Housing Loan

[MGVS]

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Combined Loan Purposes:
- Lot purchase with house construction

pasavot ani boss pwd ka kuha lot thru pag-ibig nya dala nlang pud patukud balay? mahug double imo loan house construction and palit yuta?

[cebu.opportunities]

Default:
- Failure to pay THREE (3) consecutive months contribution and amortization,
1. Outstanding loan shall be due and demandable
2. Shall constitute a lien on the member's contributions
3. Account shall be endorsed for foreclosure


Insurances:
1. Mortgage Redemption Insurance
- Principal borrower and his co-borrowers shall each be covered by the MRI to the extent of their individual loan entitlements
2. Fire & Allied Perils Insurance


Costs Involved:
1. Fees to be paid upon filing:
- P1,000 Processing Fee

2. Fees deducted from Loan Proceeds:
- P2,000 Processing Fee Balance
- One-year Insurance Premium


Processing Time:
1. Loan Application
- 15 working days

2. Loan Release
- 5 working days


Limitations in Pag-IBIG Housing Loan:
1. Less than 28 sqm lot area
2. Less than 18 sqm condominium floor area
3. Title under the name/s of deceased owner/s
4. Title with liens/ encumbrance(s) (Sec 7 of RA 26)
5. Free Patent Title not covered by RA 10023
6. Title with disputes, claims in the court
7. Married individuals not legally separated and cannot secure marital consent or Special Power of Attorney (SPA) from spouse
8. Properties with road right of way less than 1.5 meters
9. Land types classified other than Residential Use
10. Properties with "Rights" instead of "Titles" as proof of ownership

[cebu.opportunities]

Unsay pasabot sa Php 6M sis? bali mao gyud na ang imong ma loan? if dili how to get that amount?

Sa Pag-IBIG ni...
up to 6M ang pinakadako ma loan pero naa tay gitawag nga qualification pra ma entitled ka to a certain amount pwede ma loan.

Loanable amount will depend on the ff:
1. Actual Need
2. Capacity to Pay3. Loan-to-Appraisal Value Ratio

please refer to post #9

naa mi silingan baligya nila house and lot for 2.5M please give me checklist unsa requirements ug mga fees. btw, seaman diay ko. thanks!

Requirements:
for BPI, please refer to post #5 under OFW, all applicants, then from additional requirements down to Collateral Documents.


Fees:
This will differ from time-to-time, better ask for updates but the usual fees are the ff:
- Appraisal
- Insurances
- Contribution (Pag-IBIG only)
- Processing Fee

Combined Loan Purposes:
- Lot purchase with house construction

pasavot ani boss pwd ka kuha lot thru pag-ibig nya dala nlang pud patukud balay? mahug double imo loan house construction and palit yuta?

Yup, combined loans are designed for more than one loan purpose so mahug siya murag doble nga loan, mas kuti ni.

house construction- you need to have building permit
home improvement:
1. condo unit
- no need of building permit
2. house
- may or may not need building permit depending on the extent of improvement.

[cebu.opportunities]

PS Bank Home Loan: as of April 02, 2013

- either house and lot or condo


LOAN RATES: FOR INDIVIDUAL ACCOUNTS

I. NEW BOOKINGS/LOAN APPLICATIONS

A. Home Loan Acquisition or Construction
1 year fixed- 6%
2 year fixed- 6.5%
3 year fixed- 6.5%
5 year fixed- 7.5%
10 year fixed- 8.5%
15 year fixed- 9%
20 year fixed- 9.25%
25 year fixed- 9.25%

B. Refinancing
1 year fixed- 6%
2 year fixed- 6.5%
3 year fixed- 6.5%
5 year fixed- 7.5%
10 year fixed- 8.5%
15 year fixed- 9%
20 year fixed- 9.25%
25 year fixed- 9.25%

C. Equity
1 year fixed- 6.5%
2 year fixed- 7%
3 year fixed- 7%
5 year fixed- 8%
10 year fixed- 9%


II. REPRICING RATES

A. Home Loan/ Refinancing Repricing
1 year fixed- 6.5%
2 year fixed- 7%
3 year fixed- 7%
5 year fixed- 8%
10 year fixed- 9%

B. Equity Re-pricing
1 year fixed- 7%
2 year fixed- 7.5%
3 year fixed- 7.5%
5 year fixed- 8.5%

C. Home Free
1 year fixed- 9%
----> wa ko kasabot aning home free, hehe.

NOTES:
- 8 working days of grace period is given for your monthly amortization schedule

Late Payment of Amortization
- penalty of 5% per day

Mode of Payment of Amortization:
1. Over-the-Counter
2. Open an account then apply for Auto-Debit
3. PDC (Post-dated Checks)

Advance Payment:
- no charges, fees and interests for principal advance payments
- no required minimum amount to be paid in advance
- can pay in advance anytime; does not rely on anniversary date of loan
- new interest value (same rate but of different amount) applies to the succeeding month after advance payment of principal amount

Mode of Payment: Advance Payment
1. Over-the-Counter
2. Online Banking


Source:
PS Bank Manager
April 02, 2013

[libido]

sis pwd ka mo hatag sample computation anang in-house financing..libog sad ko..hehehe dili man gd ko math geek

then regarding sa pag-ibig if ma complete nimo ug bayad ang 2 years, automatic na gyd daun nga maka loan na, i mean dili pata mo huwat ug days or months para maka loan.
kay ako tiwason ang akong pag-ibig sad...

daghang salamat.

[666satan]

katong nag post og Bank financing or loans...

Question: naa mo Annual fee

[cebu.opportunities]

@libido
will pm you regarding in-house financing sample computation...
----> in-house financing computation will be done sa accountant or staff sa developer pra accurate gyud, hehe.. pero brokers and agents can give you sample computation just to give you an idea sa possible monthly payments--not accurate because it would depend on the developer's charges and fees if applicable

Pag-ibig Housing Loan
- if you update your remittances good for 2 years share, you can now apply for loan
- make sure you are qualified or legible as shown sa previous posts sa requirements-- both borrower and collateral
- attend seminar for the loan, any day na karon unlike before every Wednesday rmn tingali to.
Please bear in mind nga dapat ipadayon gihapon imo monthly remittances sa Pag-ibig while paying the amortization, di lang kutob 2 years pra maka-apply og loan. imong monthly remittances will increase whose amount depend on your Loan amount.

@
What do you mean by annual fee? Similar sa Credit Cards? hehe

basta fees are the ff:
- Bank Charges per Loan Application that would run from 20K to 60K depending on the amount of Loan, Bank and other factors.
- Appraisal Fee of 3.5K per collateral. Per Collateral because you can have more than 1 collateral hangtod moabot sa imo pwede ma loan nga amount. If not, ang max nimo ma loan will just depend on the 60% to 100% of the Collateral's Appraisal Value.
- Insurances--- I think this is only a one time payment.
a. Mortgage Redemption Insurance
- Principal borrower and his co-borrowers shall each be covered by the MRI to the extent of their individual loan entitlements
- If sa Pag-ibig, computation ky 0.41 php per 1k
- don't know sa banks

b. Fire & Allied Perils Insurance
- If sa Pag-ibig, computation ky 0.41 php per 1k
-- don't know sa banks


Annual "Fees": Insurances
1. Life insurance amounting to the Loan amount. You can have multiple life insurance policies to be endorsed.
If you have existing life insurance, pwede ra kato gamiton.

If you do not have one or it does not suffice sa imo loan, so you need to have another and mas maayo if kana affiliated sa bank (like AXA Life for Metrobank and PS Bank) pra dali ang pag-process. You may have it Term Life insurance or Variable Life insurance pero they would suggest nga Term Life insurance lang ky if ever naay mahitabo, that life insurance ang collateral and maadto sa bank ang benefits since siya na ang beneficiary.

Term Life insurance-- you need to pay this annually (pwede monthly, quarterly, semi-annually or annually mn siguro) until maimpas ang Loan but you have the choice to continue the life insurance policy pero i-change lang ang beneficiary by then. so mao ni imo pasabot nga annual fee?

Variable Life Insurance-- same as what is stated above sa Term Life pero much better if you'll continue paying even after the loan has been fully paid because you put some riders in it and maybe naa sad investment side, sayang ra if you'll stop unless the plan is made nga good for a "lifetime" but payable only in a certain given term.

[tessai]

gusto pud ko avail ani in the near future. di pa ko kasabot sa terms.

[cebu.opportunities]

Steps in Pag-ibig Housing Loan Application:

1. Attend a loan counselling session at the Pag-ibig office concerned and be briefed on the eligibility. Accomplish a preliminary loan counseling questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS). This will find out if one has an outstanding obligation withHome Development Mutual Fund (HMDF). If eligible, secure the following documents:
Pag-ibig loan, Pag-ibig loan application, HMDF loan

- Members Status Verification Slip (MSVS)
- Notarized Housing Loan Application (HLA), Principal / Co-borrowers
- Latest payslip duly certified by the employer (Indicate printed name and designation of assigned signatory)
- Notarized Certificate of Employment Compensation (CEC)
- Income Tax Return (ITR) with W2 form
- Proof of billing address (Electric bills, PLDT. water bills, subscriptions, letters, credit card billing)
- Certified true copy of Condominium Certificate of Title (CCT). Latest title and its trace back through the Registry of Deeds
- Tax Declaration of the Philippine property and/or parking
- Tax Receipts of the property
- Contract to Sell (CTS)
- Special Power of Attorney (if applicable) (SPA). a) marriage contract / Birth Certificate. B. Valid ID's (Passport, License, Voters I.D. SSS I.D., - - Company I.D.
- Location Plan and vicinity map signed by surveyor
- Building, Electric, Sanitary Permits
- Building / Floor plans signed by the borrower
- Specification and Bill of Materials signed by a licensed Engineer.
- License to Sell, Certificate of Registration and Development Permit (if applicable)

Note: Incomplete documents shall not be accepted. Submit two (2) sets of documents. Original / photocopy. Always bring the original for authentication and verification. Filing fee: P1,000

2. Receive Notice of Approval / Letter of Guarantee and sign loan documents

3. Proceed to BIR and present Deed of Absolute Sale (DOAS) between the developer of the condo unit and applicant for payment of documentary stamps and capital gains tax (if needed).

4. Proceed to the City Hall for payment of transfer tax

5. Proceed to the Registry of Deeds for payment of Registration Fees for the transfer of title.

6. Proceed to the Notary Public for notarization of Loan Mortgage Agreement (LMA) and annotation of mortgage with the Registry of Deeds.

7. Proceed to Assessor's office to secure new tax declaration in the name of the applicant.

8. Secure occupancy permit from the local government Unit.

9. Submit the following documents to Pag-ibig office concerned:

- Original Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) in case of a condominium unit, in the name of the applicant with annotated mortgage.
- DOAS with original Registry of Deeds stamp.
- New tax declaration in the name of the applicant.
- Updated real estate tax receipt (if applicable)
- Occupancy Permit
- Assignment of loan proceeds to the developer

10. Release of loan proceeds to the developer

11. Start amortization on the month immediately following loan take out / final loan release.

Source: HDMF Pag-ibig Fund

[OT_Racing]

nindot na, invest in a self liquidating asset - loan ug blay pa rentahi then ang renta maoy i bayad sa bank...