Planning to build your own house in the Philippines ...

Here are some useful information that you might be interested as offered by Pag-IBIG Fund or Home Development Mutual Fund ....

As they say .... owning a house is the most practically thing to do given the affordable rates offered by Pag-IBIG Fund ... pick a choice now !

AFFORDABLE MONTHLY AMORTIZATIONS (comparative from old to new rate)

Loan Package Monthly Payment Savings

P300,000 P1,798.65 (before P2,413.87) P 615.22

P500,000 P3,326.51 (before P4,38.86) P1,061.35

HAVE YOU THOUGHT OF THIS ? - for those of you still renting a house probably your rental is higher than this amortization rate. REMEMBER : RENTING IS NOT OWNING THE HOUSE. HURRY ! You still have enough time before you reach the age of 70, by then you will no longer qualify … Your time is now so grab this !

INTEREST RATES (Comparative from old to new rates)

Amount New Interest Rates

Up to P300,000 6% (before 9 %)

Over P300,000 to P750,000 10% 7% (before 10%)

Over P750,000 to P2 M 10.5% (before 11-12%)

WHEN YOU APPLY FOR A HOUSING LOAN TAKE NOTE OF THIS PLEASE !

Eligibility requirements

1. A Pag-IBIG member for at least 24 months and has remitted 24 monthly contributions
2. Not more than 70 years old at loan maturity and must be insurable
3. Has no outstanding Pag-IBIG housing loan either as principal or as co-borrower
4. Has legal capacity to acquire and encumber real property
5. Has passed satisfactory background/credit and employment/business checks
6. Has no Pag-IBIG multi-purpose loan in arrears at the time of application
7. Has no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to dacion en pago

Schedule of Loans

Monthly Member’s Contribution Loan Entitlement

200 Up to P500,000

250 Over P500,000 to P600,000

300 Over P600,000 to P700,000

350 Over P700,000 to P800,000

400 Over P800,000 to P900,000

450 Over P900,000 to P1M

500 Over P1M to P1.1M

550 Over P1.1M to P1.2M

600 Over P1.2M to P1.3M

650 Over P1.3M to P1.4M

700 Over P1.4M to P1.5M

750 Over P1.5M to P1.6M

800 Over P1.6M to P1.7M

850 Over P1.7M to P1.8M

900 Over P1.8M to P1.9M

950 Over P1.9M to P2M

Processing Fee P3,000.00

Pay P1,000.00 upon filing

Pay balance of P2,000.00 upon loan take-out