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September 23, 2017

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Can a Member Apply Additional Loans

Additional loan shall be herein defined as a housing loan availed while there is still an existing housing loan.

  • YES.  A member who is updated with his monthly contributions, as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan.
  • YES.  A qualified Pag-IBIG member who has an existing housing loan may avail himself of an additional housing loan for the following purposes:
    •  a lot purchased/refinanced through a Pag-IBIG housing loan;
    • Home improvement; or
    • Purchased of lot / house and lot / condominium unit / townhouse / row house adjacent to the property mortgaged with the Fund. In case of vertical development, this may also include the purchase of a parking lot.
    • An eligible member shall be allowed to borrow an additional loan; provided, the resulting monthly repayment of the consolidated loan, namely, the original loan availment and the additional loan, shall not exceed thirty-five per cent (35%) of the borrower’s gross monthly income for consolidated loan not exceeding P1,250,000 and thirty percent (30%) of the borrower’s gross monthly income for consolidated loans exceeding P1,250,000.

If the original loan was taken out prior to 23 November 2006 and the additional loan was availed under these guidelines, the additional loan shall be treated as separate and distinct from the original loan.

Hence, the original loan shall be subject to the interest rates prevailing at the time said loan was taken out while the additional loan shall be charged with the interest rates provided in these guidelines.

  • The additional loan shall be consolidated with the original loan for the following accounts:

a. If the original loan was taken out under HDMF Circular No. 219 or any of the succeeding issuances; or

b. If the original loan was taken out under the “Magaang Pabahay” Program

Thus, the consolidated loan shall consist of the additional loan and the outstanding balance of the original loan as of the date of the additional loan’s final release. It shall be charged the corresponding interest rate provided in these guidelines.

  • For consolidated loans, the borrower shall continue paying the original amortization until such time that the additional loan is completely released. However, upon full release of the additional loan, the new amortization shall be based on the consolidated loan as provided for in Section 14.4 here of.
  • Inclusive of the value of improvements to be introduced, the loan-to-appraisal value ration shall not exceed the corresponding rate stipulated in Section 4.2.1 hereof.
  • The consolidated loan shall be charged with the corresponding interest rate provided for in Section 5 of these guidelines
  • The additional/consolidated loan shall have a loan term in accordance with the provisions stipulated in Section 6 hereof.
  • The additional loan shall be secured by the same collateral as that of the original housing loan. The borrower shall execute an Addendum to the First Real Estate Mortgage on the subject property to full cover the payment of the additional/consolidated loan as stipulated in the corresponding loan agreement and promissory note of the borrower.
  • For a CTS account originally taken out under the “Magaang Pabahay” Program, the consolidated loan shall be secured by a First Real Estate Mortgage on the subject property to fully cover the payment of the connection thereto, the borrower shall pay for the unpaid monthly payments that would cover the expenses to be incurred in the conversion of the CTS to REM. The consideration of the Deed of Absolute Sale shall be the contract prince appearing in the CTS, while that of the Loan and Mortgage Agreement shall be that consolidated loan amount.
  • The member shall be charged with fees as provided for in Section 12 hereof.
  • A member may only avail of the Additional loan once during his loan term.

Source:

http://www.pagibigfund.gov.ph/

Read more:

Pag ibig Circular No. 310 – Amended Guidelines on the pag ibig Fund end-User Home Financing Program

http://www.pagibigfund.gov.ph/circulars/pdf_docs/Circular%20No.%20310%20-%20Amended%20Guidelines%20on%20the%20Pag-IBIG%20Fund%20End-User%20Home%20Financing%20Program.pdf

Pag ibig Circular No. 312 – Guidelines on the Pag ibig Fund Affordable Housing Program

http://www.pagibigfund.gov.ph/circulars/pdf_docs/Circular%20No.%20312%20-%20Guidelines%20on%20the%20Pag-IBIG%20Fund%20Affordable%20Housing%20Program.pdf