Top Reasons Why Choose Pag-IBIG Housing Loan over Banks

Top Reasons Why Choose Pag-IBIG Housing Loan over Banks

These are the lists that I believed Why Choose Pag-IBIG housing loan over Banks

1.) Longer terms of up to 30 years

Pag-IBIG has the longest terms of housing loan of up to 30 years. This enables the borrower/buyer to have a very low monthly amortization. We know for a fact that the lower the monthly amortization, the lower the required income will be to be approved on a housing loan.

2.) With regards to Non-payment (foreclosures)

Pag-IBIG has the longest time of foreclosures processing, most of the time they will give you a chance and consideration to still pay for your unpaid monthly payments. Unlike bank, once you have defaulted on succeeding monthly payments, their process of foreclosures is very fast.

3.) Prepayments or Advance payment of Housing Loan

For Pag-IBIG, you can make advance payments equal to the monthly amortization of your housing loan, this will be applied to the principal which later on shorten the terms of your housing loan. You can also pay all of your loan once you have money without paying pre-termination fee which is usually been charged by banks.  Also for banks, you are required to pay for the interest based on the fixing period if you will pay your loan in advance.

4.) Increase in Interest rates every fixing period

Pag-IBIG may increase the interest rates at a maximum of 2% every fixing period that the borrower has chosen during the time of loan.  For banks, it can be higher.

5.) Your monthly contribution included in your amortization earns Dividends

The monthly contribution that is included in your monthly amortization is earning dividends. This is one of the advantages that Pag-IBIG is giving to its members.

6.) Minimal processing Fee as compared to Bank charges of an average 3% of Loanable amount.

Paano Ang Processing ng Housing Loan pag OFW?

Paano Ang Processing ng Housing Loan pag OFW?

Madalas maitanong sa akin ng ating mga kababayan na nagnanais kumuha ng sarili nilang bahay kung paano ang proseso kapag sila ay isang OFW.  Actually, simple lng po ang proseso, as long na kayo po ay may kumpletong requirements, madali pa ang makakuha ng bahay kahit nasa abroad pa po kayo.  Kadalasan, sa mga affordable house and lot, ginagamit ng ating mga kababayan ang kanilang privilege ng housing loan bilang isang miyembro ng Pag-IBIG.  Ikaw ay qualified kumuha ng housing loan kung ikaw ay miyembro at nakapaghulog na ng kabuuang 24 months contribution sa Pag-IBIG.  Kung ikaw ay kukuha ng bahay sa isang project selling kagaya ng mga ginagawang subdivision, ang isang advantage po nito ay si Developer na mismo ang magpaprocess ng iyong documents sa Pag-IBIG.  Ang kaylangan na lng po ninyong gawin ay ang isubmit ang mga kaukulang requirements.

Sa ating mga kababayang OFW, isa po sa requirements ay ang copy ng inyong Job Contract, passport, valid IDs, mga general requirements katulad ng proof of billing, marriage certificate kung ikaw ay kasal, birth certificate at iba pa.  Kung ikaw naman ay nasa abroad pa at gusto mo ng kumuha ng bahay, kinakailangan lng na mag assign ka ng iyong representative para sya ang mag asikaso ng mga dokumento at pipirma in your behalf.  Mageexecute tyo ng Special Power of Attorney SPA, bilang katunayan na inoauthorize mo ang representative na pwedeng kamag anak o kapamilya.  

Sa mga nagtatanong naman na sila ay hindi PagIBIG member, madali lng naman po ang magpamiyembro. Sa katunayan, pinapayagan na ni Pag-IBIG na maglumpsum payment ang bagong miyembro ng 24 months upang siya ay maqualify sa housing loan. Sa ganitong paraan, ay hindi na dahilan na hindi ka miyembro ng Pag-IBIG upang maghousing loan.

Kung talagang wala kang intensyon na magpamiyembro ng Pag-IBIG, pwede din naman ang Bank Financing. Sa bank financing mas maiksi nga lamang ang kanilang payment terms, meaning mas malaki ang monthly amortization at kung ganun mas malaki din ang required salary mo upang ikaw ay maapprove.

Kung In-House financing naman, bukod sa maximum of 10 years lng ang term, eh, doble naman ang interest ng iyong housing loan. Ito ay sa kadahilanang, hindi naman Financing institution si Developer bagkus ay sya ang nagbebenta. Sa madaling salita, hindi namin nirerekomenda ang In-house Financing.

I hope na ito pong article na to ay magbigay linaw sa inyong mga katanungan.

Kung kayo po ay may mga katanungan, itext, ichat or tawagan nyo po ang inyong lingkod.

Nagseserbisyo,

Ralf Roger C. Tagao

Certified Public Accountant

Licensed Real Estate Broker

0922.879.7968/0935.317.2057