Are You Ready To Avail Of A Pag-IBIG Housing Loan?

You found your dream home and you want to get it, problem is you don't have enough money to purchase the property outright. Like I mentioned earlier you can avail of loans either in-house financing, bank financing or through government housing loans financing like Pag-IBIG (if you are from the Philippines and a contributing member for more than 24 months, even if you are outside the country)

If you are thinking of availing for a housing loan at Pag-IBIG here are some important guidelines you should know.

1) The first monthly amortization shall be deducted from the loan takeout proceeds while succeeding monthly amortization payments shall commence on the second month immediately following loan takeout/final release, and shall be paid on the date that coincides with the date of loan takeout/final loan release.

2) A penalty of 0.0005 a day will be charge if pay after the due date.

3) Non-payment of three (3) consecutive monthly amortizations and/or monthly membership contributions and other obligations on the loan shall be a ground for legal action/cancellation/foreclosure of your property subject to your Pag-IBIG loan.

4) If you're an existing member and has paid at least 24 contributions, you must pay the upgraded Pag-IBIG membership contributions/savings upon receipt of the Notice of Loan Aprroval to the following amounts:

Monthy Contributions Loan Entitlement

• P 200 Up to P 500,000
• 250 Over 500,000 - 600,000
• 300 Over 600,000 - 700,000
• 350 Over 700,000 - 800,000
• 400 Over 800,000 - 900,000
• 450 Over 900,000 - 1,000,000
• 500 Over 1,000,000 - 1,100,000
• 550 Over 1,100,000 - 1,200,000
• 600 Over 1,200,000 - 1,300,000
• 650 Over 1,300,000 - 1,400,000
• 700 Over 1,400,000 - 1,500,000
• 750 Over 1,500,000 - 1,600,000
• 800 Over 1,600,000 - 1,700,000
• 850 Over 1,700,000 - 1,800,000
• 900 Over 1,800,000 - 1,900,000
• 950 Over 1,900,000 - 2,000,000