77,494.56 87,757.16 4,000,000 84,275.74 91,137.78 98,160.79 103,326.08 117,009.54 5,000,000 105,334.67 113,922.23 122,700.99 129,157.59 146,261.93 6,000,000 126,413.60 136,706.67 147,241.19 154,989.11 175,514.31
- 23. Individual Home Financing Program Mortgage Redemption Insurance ✓ Principal borrower and his co-borrowers shall each be covered by the MRI to the extent of their individual loan entitlements Fire & Allied Perils Insurance
- 24. Application Stage Processing Time 1st - Loan Application 2nd - Loan Release 15 working days 5 working days
- 25. Individual Home Financing Program Fees to be paid upon filing: ✓ PhP1,000 Processing Fee ✓ PhP2,000 Inspection Fee Fees deducted from Loan Proceeds: ✓ PhP2,000 Processing Fee Balance ✓ One-year Insurance Premium
- 26. Monthly amortization shall start exactly one (1) month from the DV/ Check Date. DV/ Check Date First Amortization Date Regular Amortization Schedule 25 June 2017 25 July 2017 Every 25th of the month Individual Home Financing Program
- 27. Failure to pay THREE (3) consecutive months contribution and amortization ✓ Outstanding loan shall be due and demandable ✓ Shall constitute a lien on the member’s contributions ✓ Account shall be endorsed for foreclosure Individual Home Financing Program
- 29. ✓ Purchase of residential lot ✓ Purchase of house & lot, townhouse or condominium unit (old, new or acquired asset) ✓ Construction or completion of residential unit Individual Home Financing Program
- 30. LOAN AMOUNT Loans up to P450,000 Loans up to P750,000 INTEREST RATE 3.0% 5 Year Fixed 6.5% 10 Year Fixed CLUSTER 1 (NCR) GMI up to P15,000 GMI up to P17,500 CLUSTER 2 (REGIONS) GMI up to P12,000 GMI up to P14,000
- 31. TERM OF LOAN (in years) MONTHLY AMORTIZATION 3.0% 6.5% Loan Amount 450,000 Loan Amount 750,000 15 3,107.62 6,533.31 20 2,495.69 5,591.80 25 2,133.95 5,064.05 30 1,897.22 4,740.51
- 32. Individual Home Financing Program ✓ Less than 28 sqm lot area ✓ Less than 18 sqm condominium floor area ✓ Title under the name/s of deceased owner/s ✓ Title with liens/ encumbrance/s (Sec 7 of RA 26) ✓ Free Patent Title not covered by RA 10023 ✓ Title with disputes, claims in the court
- 33. Individual Home Financing Program ✓ Married individuals not legally separated and cannot secure marital consent or Special Power of Attorney (SPA) from spouse ✓ Properties with road right of way less than 1.5 meters ✓ Land types classified other than Residential Use ✓ Properties with “Rights” instead of “Titles” as proof of ownership
- 34. Pag-IBIG Fund is OUR Fund! Help us by providing quality borrowers. Why choose Pag-IBIG ?
- 35. Thank You.
Editor's Notes
- Enhancements include: A 100% Increase of the maximum loanable amount limit, from the current P3 million to P6 million. With this, we may are sure to expand our market and further serve more members. Breakdown of HL borrowers from January to March 2012 2. We shall also now have two (2) Housing Loan portfolios instead of just one. We shall categorize these as Socialized Housing Loan Program Subsidized rates sourced from tax savings Targeted Beneficiaries (minimum wage earners) Regular Housing Loan Program Increase in Loanable amount to 6 Million Risk-based interest rates Adoption of a Borrowers Evaluation System to improve Underwriting
- ACCELERATED PAYMENTS – any amount in excess of the monthly amortization due shall be treated as future amortization. However, upon request of the borrower and provided the amount to be applied is equivalent to at least one monthly amortization, said amount shall be applied to the principal.
- The availability of the loan package for over P3M to P6M shall be limited by the Fund’s annual budget allocation for the said package.
- Up to 750K – 35% of Monthly Gross Income Over 750K – 30% of Monthly Gross Income For government ees: take home pay should not fall below five thousand pesos
- Co- borrowers must pass eligibility requirements Co-borrowers are jointly and severally liable with the principal borrower for the loan but only to the extent of his/ her loan entitlement.
- 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 MRI… should any of the borrowers die only his portion of the entire loan shall be extinguished by MRI.
- In the case of default, the following remedies may be adopted: Pag-IBIG Fund shall endorse the account to Foreclosure; or The principal borrower may enter into a Deed of Sale with an eligible Pag-IBIG housing loan borrower. Prior to the filing of the Petition for Extra-Judicial Foreclosure, the TAV (principal and co-borrowers) shall be applied to his outstanding loan obligation, except if the borrower / co- borrower has an existing housing MPL/ Calamity Loan. If there is existing MPL/ Calamity Loan, the TAV to be applied to the housing loan obligation shall be NET of the outstanding MPL / Calamity loan obligation plus six (6) months worth of estimated penalties and interest. This shall apply regardles of the status of the MPL/ Calamity Loan.
- Enhancements include: A 100% Increase of the maximum loanable amount limit, from the current P3 million to P6 million. With this, we may are sure to expand our market and further serve more members. Breakdown of HL borrowers from January to March 2012 2. We shall also now have two (2) Housing Loan portfolios instead of just one. We shall categorize these as Socialized Housing Loan Program Subsidized rates sourced from tax savings Targeted Beneficiaries (minimum wage earners) Regular Housing Loan Program Increase in Loanable amount to 6 Million Risk-based interest rates Adoption of a Borrowers Evaluation System to improve Underwriting
- At least one year perfect re-payment history