Pagibig Housing Loan

Many have been asking me about the Pagibig Housing Loan that my husband was able to secure. Well, right now for the house we are occupying we still need to confirm the approval but when we first applied for a different property hubby was already approved for the  housing loan.

So okay here it is. I hope it could help.

Pagibig is considering three factors in granting a housing loan. First is your contribution. For every loan their is a corresponding contribution. Example, if you are aiming for the 2M loan you need to pay Php 950 per month. And you need to have this amount going for two years. In the case of my husband, there are two options. Our first option was to pay 950 for three months. Because that was what the personnnel in Pagibig buendia to do to avail of the housing loan via POP. POP stands for PAGIBIG OVERSEAS PROGRAM. You see PAGIBIG has a different program for OFW. If you pay three months, POP will consider your contribution when you were locally employed. Which we think might affect the loan amount because as a local employee hubby and I are only paying Php 100. So we opted for the second option which is to pay Php 950 for two years. That is 950×24 months. Which I think is just fine because POP CONTRIBUTION’s have interest of 7% per annum. Which is a far cry from the banks’s interest per year, right? And we opted for 20 years maturity. Why ? Compute. Money left with Pagibig having an interest of 7% per annum will grow bigger if left for a longer term. So that its. We have accomplished the first factor.

Second factor is your salary. For 2m I am not sure if the required salary is 43k above. There is a table that is being given in Pagibig. Sorry but I do not have it.

Third factor is the property you are buying. For this one, a PAGIBIG PERSONNEL will visit and assessed the property you will be buying after you have submit all the necessary documents and your loan is already approved and just waiting for the loan amount. If you are going to asked me what are the documents needed I would frown and say I cannot enumerated them. Because you see, we have an agent working for us. It help that the agent is already known in our area. And have gain the confidence of real estate owners.

Oh by the way, one more thing you need to attend a counselling at Pagibig before you apply for a housing loan. We attended one in Atrium (they have an AM n PM sessions) but if you are a POP MEMBER, I think you should go first in their BUENDIA office. And just a tip, the processing in the BUENDIA office for OFW is faster than the ATRIUM branch. In ATRIUM it will take ten days for the verification of member’s contribution whereas in BUENDIA, it will only take you minutes.

You see, the steps involve in buying a residential house and lot in our area is the same as buying house and lot from those subdivision that showcases low cost housing. The difference is that in those commercialized subdivision you have to pay the 30% of the total contract price as a downpayment. We on the other hand paid less than the 30% before we move in. It pays to have a trusted broker. One who knows the ropes of the trade and is eager to help.