Housing loan for Filipinos made easy

Transcript

00:00We have good news for our kababayans here in UAE, the interest rate for pag-ibig we

00:05lessened this time, it's 6.375 per annum.

00:09So the maximum term for paying off your loan is up to 30 years.

00:13We also increased the amount that they can borrow up to 6 million.

00:17The good news is from 14, they lessened it to 7 basic requirements.

00:22So they shortened the list of requirements that an OFW can submit to pag-ibig.

00:28And also, we are happy to say that in 20 days, if their documents are complete, they

00:35can have their loan, we can assess their loan if this is processed or denied.

00:41So the basic requirements, basically they have at least 24 months contribution, they

00:45are actively paying with the fund, and they have to submit their employment contract or

00:51salary certificate, we have to attest it first before they can submit it in the Philippines.

00:56Even if a borrower, they will not go home to process it personally, they have to execute

01:02an SPA.

01:03The SPA form is available here at our office.

01:07For home improvement, as long as an OFW has an existing property, they can avail for the

01:12construction.

01:13They will need at least the vicinity map or the plan, vicinity plan, the bill of materials,

01:22which they will need in the Philippines.

01:24But basically, their representative in the Philippines would process it for them.

01:29The refinancing, basically, if they have an existing housing loan that are mortgaged with

01:34developers or with the banks, they can transfer it to pag-ibig fund, as long as they are on

01:40good standing, because we will check the history of their payments.

01:44For those OFW who are not yet pag-ibig fund members, who are inactive with paying their

01:51monthly contribution, they have to activate first their payment, and of course, their

01:56salary certificate or employment contract, and of course, the SPA, which their representative

02:02will be needing to process their loan, and the statement of account from the bank or

02:07financial institution that their property is mortgaged.

02:11To reactivate your payments, all you have to do is secure your pag-ibig MID numbers,

02:17and then you can pay through remittance company here in UAE.

02:20For example, if you do not have yet 24 months contribution, you can pay it in lump sum.

02:25If you are already a member previously in the Philippines, you can just pay 3 to 6 months

02:31just to save from remittance charge from the exchange, and then that's it.

02:36For the purchase of lot, we will be needing the housing loan application form, the proof

02:41of income, this is the salary certificate or employment contract of an OFW, the transfer

02:46certificate of title, the updated declaration of tax, contract to sell, or any similar agreement

02:53between the buyer and the seller, and of course, the vicinity map of the property.

02:58The contract to sell should be notarized.

03:02It depends if the seller of the property is outside of the country, but since the borrower

03:08has an SPA, they can produce or the representative of the borrower can do it for them in the Philippines.

03:18Pag-ibig is mandatory to all OFW from 2010 based on the Republic Act, RA 9679.

03:25If you don't follow, we don't have penalty, but your benefits or the refund of savings,

03:30because you can refund your savings at age of 60, optional withdrawal, or 65 mandatory

03:35withdrawal to have a bigger refund of savings in the future, you should be paying on a regular basis.