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, Makati City Circular No. 310
TO : ALL CONCERNED SUBJECT : AMENDED GUIDELINES ON THE PAG-IBIG FUND END-USER HOME FINANCING PROGRAM
1 Pursuant to the approval of the Pag-IBIG Fund Board of Trustees in its 280 h Board Meeting held last 21 December 2011 , the Amended Guidelines on the Pag-IBIG Fund End-User Home Financin g Program are hereby issued:
These guidelines shall apply to housing loan applications received beginning 2 July 2012. 2. LOAN PURPOSE The Pag-IBIG housing loan may be used to finance any one or a combination of the following : 2.1 Purchase of a fully developed lot or adjoining lots not exceed ing one thousand square meters (1,000 sq . m.), which should be within a residential area ;
2.2 Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be: 2.2.1 Old or brand new; 2.2.2 A property mortgaged with the Fund; 2.2.3 An acquired asset; or 2.2.4 Adjoining houses and condomi nium units. lots
townhou ses I
For retail hous ing loans, the subdiv ision where sa id residentia l units are located must have complied with all the required facilities pursuant to PD No. 957 and BP No. 220. 2.3 Construction or completion of a residential unit on a lot owned by the member; 2.4 Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;
000 sq. a membe r who has existing monthly contribu tions that are still short of the 24 monthly membe rship requirem ent may pay his contribu tions for the succeed ing months in lump sum based on the membe rship contribu tion that corresp ond to the loan amount applied for.6 Combination of loan purpose s shall be limited to the following : 2.6 .2 Purchase of a residential unit. provided the by ed least one (1) year prior to date of applicat ion as support borrowe r's official receipts .6. with home improvement. 2. 2. a member shall satisfy the following requirements: 3. Similarl y. or 2. Lump sum paymen t of membe rship contribu tions shall be conside red a single contribu tion for the applicab le month as of the paymen t date.4 Refinancing of an existing mortgag e. For purpose s of comput ing the lump sum contribu tion .1. 3.3 A new membe r who wishes to apply for a housing loan and remit his membe rship contribu tions in lump s um shall be required to pay the membe rship contribu tion that corresp ond to the loan amount applied for to cover the 24 months membe rship requirem ent. m. 2.3 Refinancing of an existing mortgage with home improve ment.5 Refinancing of an existing housing loan with an institution acceptab le for at history ent repaym perfect a reflects t accoun the that.6. 3. with construction of a residential unit thereon .) and construction of a residential unit thereon.2 A member who has contributed for at least two (2) years shall be required to pay the upgraded contribut ion rates upon housing loan approval and onwards . 1 On Pag-IBIG Membership 3. 3.6. specifically a lot loan.1. whether old or new.1. BORRO WER' S ELIGIBI LITY To qualify for a Pag-IBIG housing loan. as evidenced by the remittance of at least 24 monthly contributions at the time of loan application. the followin g contribu tion rates shall be adopted : 2 .to the 2.1 Purchas e of a fully developed lot not exceeding one thousan d sq uare meters (1 . 1 Must be a member under the Pag-IBIG I Membe rship Program for at least twenty-f our (24) months . Fund.
800 .800 2.000 Over P3.400. 100.600.00 0 Over P5.700.000 Over P1 .OOO.400.000 to P3.700.000.000.000 Over P1 .00 0 Over P3.000 Over P1.700.000 Over P5.100.000 to P1 .00 0 to P5.400 1.000 to P800.500.00 0 to P5.00 0 to P4.850 1.900.000.00 0 Over P2.650 2.200 2.900.800.350 2.000 Over P1 .200.750 2.000 to P1 .300.900.000 to P2.500.000 Over P2.00 0 to P5.700.00 0 Over P2.000 to P1 .00 0 to P4.900.800.000 Over P 1.100 1.00 0 to P4.600 2.000 Over P5.550 2.000 to P1 .000 Over P2 .150 2.300.200.000.300.400 2.900.100 2.000 Over P3.000 3 .700.000 Over P1 .000.000 2.000.000 Over P1 .000 Over P4.500.350 1.800.00 0 Over P4.000 Over P5.000 Over P2.00 0 to P3. 100.00 0 to P2.000 Over P1.200.00 0 Over P4.400.300.000 Over P800 .00 0 to P4.000 to P2.000 to P1 .850 2.000 Over PS.000 to P2.000 Over P3.900.050 2.500.300.500.000 Over P4.300.400.000 to P3.000 to P1 .200.100.00 0 to P4.00 0 to P3.600.500.200.00 0 to P3.900 2.000 Over P3.550 1.000 to P3.000 to P1 .900 1.00 0 to P4.00 0 to P4.300.150 1.600.000 Over P1 .000 to P3.00 0 to P4.00 0 to P5.300.950 Over P5.000 Over P600.600.100.000 Over P2. 100.00 0 Over P2.00 0 Over P4.500.000 1.400.000 Over P3.100.500 2.700.000 Over P5.000 Over P3.00 0 Over P3.750 1.000 Over P2.000 Over P4.00 0 to P5.00 0 to P3.00 0 to P5.500.600.400.700.600.400.000.00 0 to P2.000 to P900.00 0 Over P4.00 0 to P2.000 Over P2 .000 to P3.000 to P2.450 1.00 0 to P1 .900.800.00 0 to P4.400.500 1.500.600 1.00 0 to P5.300 1.00 0 to P2.200.400.700.00 0 to P2.00 0 to P3.300 2.300.300.000 Over P1 .200 .00 0 Over P4.800.000 to P700.700 1.00 0 to P5.Members hip Contribu tion Loan Amount Up to P500.000 P200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 P950 1.200.800.200.450 2.800 1.900.050 1.950 2.250 1.600.250 2.000 Over P900.400.000.00 0 to P4.000 Over P5.000 Over P5.900.600.000 Over P2.900.000 Over P700.000 Over P500.700.600.000.200 1.800.700 2.000 Over P3.000 to P2.600.OOO to PS.000 Over P4.000 to P1 .000 to P1 . 100.000 to P600.800.200.000 Over P5.650 1.000 to P6 .000 Over P3.500.700 .100.000 Over P4.00 0 to P5.000. 100.800.
if differen t from the certifyin g governm ent doctor. 3.1 .4 Has passed satisfactory background/credit and employmenUbusiness checks Pag-IBIG Fund .1. to fail in his/her obligati on with the Fund and eventua lly resulted in the foreclos ure of his REM accoun t. Howeve r. the membe r shall pay his membe rship contribu tions that corresp ond to the approve d loan amount upon the approva l of his hous ing loan and every month thereafter. cancelled . co3.3 Has the legal capacity to acquire and encumber real property. The illness under conside ration must be that which required the borrowe r to incur substan tial expense s or a prolong ed treatme nt of s uch illness which caused him/her. should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan himself. is updated and the amount proportionate to his loan entitlement has been fully paid. 1. 3. or surrend er of his/her property via dacion en pago. 3.1. the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member's outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions. 4 . as a whole.7.7. of 3.4 After filing the housing loan applicat ion. property the rs borrower is no longer interested to pursue the loan and surrende a of ail av to rs borrowe Howeve r. Hence. However. such as but are not limited to the followin g : 3. or subjected to dacion en pago. due 3.5 For purposes of satisfying the membe rship requirem ent for housing loans. if the approve d loan amount is less than the loan amount applied for. Illness of the borrowe r or any of his immedia te family member s as certified by a governm ent doctor togethe r with the abstrac t or findings of the attendin g physicia n. the co-borrower shall be released from the original obligation with the consen t of the principa l and the other coborrowe rs.6.6 Pag-IBIG Oversea s Program (POP) contribu tions of Oversea s Filipino Workers (OFWs) who are Pag-IBIG I member s shall be conside red in countin g the total number of contribu tions for availme nt of housing loans. either as a principal borrower or borrower. the membe r shall still be required to continu e remittin g monthly contribu tions based on the upgrade d rate. that he is not more than seventy (70) years old at loan maturity. 3. Has no outstanding Pag-IBlG multi-purpose loan in arrears at the time of loan application .2 Not more than sixty-five (65) years old at the date of loan application and must be insurable. the Senior Manage ment may allow such new housing loan under certain meritori ous conditio ns.5 Has no outstanding Pag-IBIG housing loan.3. he shall be allowed to do so provided the tacked loan. and shall be allowed to avail of his own Pag-IBIG housing loan subject to standard evaluation procedu res. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account. 3. Had no Pag-IBIG housing loan that was foreclosed . which shall include . bought back the where cases to defau lt. provided further. cancella tion of the CTS.
1 and a. its CTS cancelled or the property s urrendered through dacion en pago.2 above.1 Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application. a. whose taxes during the year did not result to tax withheld = tax due.2 Notarized Certificate (employer's format) .1. but the said borrower has now become employed and is able to meet all other eligibility c riteria. are not qualified for substituted filing and therefore still required to file BIR form 1700: a. which shall be based on the lowest of the following : the member's actual need. LOAN AMOUNT A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Six Million Pesos (P6. 4.000.00). 3. The availability of the loan package for over P3M to P6M shall be limited by the Fund's annual funding allocation for the said package. with attached W2 form .000 .1. employees receiving purely compensation income may instead submit the BIR Form 2316 or the Certificate of Compensation Paymentrrax Withheld filed by their employers with the BIR. a.1 individuals with two (2) or more employers. which shall be supported by the following documents : a.1. Other similar meritorious cases that the Senior Manageme nt may consider.2.3. of Employment and Compensation 5 . Unemploym ent of the borrower at the time his prev ious housing loan was foreclosed .7. 4. non-professionalrelated income in addition to compensation income not otherwise subject to final tax a.3 individuals whose spouses fall under a. For Locally Employed. and the loan-to-app raisal va lue ratio.3.1.4 individuals deriving other non-business. a. however. The following.1.1 All housing loan borrowers shall be evaluated based on their capacity to pay. any of the following: a.7.1. his loan entitlement based on capacity to pay.1.2 individuals whose income tax has not been withheld correctly. Loan Entitlemen t Based on Capacity to Pay 4. In view of Revenue Regulation 2-98.1. stamped received by the BIR.
For governm ent employee s.1. the individua l gross monthly income of at most three borrower s shall be considere d .250.3 For governm ent employee s who will be paying their loan amortiza tion through salary deductio n. In case of tacked loans. However.250. 4. a. and b.2. b.1.2 A member's loan entitlement shall be limited to an amount for which the monthly repayment shall not exceed thirty-five per cent (35%) of the borrower's gross monthly income for loans not exceedin g P1 . subject to the following : a. DTI Registration .1 Employment Contract (EC). For Self-Employed Income Tax Return and Audited Financial Statements and Official Receipt of tax payment from bank. Transfer Certificat e of Title (TCT) or Condomi nium Certificat e of Title (CCT) is registere d in his name and in the name of the principal borrower .2 Certificate of Income duly certified by the employer.1 .000 and thirty percent (30%) of the borrower 's gross monthly income for loans exceedin g P1 .3 Other income documents that the Fund may prescribe. 4. their Net Take Home Pay must not fall below the minimum requirem ent as prescribe d by the General Appropri ations Act (GAA). which shall be supported by an English translation if written in a foreign language other than the English language. Proofs of income certified I initialed as true copy of the original by the assigned Pag-IBIG Information Officer shall be accepted for evaluation.4 A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which is secured by the same collateral . provided . 4.2 Loan-to-A ppraisal Value Ratio 4. and latest one (1) month payslip shall be required. 4.1 The ratio of the loan amount to the appraisal value of the collateral shall be based on the following : 6 . For OFW Members c. c. other co-borrow ers not related to the principal borrower may likewise be allowed. Approval of the HDMF Branch Manager or higher level of authority . Said co-borro wer shall be a co-owner of the property s uch that the Original Certificat e of Title (OCT). Mayor's Permit c. both the Notarized Certificat e of Employm ent and Compens ation.000. they are related within the second civil degree of consanguinity or affinity.
among others.Loan Amount Up to P1 .3.2. 7. 4. 000 to P6. 5. ten (10) or fifteen (15) years . INTEREST RATE Pag-IBIG housing loans s hall be charged with interest rates based on the Fund's pricing framework . over the loan period .2. five (5). whenever feasible. 6. initially to cover the first twelve (12) monthly amortizatio ns . 220.127.116.11. and shall secure the conforme of his employer for the purpose. 000. The monthly amortizatio ns may also be paid to Pag-IBIG Fund through any of the following modes: 7. The loan shall be paid in equal monthly amortizations in such amounts as may · fully cover the principal and interest.1. Pag-IBIG Fund and the employer shall enter into a Collection Agreement stipulating. Said interest rates shall be re-priced periodically depending on the c hosen re-pricing period of the borrower whether it is after every t hree (3). 000 Over P1 . as well as insurance premiums.1. 000 Loan-to-Ap praisal Value Ratio 90% 80% 4. through salary deduction. 250. the developer's License to Sell is for a s ocialized hous ing project and the borrower's housing loan purpose is for the purchase of a residential unit. the loan-toappraisal value ratio shall be 100%. In case of salary deduction. in no case.000.2.3 The Loan-to-Ap praisal Value Ratio may be adjusted depending on the result of the Borrower's Evaluation System (BES).2. 7. co-borrowe r or relatives up to the first c ivil degree of affinity or consangui nity. 7. that the deduction for the employee's Pag-IBIG housing loan shall have priority over other obligations of the same nature after all statutory deductions have been effected. LOAN TERM The loan shall be repaid at a maximum term of thirty (30) years and shall. 7.1 Post-dated checks (POCs) issued by the borrower.1. an equivalent of one (1) month amortizatio n shall be deducted from the loan proceeds upon loan takeout. exceed the difference between the present age and age seventy (70) of the principal borrower. 250. PDCs 7 . prov ided . LOAN PAYMENT 7. and shall be made. The borrower shall execute the Authority to Deduct the monthly loan amortization from his salary.2 For developer-assisted housing loans up to P400.
4 The first monthly amortization shall commence on the month immediately following loan takeout (DV/Chec k Date). The monthly payments shall be paid on the date that coincides with the date of loan takeout (DV/Chec k Date). or 7. interest rate at the time of re-compu tation and the remaining term of the loan. 7.3 The borrower may change his mode of payment subject to the approval of the Billing and Collection Department or the Loans and Contribution Management and Recovery Division (LCMRD) .2.5 Should the due date fall on a non-working day. 7. 7. 7. 7. the borrower's original due date shall be retained . the principal borrower may request for the adjustment of his monthly amortization based on the outstanding balance of the loan.counter.2. 7. 7.7 In case of tacked loans where a co-borrower is released from the original loan obligation . 7. if applicabl e Penalties Insurance premiums Interest. 7. Regardless of said modification. net of the mandatory contributions (except in the case of ind ividual payors I self-employed who shall be shouldering both the EE and ER share) shall be paid together with the borrower' s monthly amortization and shall be considered as contributions for the applicable month. in case a borrower altered the same from Over-the Counter (OTC) to Salary Deduction (SO) or from Post Dated Checks (PDCs) to SO.2. For staggere d releases.000. and every month thereafte r.8 The borrower who fails to pay the full monthly amortization and/or other loan obligations when due shall pay a penalty of 1120 of 1% of the amount due for every day of delay.6 Staggered payments for an amortization period shall be allowed provided the amortization is paid in full on or before the due date.4 Auto debit arrangement with banks .9 The upgraded membership contributions for loans exceeding Five Hundred Thousand Pesos (P500 .5 Any other collection sy stem which the Fund may implemen t in the future. 7.00). However. the payment of the first loan amortiza tion shall commen ce on the month following the DV/Chec k Date of the final loan release.2. and Principal.2 Collectio n Servicing Agreeme nt (CSA) w ith accredite d developers. 7.10 A borrower's monthly payments shall thus be applied according to the following order of priority: a) b) c) d) e) Mandatory and/or Upgraded membership contributions. the monthly payments shall be paid on the first working day after the due date. he shall be required to pay a one (1) month advance amortization.must be dated on the date that coincide s with the date of loan takeout (DV/Chec k Date).3 Over-the. 8 .
free from all liens and encumbran ces. COLLATER AL The loan shall be secured by collateral consisting of the same residential properties to which the loan.5. and b. The owner shall constitute the first mortgage as accommodation mortgagor. 8. Accommodation mortgages shall be allowed only for borrowers who are related up to the second civil degree of consanguinity or up to first civil degree of affinity of the principal borrower. Failure of the borrower to submit proof of payment of the real estate taxes for the year shall render the outstanding loan due and demandable . 8.8. proceeds are applied. except those that are subject of an heir's lien under Section 4 Rule 74 of the Rules of Court. 8. and must be registered in the name of any one or more of the borrowers except accommod ation mortgages .2.3. 8. subject to the following requirements: a. the correspond ing title shall be registered in the name of the landowner. The real estate taxes on the property must be updated as of the quarter immediately preceding the date of loan application . 9 .1. In case of Third Party REM or accommod ation mortgage. Properties that are subject of an heirs lien under Section 4 Rule 74 of the Rules of Court may be accepted by Pag-IBIG Fund as security for the loan provided that the borrower/s shall put up a surety bond (not an heir's bond) that shall answer for the payment of the outstandin g loan obligation still due to the Fund in the event that another person including an heir of the registered owner would lay a claim against the property offered as security.4. the security shall consist of a First Real Estate Mortgage (REM) on the subject properties fully covering the payment of the obligation as stipulated in the corresponding loan agreement and promissory note of the borrower. To ensu re that the real estate taxes on the mortgaged property are updated. to secure the borrower's loan obligation or give the latter the special power to do so. Pag-IBIG Fund shall require the borrower to submit a copy of the official receipt of the real estate taxes paid for the preceding year not later than April 30 of the succeeding year. to fully cover the residential unit and improvements thereon. The property subject of the loan shall be appraised by Pag-IBIG Fund. The property must be covered by an Original Certificate of Title (OCT). The borrower shall undertake and sign as co-mortgag or. For retail accounts. Transfer Certificate of Title (TCT) or Condomin ium Certificate of Title (CCT) issued by the Register of Deeds. 8. and yearly thereafter during the term of the loan.
9.3. 9. 9. all borrowers up to 60 years old with loans of up to P2.2.A borrower who is not beyond sixtyfive (65) years old at the date of housing loan application shall be covered by the MRI. Mortgage Redemption Insurance MRI .1.000 shall no longer be subjected to underwriting approval. Premium Payments . No Evidence Limit (NEL) .5. the principa l borrowe r and his co-borrowers sha ll each be covered by the MRI to the extent of their individu al loan entitlem ents. b.1 . provided .The borrower shall obtain fire and other allied perils insurance on the property mortgaged for an amount equivalent to the appraised value of the residential unit or the loan amount. The regular coverage shall be a non-medical yearly renewable term insurance (YRT) for which Pag-IBIG housing loan borrowers shall pay a uniform premium rate effective on the date of loan-takeout.9. Interim Coverage The interim MRI coverage on the principal borrower and the coborrowe r/s under the automatic coverage system shall take effect on the date of the issuance of the Notice of Approval (NOA) or Letter of Guaranty (LOG) by Pag-IBIG Fund. the MRI premium shall be the aggrega te of the premium s corresp onding to each borrowe r.1.1. As such. INSURANCE and The borrower shall be compulsorily covered by mortgage redemption insurance fire insurance: 9. Premiums due for the second year. 10 . Fire and Allied Perils Insurance . Borrowers over 60 years old. and witnessed by one person: 9.2. and every year thereafter that the insurance coverage is in force shall be prepaid on a monthly basis and shall be collected together with the monthly loan amortization.000 . duly signed and dated. In the case of borrowe rs who are tacked into a single loan. that he shall not be over seventy (70) years old on his birthday nearest the date the original housing loan expires. The following borrowers shall be required to accomplish and submit a Health Statement Form to be filled out by the applicant in his own handwriting. 9. only his portion of the entire loan shall be extingu ished by MRI.The annual premium for the first year of coverage shall be prepaid and shall be deducted from the loan proceeds upon loan takeout. The MRI coverage of the borrower shall be subject to the schedule of insurance in the Pag-IBIG Fund Master Policy.000. As such. Thus. should any of the borrowe rs die. whichever is lower.5. 9. The amount of coverage shall be the original amount of the loan. 9.The NEL shall be P2 .000 . Regular Coverage a.1.4.
It shall continue to bear interest at the stipulated rate from the time the outstanding loan become due and demandable.PREPAYMENT 10. Borrowers with loans over two million pesos (P 2. The treatment of excess payment the borrower prefers must be noted on/properly disclosed in the Pag-IBIG Fund Receipt (PFR). fees and other charges. OFW who is over sixty (60) years old .0M). DEFAULT 11 . 11 . the principal borrower and his co-borrow er/s shall still be covered by the MRI until such time that the unexpire d premium s have been utilized.9. While the account remains to be due and demanda ble. 10.2.1.2. Accelerated payments . and the applicant shall also be charged the additional extra premium . II . However.2. penalties.2.The applicant shall also be required to submit a copy of the result of his medical examination conducted prior to his assignment overseas as required by his employment agency.6.Any amount in excess of the monthly amortization due shall be treated as future amortizat ion. At point of default. shall become immediately due and demandable. The borrower shall be considered in default when he or any of his coborrowers fails to pay any three (3) consecutive monthly amortizations and/or monthly membership contributions and other obligations on the loan.1. the member shall not be allowed to avail any of the HDMF loan programs . Nonethel ess.3. 11 .3. The unpaid monthly payments shall continue to be charged with a penalty equivalent to 1/20 of 1% of the amount due for every day of delay. together with accrued interest. except in case of availmen t of Multi-Pur pose Loan (MPL) where the purpose is to update his/her housing loan.0M) up to six million pesos (P 6.1. 11.5. 11 .2. upon request of the borrower and provided the amount to be applied is equivalen t to at least one monthly amortizat ion. 9. 9.5 .2. pursuant to Republic Act 7394. 10. The Fund shall no longer renew the MRI of the principal borrower and his co-borrow er/s once the subject property has been auctioned off. the corresponding sub-standard rating shall be applied . said amount shall be applied to the principal. Shou ld the applicant's health be found "sub-standard". A borrower shall be allowed to prepay his loan in full or in part without prepayment penalty. the outstanding loan. The said amount shall likewise be subject to the following : 11 .
Prior to the filing for Petition for Extra-Jud icial Foreclosu re. 14.1. which shall be paid as follows: 12.1 .000.000 .3.5. LOAN CHARGES The borrower shall pay a Processing Fee of Three Thousand Pesos (P3.2. 13. home improvement.3.00) upon loan takeout. 12. The principal borrower may enter into a Deed of Sale with an eligible Pag-IBIG housing loan borrower . ADDITIONAL LOANS 14. or 14. Additional loan shall be herein defined as a housing loan availed while there is still an existing housing loan.4. 14.000. In case of default.11 .2.00) upon filing of the loan application . If there is existing MPUCala mity Loan . This shall apply regardles s of the status of the MPUCala mity Loan. A member who is updated with his monthly contributions as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan. Pag-IBIG Fund shall endorse the account to foreclos ure.1.4. 12. the TAV to be applied to the hous ing loan obligatio n shall be net of the outstand ing MPUCala mity loan obligatio n plus six (6) months worth of estimated penalties and interest.2.3. A qualified Pag-IBIG member who has an existing housing loan may avail himself of an additional housing loan for the following purposes: 14. 14. if any. which shall be non-refundable if the loan is disapproved. SUCCEEDING AV AILMENT A Pag-IBIG member may avail himself of another Pag-IBIG housing loan provided he has fully paid his previous housing loan. house construction on a lot purchased/refinanced through a Pag-IBIG housing loan. purchase of lot I house and lot I condomi nium unit I townhous e I row house adjacent to the property mortgaged with the Fund.3. or 11. 11 . whether as a principal borrower or as a co-borrower. the delinque nt member' s Total Accumul ated Value (TAV) and his coborrower's . except if the borrower/co-borro wer has an ex isting MPUCala mity Loan. 14. shall be applied to his outstand ing housing loan obligatio n. the following remedies may be adopted : 11.3. In 12 .2 Two Thousand Pesos (P2 .00).1 One Thousand Pesos (P1.4.
shall not exceed thirty-five per cent (35%) of the borrower's gross monthly income for consolidate d loans not exceeding P1 . An eligible member shall be allowed to borrow an additional loan.9. If the original loan was taken out under the "Magaang Pabahay" Program Thus . the original loan shall be subject to the interest rates prevailing at the time said loan was taken out while the additional loan shall be charged with the interest rates provided in these guidelines. The additional/consolidated loan shall have a loan term in accordance with the provisions stipulated in Section 6 hereof. 14. However.4. 14. For consolidated loans. the new amortization shall be based on the consolidated loan as provided for in Section 14.4. namely.1 hereof. 14. 14. The additional loan shall be consolidated with the original loan for the following accounts: a. or b. 14. Hence.2.case of vertical developme nt. The additional loan shall be secured by the same collateral as that of the original housing loan.250. The consolidated loan shall be charged with the corresponding interest rate provided for in Section 5 of these guidelines. 219 or any of the succeeding issuances. the original loan availment and the additional loan.4 hereof. the borrower shall continue paying the original amortization until such time that the additional loan is completely released.2. the consolidated loan shall be secured by a First Real Estate Mortgage on the subject property to fully cover the payment of the obligation 13 . provided. the loan-toappraisal value ratio shall not exceed the corresponding rate stipulated in Section 4. the consolidated loan shall consist of the additional loan and the outstanding balance of the original loan as of the date of the additional loan's final release. The borrower shall execute an Addendum to the First Real Estate Mortgage on the subject property to fully cover the payment of the additional/consolidated loan as stipulated in the corresponding loan agreement and promissory note of the borrower. If the original loan was taken out under HDMF Circular No.000 and thirty percent (30%) of the borrower's gross monthly income for consolidate d loans exceeding P1 . upon full release of the additional loan. It shall be charged the corresponding interest rate provided in these guidelines. For a CTS account originally taken out under the "Magaang Pabahay" Program .4.8. If the original loan was taken out prior to 23 November 2006 and the additional loan was availed under these guidelines.5.6. the additional loan shall be treated as separate and distinct from the original loan. 14.250. the resulting monthly repayment of the consolidate d loan.7.1. 14. 14.000. this may also include the purchase of a parking lot. Inclusive of the value of improvements to be introduced.
1.1.3. 189-A.1. A member may only avail of the additiona l loan once during his loan term. and 189-8) Upon membership termination on the grounds of membership maturity. 15. permanent departure from the country. 15. 189.1. Pag-IBIG Fund shall automatically apply the member's total accumulated savings to his outstanding housing loan.5. retirement. 15. total disability or insanity. Pay off the outstanding housing loan balance and withdraw his accumulated savings. permanent departure from the country.4. The consideration of the Deed of Absolute Sale shall be the contract price appearing in the CTS.as stipulated in the corresponding promissory note of the borrower. retirement. Meanwhile. the borrower shall pay for the unpaid monthly payments that would cover the expenses to be incurred in the conversion of the CTS to REM . For Accounts released from 1 March 1999 up to 8 November 2001 (taken out under HDMF Circular Nos.11 . The member shall be charged with fees as provided for in Section 12 hereof. 14. In connection thereto. For Accounts released from 9 November 2001 to 19 July 2004 (taken out under HDMF Circular Nos. 14 . Pag-IBIG Fund shall effect automatic application of the member's TAV to the outstanding housing loan balance. Apply the accumulated savings to the outstanding loan balance.1. 14. The member can withdraw his accumulated savings only upon full settlement of his loan obligatio n. or 15.1 .10. EFFECTS OF MEMBERSHIP TERMINATION ON AN OUTSTANDING HOUSING LOAN 15. He shall be given the following options: 15.1. while that of the Loan and Mortgage Agreement shall be the consolidated loan amount. withdrawal of TAV for a member whose account was taken out under earlier Pag-IBIG Fund housing programs shall be governed by the guidelines prevailing at the time of loan takeout. 171 and 178) In case of membership termination due to membership maturity. regardless if the account is updated or in arrears. provided that the account is updated.2. Application of Member's TAV A member whose housing loan is taken out under this Circular shall not be allowed to withdraw his TAV if he has an outstanding housing loan with PagIBIG Fund as of the date of membership/savings withdrawal. Continue amortizing the loan until it is fully paid. 15. only if the account is in arrears. total disability or insanity..
the Fund shall require the member's heirs/beneficiaries to settle any remaining balance in full or under a revised amortization scheme for a period not longer than the remain ing term of the loan. regulations. provided that the amendments. Pag-IBIG Fund shall require the borrower to pay the balance either in full. All other provisions as stated in the respective guidelines and Memorandum of Agreement of the Pag-IBIG Fund Special Housing Loan Facilities that are not inconsistent with these guidelines shall continue to be in effect. Should the member's TAV still not suffice. provided further.AMENDMENTS These guidelines may be amended. he shall be required to pay his monthly membership contributions until the loan obligation is fully settled . Application of Insurance Proceeds In the event of death. membership contributions. 15. amended or modified accordingly. 17. and the excess. loan term and interest rate of Special Housing Loan Facilities shall be aligned with these guidelines. in accordance with the terms and conditions of the loan agreement. that the same accounts shall be delivered for takeout not later than 31 December 2012. In case the insurance proceeds shall not be sufficient to pay the member's housing loan balance fully. for a period not longer than the remaining term of the loan. 16. I5 . the Fund shall offset the remaining amount against the member's TAV.In all cases. and other issuances inconsistent herewith are hereby repealed. Provisions on the eligible borrower's age.1 Alignment of Pag-IBIG Fund Special Housing Loan Facilities with these guidelines. 16.2. 16. REPEALING CLAUSE All memoranda . provided.2 All accounts documented by the developers prior to 2 July 2012 shall be processed under the old guidelines. shall be paid to the member's designated beneficiaries. rules. revisions or modifications herein adopted are consistent with the mandate of the Fund under its charter and existing laws. an inventory list will be submitted on or before 31 July 2012 . OTHER PROVISIONS 16. revised or modified by the Pag-IBIG Fund Senior Management Committee in furtherance of the objectives of the program. or under a revised amortization scheme. 18. if any. Pag-IBIG Fund shall apply the proceeds of the member's mortgage redemption insurance (MRI) to his outstanding housing loan balance.3 Any ambiguity in the implementation shall be resolved by the Department Manager Ill concerned . should there be any unpaid loan balance after the member's total savings have been offset against the loan. Should the borrower opt for the latter. or escalated to next higher approving authorities .
. BERBERABE Chief Executive Officer Makati City UNE . DARLENE MARIE B.' 2012 J:.... EFFECTIVITY These guidelines shall take effect on 2 July 2012.·· 19.... ~~ ATTY. ..---=--6 _ __:: 16 .::.· ..
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