Pag Ibig Salary Loan Computation - If you are a member of the Social Security System and Home Development Mutual Fund or Pag-IBIG (HDMF), you have several privileges, such as applications for short-term loans, housing loans, education loans and retirement benefits. You have the option to choose one over the other or increase both.
Today we will present the similarities and differences between one of the most common loan applications offered by both agencies - a payday loan. Both are popular among busy Pinoy members because both offer lower interest rates and easy payment schemes.
Pag Ibig Salary Loan Computation
If you are considering borrowing money from a bank or any other lending institution, it may help to first read the following facts about SSS and Pag-IBIG payday loans.
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Basic requirements - You must be an active member of Pag-IBIG or SSS and have paid the minimum dues set by the agencies.
Both agencies calculate interest on a reduced principal balance, which means the interest gets lower as the loan is repaid over time.
SSS charges a service fee of 1% of the total loan amount; Pag-IBIG does not come with a processing fee.
Pag-IBIG takes about three to five working days to be approved and released, while SSS takes about two to three weeks whether filed online or at an SSS office.
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If the agencies find a discrepancy in your account, it may take even longer to approve and release your earnings.
I collect civic facts and common things that may be relevant to everyday Pinoy life... Subscribe for updates, opinions and news. See more places In any home loan with financial lenders, there are three important factors (1) the borrower, (2) the loan amount and (3) collateral. For the purposes of this blog, I will define a borrower as someone who needs financial assistance from a lender to purchase real estate. Meanwhile, the amount of the loan, as the amount that the borrower wants to borrow and the financial entity seeks to borrow. And collateral, as real estate, which the borrower is ready to offer, and the lender accepts as security for the loan amount. The pledge is a bit technical and legal, I will write about it separately. While the borrower and the loan amount he wants to borrow is personal and probably a concern of many readers. So let me focus on the first two. This letter is intended to empower borrowers to "be" by providing them with information that is not always explained by real estate professionals and developers. Here, the loan evaluation parameters used by developers and Pag-IBIG will be explained in simple words. It hopes to help borrowers understand the following and be able to assess for themselves:
While Pag-IBIG has evaluated the right of buyers, let me focus only on Pag-IBIG Circular 310 which was issued on June 12, 2012. Below are the obstacles that an applicant should be aware of - in full. RIGHTS OF BORROWERS A. Membership and contribution - According to the policy, a Pag-IBIG member can only borrow if he has already contributed for at least 24 months. Please note that it is not a residency requirement that a member qualifies based on length of membership, but rather the amount of their contributions. Therefore, a new member can already borrow as long as he is ready to make and send a one-time deposit equivalent to 24 months. The table below shows how: The amount of the monthly installment to be paid, however, to fulfill the requirement in 24 months, must already be based on the amount of the loan that the borrower plans to use. (See the chart for contributions and the corresponding loan amount.) Also, this lump sum payment is not an upfront payment, instead it is considered only one payment, and therefore the contribution of ' each month must be sent consistently from month to month in lump sum payments and every month thereafter. B. Solvency/Income – The borrower must have sufficient income to support the loan (see loan determinants). He may be an employee, a professional practitioner or a business owner. To prove this, the borrower will have to submit documents to show the source of his income and how much he earns. The type of documents [i.e. Employment and Compensation Certificate (CEC), Pay Slip, Income Tax Return (ITR), Audited Financial Statement (FS) etc.} depends on the type of source of income he has. C. Age – it is important that the borrower is of legal age. That is, he must be 18 years old or older, but not more than 60 years old. The key here is that the borrower already has the legal personality to sign the contract and is insured. It is also a requirement that the age of the borrower should not exceed 70 years at the time of repayment of the loan (where the loan is paid in full). The table below shows the maximum term for each borrower age level. D. Legal capacity - apart from age, you must not have any legal impediments or statutory prohibitions against you being able to purchase property or enter into, sign and perform contracts or legal documents such as a Booking Agreement, Sale Contract, Deed of Sale sale, loan and mortgage agreement, etc. It can refer to your mental health, your ability to perceive and understand the act of entering into a real estate transaction. E. BI/CI Pag-IBIG – Pag-IBIG, as a lender, conducts an analytical study (BI) and/or a credit study (CI) to verify and confirm your data and your suitability, as well as your real ability to use and repay the loan you want to use It is important that the information provided in the application documents is true and accurate and that all documents provided are valid and authentic. F. MP's housing and loan record - Generally bad repayment habits. The default on your previous home loan with the fund or your Multi Purpose Loan (MPL) status (if any) may adversely affect your loan application. If you already have an MPL, the fund requires you to update your payment and return your MPL status to current. DETERMINANTS OF LOAN AMOUNT The following four (4) factors must be considered to determine the amount of loan that the borrower is entitled to use:
The lowest amount calculated among these loan factors will be the loan amount that the borrower can use. A. Based on GMI – the borrower's gross monthly income as shown in the income documents (eg CEC, ITR, payslip etc.) is one of the bases for determining the amount that the borrower is entitled to. Pag-IBIG uses two accessibility factors. The former is 35% if the loan is PhP 1,250,000.00 or less and 30% if it exceeds PhP 1,250,000.00. Below is an example of how to calculate your loan amount using your Gross Monthly Income (GMI). Formula: Loan Amount = GMI x Affordability Factor / Amortization Factor. Amortization rate table: (Pag-IBIG rates allocated) B. Based on the assessment of the loan-to-value ratio - the estimated value is the value given by Pag-IBIG or its accredited appraisal companies for the collateral offered to secure the loan. The calculated loan amount is usually a certain percentage of this amount. Example: Lot Valuation PhP600, 000.00 House Valuation PhP800, 000.00 Total Valuation PhP1, 400, 00.00 As you can see above, if you use the 10% amount of P. 250,000. 00. Meanwhile, if you use a ratio of 80%, the calculated loan amount is PhP 1,120,000.00. But since you can use 90% to borrow up to PhP 1,250,000.00, you can arbitrarily set the loan limit at PhP 1,250,000.00, which is less than the calculated 90% of the appraised value. This does not affect the other determinants of the loan and the rights of the buyer. If the loan is arbitrarily set at PhP 1,250,000.00, you have met the 90% ratio requirement and increased the loan amount and probably reduced the required equity/DP (if any). C. Actual need is often the full sale price or the balance of the property being offered as collateral for the loan. Since Pag-IBIG will not approve a loan that exceeds what is necessary to obtain the property, in the event that the sale price or the balance of the property is lower than the other determinants of the loan, the loan amount that Pag-IBIG will approve. this will be up to an amount equal to the sale price of the property. D. The contribution amount is the amount sent to Pag-IBIG as a monthly contribution consisting of the member's share and also the employer's share if he is employed. It is usually 2% (each employee and employer) of the employee's claimed wage credit. However, the amount may be updated as per requirements
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