In order to claim the fresh new view/mortgage proceeds, introduce 2 valid IDs (see criteria section to have a listing of valid IDs acknowledged of the Pag IBIG) at Dollars-Disbursement Office-Loans Help Services Institution/Members Characteristics Department.
- An authorized associate provided he/she submits good notarized Special Fuel off Attorney (SPA) and you may 2 legitimate IDs each one of the dominating debtor as well as the representative/Attorney-in-Facts.
- Owner, in case your loan objective is just one of the pursuing the: Purchase of Residential Product, Package Purchase, otherwise Acquisition of Parcel and you can Structure off Domestic.
The fresh debtor will also be needed to offer a dozen PDCs (post-dated checks) when your commission isn’t as a result of income deduction (discover second step for more information).
8. Start Paying The Monthly Amortization
Amortization means the process of spread away a loan (in this instance, a Pag IBIG property financing) to the some repaired repayments over time.
It is the monthly installments that you’ll make for the new second coming days and you can many years to repay the fresh Pag IBIG property loan.
an excellent. Percentage As a consequence of Article-Old Checks (PDCs)
If you undertake which, you really need to thing and you can fill in several post-old inspections for the Pag IBIG Funds abreast of loan release. These types of inspections covers 1-seasons month-to-month amortization.
Return to the latest Pag IBIG through to usage of the fresh ten PDCs (private of the remaining 2) so you’re able to issue a different sort of 12 monitors.
b. Payment Owing to Income Deduction
For people who pick amortization fee through paycheck deduction (because so many Filipino team carry out), you should fill out Authority so you’re able to Subtract for the Charging Division/Accounts Administration and Asking Department/Money Administration and you may RecoveryHousing Providers Heart/Members Characteristics Part.
c. Most other Settings from Percentage
- Vehicle debit plan having banking companies.
- Qualified collection lovers (readily available for each other local and you can to another country remittance).
- Fee to a certified creator that have a portfolio Repair Agreement with the brand new Pag IBIG Fund.
- Most other types of percentage that the Pag IBIG Funds could possibly get incorporate later on.
Resources and Warnings
a. Even as we is the far better answer all of the it is possible to concerns in the this guide, it’s also wise to be on the lookout into the latest schedules of the Pag IBIG Construction Financing orientation program on their Myspace webpage.
Within program, which is presented a few times a year inside the specific Pag IBIG twigs and you can spots, you might address their questions straight to the fresh new Pag IBIG team.
b. Identical to if you are applying for credit cards, your credit score may also be reviewed inside research from their Pag IBIG houses loan application.
Make sure that your credit rating try right up-to-day, direct, and you may isn’t really stained by unpaid expense. You could safer a free backup of your own credit score of the credit Recommendations Company (CIC) or any one of its qualified credit agencies.
c. Do not go to Pag IBIG empty-handed. Before applying having a casing mortgage, you will want to already have saved up at the very least 20% of your property’s value to your advance payment.
The greater the latest advance payment you can afford, the much more likely your own housing application for the loan becomes recognized. It may also reduce your rate of interest, monthly financial, loan-to-really worth ratio, and you may mortgage name.
d. On the employed, the answer to getting recognized should be to make suggestions have an excellent solid work history. Employment moving and you may gaps on your own a job history is generally viewed because the warning flag. A position period mode income stability and also the power to repay the construction mortgage.
e. When you find yourself scared you will possibly not getting accredited because of shortage of earnings, convince anybody that have a consistent work and you may good credit history so you’re able to take you because a co-borrower.
f. Cautiously determine your current earnings and find out just how much of it you could potentially booked getting monthly amortization. If at all possible, the mortgage matter cannot exceed your own around three-seasons income, when you find yourself your own mortgage or monthly amortization should not meet or exceed 20-30% of one’s terrible month-to-month income.
