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Buying Property with a Pag-IBIG Loan

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Archian - Life, Bacolod, Architecture, Finances & Dubai

Archian Designs Architect Studios – Bacolod Architect

I can remember years ago when I was working in Manila. At one time, I considered the cost of buying property, perhaps my first “dream home”. Making the Math, I analyzed, estimated, evaluated, guaged and planned till I finally choked on the reality. It would probably take 3 lifetimes; 1 lifetime for down payment and another 2 to repay the loan. The house is not even my Dream House.

It was not that I had sloppy finances, I was a prodigious saver, but the picture of fully paying off a house isn’t real. Now that I am finishing construction of my first house, I am thankful that there is Pag-IBIG.

The Home Development Mutual Fund (HDMF) or the Pag-IBIG Fund is the Governments answer to the need for a national savings program and an affordable house financing for every Filipino.

HDMF Law of 2009
Recognizing HDMF’s as the biggest source of housing finance in the country the HDMF Law was passed. Pag-IBIG (HDMF) is an acronym which stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno. The institution has been responsible in for the majority of personal housing in the Country. Pag-IBIG II or MP2 program is solely a savings scheme with a higher yeild that Pag-IBIG I.

Pag-IBIG Housing Loan
You may already be itching to know the information you need to be one step in buying your Dream Home Property. I hope that you can take some time to see if these Houses are just what you are looking for.

Quatro Patria Residences - Architect Designed Cluster Homes in Bacolod City, Philippines

Quatro Patria Residences in Bacolod City

Quatro Patria Residences is an exquisite 4-Unit Designed Residential Development conceived as a modern Cluster-Community in the Heart of Bacolod City in Negros Occidental. These 3-4 Bedroom Units are perfect for OFWs wanting to purchase their dream home. If you are a regular Pagibig Contribution, it may be time to get the loan on the limited units. To see the progress of construction and for more information about QPR visit quatropatria.wordpress.com or call 433 3476 in Bacolod.

Who can Apply for Housing Loan?
Going back to the Pag-IBIG Housing Loan, below are the requirements for applying to the Loan

-Pag-IBIG members for at least 24 months/ 2 years and remitted at least 24 monthly contributions.
-Insurable and not more than 70 years old at loan maturity
-has the legal capacity to acquire and finance the real property
-has passed the satisfactory background / credit and payment/ business checks by the developper and the fund
-has no outstanding Pag-IBIG Housing Loan, either as borrower or co-borrower
-has no Pag-IBIG housing Loan that was foreclosed, cancelled, brought back or subjected to “handing back the keys to the lender”
-has no outstanding Multi-Purpose Loan that is in arrears at the Time of Loan Application

TABLE OF POP (OFW) CONTRIBUTIONS TO LOAN ENTITLEMENT

Loan Entitlements based on Pag-IBIG Contributions

POP

Pag-IBIG I & II

 Loan Entitlement

US$ 5

P200

Up to P 500,000

US Dollar at Point of Availment

P250

Up to P 600,000

P300

Up to P 700,000

P350

Up to P 800,000

P400

Up to P 900,000

P450

Up to P 1,000,000

P500

Up to P 1,100,000

P550

Up to P 1,200,000

P600

Up to P 1,300,000

P650

Up to P 1,400,000

P700

Up to P 1,500,000

P750

Up to P 1,600,000

P800

Up to P 1,700,000

P850

Up to P 1,800,000

P900

Up to P 1,900,000

P950

Up to P 2,000,000

 
Upgrade membership contribution shall be incorporated as part of
the housing loan monthly amortization

If you are married, you can have a bigger loan amount by combining it with your wife. Your combined Loam entitlement might be what you need for the property you are interested in. Below is the table for Pag-IBIG Loans for Filipino Workers working in the Philippines.

PAG-IBIG LOANS AND AMORTIZATION TABLE

Pag-Ibig: Table of Loan Amount and Respective Monthly Amortization

Loan

Annual

 5 Years

 10 Years

 30Years

 Amount

Interest

 Amort

 NDM Income

 Amort

 NDM Income

 Amort

 NDM Income

50,000

6.0%

P 966.64

2,416.60

P 555.1

1,387.75

P 299.78

749.45

100,000

6.0%

1,933.28

4,833.20

1,110.21

2,775.53

599.55

1,498.88

200,000

6.0%

3,866.56

9,666.40

2,220.41

5,551.03

1,199.10

2,997.75

300,000

6.0%

5,799.84

14,499.60

3,330.62

8,326.55

1,798.65

4,496.63

400,000

6.0%

7,920.48

19,801.20

4,644.34

11,610.85

2,398.24

5,995.60

500,000

7.0%

9,900.60

24,751.50

5,805.42

14,513.55

3,326.51

8,316.28

600,000

7.0%

11,880.72

29,701.80

6,966.51

17,416.28

3,991.81

9,979.53

700,000

7.0%

13,860.84

34,652.10

8,127.59

20,318.98

4,657.12

11,642.80

750,000

7.0%

14,850.90

37,127.25

8,708.14

21,770.35

4,989.77

12,474.43

800,000

8.5%

17,195.12

42,987.80

10,794.80

26,987.00

7,317.91

18,294.78

900,000

8.5%

19,344.51

48,361.28

12,144.15

30,360.38

8,232.65

20,581.63

1,000,000

8.5%

21,493.90

53,734.75

13,493.50

33,733.75

9,147.39

22,868.48

1,100,000

9.5%

23,643.29

59,108.23

14,842.85

37,107.13

10,062.13

25,155.33

1,200,000

9.5%

25,792.68

64,481.70

16,192.20

40,480.50

10,976.87

27,442.18

1,300,000

10.5%

27,942.07

69,855.18

17,541.55

43,853.88

11,891.61

29,729.03

1,400,000

10.5%

30,091.46

75,228.65

18,890.90

47,227.25

12,806.35

32,015.88

1,500,000

10.5%

32,240.85

80,602.13

20,240.25

50,600.63

13,721.09

34,302.73

1,600,000

10.5%

34,390.24

85,975.60

21,589.60

53,974.00

14,635.83

36,589.58

1,700,000

10.5%

36,539.63

91,349.08

22,938.95

57,347.38

15,550.57

38,876.43

1,800,000

10.5%

38,689.02

96,722.55

24,288.30

60,720.75

16,465.31

41,163.28

1,900,000

10.5%

40,838.41

102,096.03

25,637.65

64,094.13

17,380.05

43,450.13

2,000,000

11.5%

42,987.80

107,469.50

26,987.00

67,467.50

18,294.79

45,736.98

2,400,000*

11.5%

52,782.26

131,955.65

33,742.91

84,357.28

23,766.99

59,417.48

2,700,000*

11.5%

59,380.04

148,450.10

37,960.77

94,901.93

26,737.87

66,844.68

3,000,000*

11.5%

65,977.82

164,944.55

42,178.63

105,446.58

29,708.74

74,271.85

* Loans of more than PhP2M are approved for Overseas Filipino Workers only.
NDM Income means Net Disposable Income
Net Disposable Income = Salary – SSS – Philhealth – Pag Ibig – Tax
OFW Net Disposable Income = Income – Tax – Travel Ticket – Other Expenses

Please verify with the nearest locations below as these information could change due to new laws and amendments.

OFWs can register for Pag-Ibig I membership at the following :
1. Pag-Ibig information desks at all embassies and consulates of the Philippines abroad
2. Pag-Ibig Fund International operations group located at 6th Floor, Justine Building, Gil Puyat Avenue, Makati City,
3. Any Pag-Ibig branch or office anywhere in the Philippines
4. Pag-Ibig satellite office located at the Philippine Overseas Employment Agency (POEA)
5. Selected banks and remittance agencies of Pag-Ibig such as PNB, Metrobank and i-Remit Global Remittances Inc.

Other Articles you might Read:

          See the Houses of Quatro Patria Residences in Bacolod City.
Architect of Quatro Patria Residences.
          Additional Information on Pag-IBIG Housing Loans.
          OFW Advantage to Buy a Dream Home!
          Step by Step with Pag-IBIG Housing Loan Procedures
          Find a Pag-IBIG Loan Forms

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Author: Archian

An Architect, Blogger and Strategic Thinker

3 thoughts on “Buying Property with a Pag-IBIG Loan

  1. Great post! Thanks for sharing this. Found it while googling self-help tips re: purchasing a home so that I can provide valuable info to OFW friends. I linked to 2 of your PAG-IBIG Loan blogposts on my new blog – filkada.com

    I plan to include your blog in my blogroll shortly, if that’s okay with you.

    Many thanks! Aloha!

  2. useful information. thanks for posting! 🙂

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