How To Secure A Housing Loan From Pag-IBIG Fund

You went around checking potential properties and you learned from the developer of the property you want to purchase that you can avail a Pag-IBIG Housing Loan that is payable in 30 years time.

What are necessary requirements?

• You should attend a housing loan counseling/seminar at Pag-IBIG main office in the Atrium, Makati City before anything else so you will know all your rights and responsibilities regarding the loan. The seminars are held everyday but for those who will buy a property from a developer the time of counseling is 3PM, the rest can attend the 8AM to 1PM with 12NN as break time. Seminar is about 2 hours.
• Make sure you have at least 24 months of contribution at Pag-IBIG to qualify for a loan.
• If you have been an inactive member of Pag-IBIG for more than a year you can re-activate it by paying at least three months of contribution to any Pag-IBIG branch near you.
  
• For employed borrowers you should secure:

1. An employment certificate
2. At least one months payslip.
3. Income Tax Return for employed.
4. Company ID
5. ESAV (a statement of all contributions from Pag-IBIG) you can get this at the branch where your company is located.
6. Birth Certificate
7. Marriage Certificate if married
8. Baranggay Certificate (cedula)
   

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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
  

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For Sale

Semi-furnished House and lot for sale at Bagong Silang, Caloocan City, Philippines
With clean title and easy transfer to the new owner
Lot size: 90 sq. meters
3 bedrooms
2 living area
laundry area
front porch
2nd floor den/terrace
ready for second floor
Sale Price: P630,000
The owners are migrating soon.
Property is near market, schools, and church.
Interested buyers leave a message here include your contact details.

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Things To Consider Before Buying A Property

• Before making any purchases you have to consider your capacity to pay. Do you have the available cash in hand or are you planning for some financing scheme like in-house financing, bank financing or government assisted housing loans.
• After identifying your means to pay think about the kind of property you would like to purchase. Will you consider living in a condominium/hotel like living arrangement or still go for the conventional house and lot.
• Consider buying a property at an area most convenient for you or closer to where you do your business/work and proximity from important establishments like church, schools, hospitals and market or malls.
• Investigate on the credibility of the seller individual or developer and make visits to the potential property you would like to purchase.

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Things To Consider When Selling Your Home

Our parents home has many memories. That is where we experienced our teenage years. There are many happy and sad moments from that house and if you would base the pricing according to all the moments in that home it would be priceless. However, things change and sometimes we have to let go of things that has sentimental value for practicable reasons.

Through experience here are some tips and considerations before you think of selling your homes:

• Do your research on the market value of your property.
• Location is one of the most important factor why a certain property has a high or low market value. If it is just near the major places like market, school, church and road, your property can be appraised at a higher value.
• Floor size is another major consideration when setting your properties value.
• Determine if there are major repairs or improvements needed on what is already available and working.
• Figure your net cash from your home property sale consider all deduction from the actual sale price.
• You're living arrangements after the house/property gets sold. Consider this if you are still occupying the property to be sold.
• Are you ready to let go of all the memories, friends and neighborhood?
• Get the necessary documentation ready for the sale (house title and other legal documents needed).

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About Homes Galore

Last year started out with my family's desire to sell our parents home to move to another place since we have outgrown the old already. My sister went abroad, my father died, and my brother lives on his own with his family, my daughters school is hours away and so is work. It was indeed the best decision to sell our folks place and get a new one.

Right now we are on the stage of entertaining buyers in the old house, dozens had come and inquired and more are coming week after week. Sometimes it's tiring to entertain buyers but sooner or later we will be able to make that sale.

Meanwhile, while doing the marketing of the old house, we are on the process of getting a new place and I am going through the nitty-gritty of all the details regarding buying, the documentation, financing and all necessary things to get that purchase and move out.

This blog will be dedicated about everything about homes -- from buying, creating, maintaining and selling.

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