Category Archives: Tips

Pag-ibig Fund now covers condo units: official

Some condominium units can now be acquired through a Home Development Mutual Fund (HDMF) or Pag-ibig Fund loan, executives of the housing agency of the Philippines said.

Anthony Maglunsod, Pag-ibig’s assistant manager of operations for Cebu City South, said they’ve raised the loan ceiling from P3 million to P6 million.

Condo units, not previously affordable under the Pag-ibig Fund program, are now covered, he explained.

An artist rendition of the completed 18-storey City Loft by Fuente Triangle. (Photo from Fuente Triangle website)

An artist’s rendition of the completed 18-storey City Loft by Fuente Triangle. (Photo from Fuente Triangle website)

“As long as the member or borrower can pay the monthly amortization, he or she could avail of a condo loan,” he pointed out.

One of the condominium developments that can be acquired through a Pag-ibig loan is the 18-storey City Loft along Gen. Maxilom Avenue, which its developer Fuente Triangle Realty Development Corp. plans to complete by end of 2013.
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Pag-ibig says seminar not anymore required for housing loans

Since last year, the Home Development Mutual Fund (HDMF) Visayas Group has done away with the half-day seminar for those interested in taking out a housing loan.

Victoria de la Peña, HDMF vice president for the Visayas, said prospective borrowers only need to go to their Pag-ibig branch where someone talk them through the basics as well as match their housing needs with their capability to pay.

New Pag-ibig Fund programs in 2013, according to her, will involve encouraging employer companies to provide housing for their employees. She said they can collaborate with Pag-ibig Fund, another name for HDMF, and property developers on how to go about creating a housing program for their workers.
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Questions about Pag-ibig housing loan

I know I’ve been remiss about updating this blog, and I want to thank you for continuing to visit even though my last post before today had been in September.

Changes in schedule at home and in work have given me a little time to concentrate on this blog, and I’m hoping that the extra hours would allow me to answer your many questions about Pag-ibig’s housing loan.

I know there’s no way I would be able to answer each and every question as they come, considering that I’ve received over 500 queries since this blog started.

What I’m going to do therefore is compile all your queries into a Frequently Asked Questions (FAQ) list that you can browse anytime. Right now, I’m still collating all the questions that had been asked and, once that’s done, I will try to give a comprehensive answer to all of them.

I will need a few days to do all of these, so please come back now and then to check if the FAQ section is up. Thanks.

Pag-Ibig provides e-payment for Pinoys abroad

Several visitors to this site who are based outside of the Philippines have asked me about how to go about contributing to the Pag-ibig Fund.

The e-payment system will hopefully make it easier for you to pay your monthly contributions.

Some overseas Pinoys have also inquired if it is possible to apply for Pag-Ibig Overseas Program (POP) membership online. There’s currently no such thing.

However, overseas Pinoys may file their application with any of the following offices:

* Pag-Ibig Overseas Program (POP) Office
* POP Overseas Offices
* Accredited Overseas Marketing Representatives
* Metro Manila and Provincial Offices
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Pag-ibig housing loan and net income

Among the four factors used by the Pag-ibig Fund to compute the amount of housing loan that its members may avail of is their monthly net disposable income.

Net disposable income is what’s left of your salary after deducting taxes, mandatory contributions to Pag-ibig and Social Security System (SSS) for the private sector or Government Service Insurance System (GSIS) for the public sector, and loan or other payments (if applicable).

Since Pag-ibig decides on the lowest amount of loan that a member may take out based on either contribution, actual need, loan-to-collateral ratio, or capacity to pay (based on the net disposable income), it is the latter factor that is usually used as basis for most housing loan computations.

The table below is a listing of net incomes and their equivalent housing loan amounts pegged on the loan terms or the number of repayment years.

Income table (1)

(For loans over 750,000 pesos, see the rest of the Pag-ibig income table.)

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