How to: Pag-Ibig Home Loan
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Our most popular Housing Projects here in our site can be availed thru Pag-Ibig -- specifically the LUmina homes project from Vista Land, and the new Deca Homes in San Felipe. Both of these projects are under 1M each, making the dream of owning your own home a reality to most Filipinos....But wait, before you jump for joy, there are a few things to consider before you make that reservation fee. first, make sure that you qualify for a Pag-Ibig Loan. Check if you are eligible:
To be eligible for the housing loan, a member should:
Be a member for at least 24 months and has remitted at least 24 monthly contributions.
Be 65 years old or younger at the time of loan application.
Not be more than 70 years old at the maturity date of the loan.
Have no outstanding housing loan from Pag-IBIG.
Have no Multi-Purpose Loan in arrears at the time of housing loan application.
Have no Pag-IBIG Housing Loan that was foreclosed, cancelled, bough back or subjected to dacion en pago. - See more at: http://www.pagibigfinancing.com/articles/2011/how-your-income-and-contributions-affect-your-housing-loan-entitlement/#sthash.G5syDGYg.
You must also remember that aside from Eligibility, Pag-Ibig also looks at your:
1.The amount of your contribution - the amount of your contribution affects how much you can loan from Pag-ibig.
for Lumina Project, minimum Pag ibig contribution is P400. and for Deca Homes, at least P450/month.
2.Your Net Disposable Income - this is your capacity to pay. Pag-ibig will only grant your loan if your monthly amortization shall be at least 40% of your disposable income. for example, the monthly amortization for Deca Homes for 10 years is P11,000, you should have at least P27,000 monthly income, or combined income.
for the complete table on monthly disposable income and monthly contribution needed to take out a loan from Pag-ibig at your desired loan term (no. of years), please refer to this link:
http://www.pagibigfinancing.com/articles/2011/how-your-income-and-contributions-affect-your-housing-loan-entitlement/
to avail of our Housing projects featured here - either Lumina or Deca Homes, call me at 09052307015 or drop by at our office here at Tipidbahay Realty, 154 Abella st, naga city. tel.nos. (054)4722031.