I'm 25... Hubby's 23... And we have a 2 year old daughter. We're not getting any younger, so I need to set goals and timelines to ensure a better future for all of us. And to jumpstart pursuing my dreams, I decided that Drew and I attend loan counseling at a PAGIBIG or Home Development Mutual Fund.
Let me share with you some of my questions that were answered during the counseling:
-Did you know that you can loan up to 3M from the fund?
*Your monthly contribution will have to be upgraded upon loan approval though. The higher the loan amount, the higher is the monthly contribution. There is information at PAGIBIG's website that tabulates loanable amounts and it's corresponding monthly contributions.
-What if you upgrade your monthly contribution even without a decided loan or property to buy?
*It's possible! In fact, I've already done it! Your only advantage with an advanced upgrade on monthly contribution is a larger dividend upon loan application and higher returns upon retirement. And because of that large dividend, there is a good possibility that your maximum loanable amount could be higher...although that is still subject for approval based on a credit and property check. However, once you have filed for an upgrade on your PAGIBIG monthly contribution, you will have to pay that price until the end of your loan term or until the end of your membership with PAGIBIG, whichever comes first. Therefore, it's still best to wait until your loan is approved because PAGIBIG will automatically include the details of the upgrade of your monthly contribution with the loan approval.
-What if I'm not a PAGIBIG member yet? Or I haven't completed the required length of membership to be able to file for a loan?
*The only reason PAGIBIG requires at least 24 months of contributions is the total amount of contributions after the said length of membership. Meaning, if you decide to be a member, or have not completed 24 months of contributions, at the same time you decide to loan, you can pay the lump sum amount to complete at least Php4800 worth of contributions and pay monthly from there.
Steps and other FAQs on the availment of PAGIBIG housing loans can be viewed from this link.
A more detailed guidelines on the PAGIBIG fund end-user home (residential) financing program is outlined in this link. Information about the following can be taken from there:
2. LOAN PURPOSE
3. BORROWER'S ELIGIBILITY
4. LOAN AMOUNT
4.1 Loan Entitlement Based on PAGIBIG Contributions
4.2 Loan Entitlement Based on Capacity to Pay
4.3 Loan To Collateral Ratio
5. INTEREST RATE
6. LOAN TERM
7. LOAN PAYMENT
12. LOAN CHARGES
14. SECOND AVAILMENT
15. ADDITIONAL LOANS
16. EFFECTS OF MEMBERSHIP TERMINATION ON AN OUTSTANDING HOUSING
17. OTHER PROVISIONS
19. REPEALING CLAUSE
20. PROGRAM ALLOCATION
With the coming of a new administration, there is a possibility that parts of the guidelines could be changed, so just keep on checking http://www.pagibigfund.gov.ph/ for more information.
If you're an average person like I am, and you don't start utilizing that PAGIBIG membership which you are paying monthly, when else are you going to? When real estate appraisal is higher and you're not young enough to keep working and paying? The farthest you are from your retirement age, the best time it is to think about your future with PAGIBIG! Don't just take it from me! Attend one Loan Counseling now!
Schedule of Loan Counseling for NCR are as follows:
Retail Account: M-F 8am-10am and 1pm-3pm / Saturdays 9am
Venue: 6f, Rm 602 Atrium Bldg, Makati Ave. Makati City
Developer Account: M-F 10am-12nn and 3pm-5pm
Venue: 8f Training Rm 1 Justine Bldg, Buendia, Makati City
Saturdays 9am at LOBBY Atrium Bldg, Makati Ave, Makati City
*Bring a photocopy of ID and ballpen
Hope this helps!
your every woman,