Low Cost Housing in Sta. Rosa City, Laguna, Philippines

Q1: What is PAG-IBIG upgrading contribution?

Upgrading contribution is the additional Pag-ibig membership contribution of the buyer in order to avail a housing loan usually advanced by the developer to facilitate processing of documents.

Q2: What is the first step in housing loan application?

• Attend a housing loan Counseling session at the concerned Pag-ibig office.
• Accomplish a Preliminary Loan Counseling Questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS). If eligible, secure checklist requirement.
• Submit HLA with complete requirements, your developer can assist you with your housing loan application.

Q3: What is the PAG-IBIG Overseas Program (POP)?

The PAG-IBIG Overseas Program is a voluntary savings program which aims to provide Filipino overseas contract workers, immigrants, permanent residents and seafarers the opportunity to save for their future and avail of a housing loan of as much as PhP2,000,000.00.

Q4: How much is the contribution rate?

A POP member shall contribute monthly an amount equivalent to US$5. Should he decide to apply for a housing loan and wish to avail of a higher amount, he would be required to upgrade his membership contribution. All Pag-ibig branches may accept membership contribution.

Q5: Who are eligible to become members of the PAG-IBIG Overseas Program?

A Filipino who works overseas as a contract worker or is an immigrant, permanent resident or seafarer may enlist as a member. To register, accomplish and submit The Member’s Date Form (MDF) together with the required membership contributions. Also attached a photocopy of the Passport or contract, and a 1” x 1” ID photo.

Q6: What is equity?

Equity is the balance of the loan payable to the developer after a loan amount is applied to PAG-IBIG.

Q7: What is a Loan Value?

Loan Value is the amount of Loan applied to PAG-IBIG depending on his/her capacity or his/her request of the loan amount.

Q8: If I am a civilian borrower when will be my first monthly amortization payment?

• Your first monthly amortization will commence one (1) month from loan take-out date.
• You may check the Notice of Installment /Amortization sent by HDMF after your loan take-out.

Q9: What is NOA?

NOA, means Notice of Approval. This is processed by the developer if the loan is under CTS. It is stipulated in the NOA, the amount of loan applied, the housing unit applied for and other additional fees approved by Pag-ibig Fund. After the buyer has signed the NOA signifying acceptance of the loan, this is now being processed for take-out.

Q10: What is the process of moving-in?

1. Fill up the request form. But a buyer must be taken out and updated with 3 months payment to Pag-ibig. And full payment of equity.
2. A letter for inspection is mailed to buyers who are taken out.
3. Buyer must go the site and inspect his/her unit.
4. If there is no rectification a buyer accepts the unit and signs the Buyers acceptance form.
5. If there is rectification the engineers on site will request for rectification in the office depending on the specifications and scope of rectification.
6. Upon completion of the rectification, buyers will sign the acceptance and the forms will be submitted to the office for clearance.
7. Upon signing of the clearance by the Pres. The buyer now is ready for moved-in.

Q11: How long is the repayment period or loan term?

The loan term shall be based on the term chosen by the member at the time of enrollment 30 years is the longest period a member can avail of, however, age at the time of enrollment will also be considered.

Q12: What are the applicable loan purposes?

The PAG-IBIG housing loan may be used to finance any or a combination of the following:

• Construction or completion of a residential unit on a lot owned by the member.
• Purchase of a lot and construction of a residential unit thereon.
• Purchase of a residential house and lot, townhouse or condo unit.
• Purchase of a fully developed residential lot not exceeding 1,000sqm.
• Major repairs, expansion or renovation of an existing residential building, townhouse, or condominium unit.
• Refinancing of an existing mortgage loan with an institution acceptable to HDMF which is current and updated for the past 24 months.
• Home Improvement.

Q13: What other documents submitted to PAG-IBIG before take-out?

• Housing Loan Application
• TCT with the Deed of Assignment
• Certificate of Acceptance duly, annotated Contract-to-Sell
• Conformity to Assignment of the CTS
• Disclosure Statement on Loan Transaction
• Occupancy Permit
• Tax Declaration
• Updated Rea Estate Tax Receipts

Q14: If I am a POP borrower where will I pay my first monthly amortization?

Your first monthly amortization payment was advance by DDC Land , therefore you have to pay it through DDC Land , which is a form part of your equity payment.

Q15: How much is the contribution rate?

Your monthly due date is on or before the date when your loan has been taken out.

*eq. Loan take-out date is January 17, 2008, therefore your monthly payment due date Is on the 17th of the following month and every 17th thereafter.

Q16: How many days before a unit will be taken out from Pag-Ibig upon delivery?

7 days is the longest provided the documents are complete and have no findings.

Q17: What do we mean when we say that the buyer is in arrears?

That means that the borrower's monthly amortization payment with Pag-ibig is not up-dated.

Q18: What if the borrower is no longer interested to continue the loan?

Buyer must submit a cancellation letter indicating the reason why.

Q19: Where do I have to pay my arrears?

Borrowers in arrears must pay directly to HDMF (Pag-ibig Head Office Atrium Makati. Please fax or furnish Pag-ibig main office a copy of your receipt for verification/confirmation if payment is made in Pag-big Branches.)

Q20: What is buyback?

Buyback means HDMF will return the ownership of the property to developer and developer are oblige to return the payment to HDMF with penalty and interest. Notice of Buyback is released to the developer as well as to the member if he/she has accumulated 3 months default in payment.

Q21: What is SPA?

Special Power of Attorney. This is granted to the person chosen by the principal buyer to act, cause and implement transactions to Pag-ibig as well as to DDC Land Inc.

Q22: What should the buyer do if they received notice of buyback?

They need to settle the entire arrears as soon as possible to avoid additional interest and other penalty charges and possible buyback of the account.

Q23: What is needed for Meralco to be installed in the unit?

Moved-in Clearance is needed for Meralco Installation. Upon Issuance of the Clearance Meralco Coordinator at the Site will go to Merlaco Office to file installation of the meter base. Meralco will inspect the unit and upon approval installation will be scheduled. Please allow 30 days for this process.

Q24: What is "notice of buyback" or NOB?

NOB is send by HMDF to borrowers and developer informing both parties that the account is due for buyback.

Q25: Will there be a time that Pag-ibig amortization and Equity be paid at the same time?

Most of the time - but if the buyer reserved on the pre-selling stage and start paying his /her equity 30 days after the reservation, the buyer may have finished or shorten the paying period of equity before the start of his monthly amortization with Pag-ibig.

Q26: What is technical folder? When and how can a buyer request for technical folder?

Technical Folder is a document file of a buyer for his/housing loan which consists of the following: HLA, CTS, DOA, PN, LMA, DOAS, H4–74, DOAS H4 75, MSVS, NOA, TCT, DISCLOSURE, ES, PLCQ, CONFORMITY TO ASSIGNMENT OF CTS, CERTIFICATE OF ACCEPTANCE, BUYERS’ ACCEPTANCE, BASIC COMPUTATION. It can be requested after the unit is taken out from Pag-ibig and can be released at once upon its availability.

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