To help you allege the fresh consider/mortgage continues, expose 2 good IDs (discover criteria part for a summary of valid IDs recognized of the Pag IBIG) at the Cash-Disbursement Section-Finance Service Attributes Institution/Participants Attributes Department.

• A third party user so long as he/she submits a great notarized Special Fuel from Lawyer (SPA) and 2 appropriate IDs each one of the principal borrower and the representative/Attorney-in-Truth.
• Owner, in the event your financing purpose is amongst the following: Purchase of Residential Equipment, Package Buy, or Purchase of Lot and you will Build of Household.

The fresh new borrower is likewise expected to promote 12 PDCs (post-dated checks) when your fee isn’t as a consequence of income deduction (find next step to learn more).

8. Begin Purchasing The Month-to-month Amortization

Amortization is described as the whole process of distribute aside a loan (in such a case, a good Pag IBIG construction loan) to your a few fixed repayments throughout the years.

They refers to the monthly premiums which you can produce the fresh 2nd upcoming days and ages to repay the fresh new Pag IBIG housing loan.

a good. Payment As a result of Post-Old Inspections (PDCs)

Should you choose it, you will want to situation and you can complete a dozen post-dated monitors on the Pag IBIG Finance upon mortgage launch. Such monitors will take care of 1-12 months month-to-month amortization.

Come back to the fresh new Pag IBIG up on use of the latest ten PDCs (exclusive of your remaining 2) to thing a different 12 inspections.

b. Percentage Thanks to Paycheck Deduction

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For people who go for amortization fee via salary deduction (because so many Filipino team manage), you really need to complete Authority so you’re able to Subtract on the Charging Section/Membership Administration and you may Charging you Service/Financing Administration and you will RecoveryHousing Company Center/People Features Part.

c. Other Modes out of Commission

• Automobile debit arrangement that have finance companies.
• Licensed collection lovers (designed for both regional and you may overseas remittance).
• Commission to help you a certified developer with a collection Repair Agreement with the fresh new Pag IBIG Financing.
• Almost every other methods of payment that the Pag IBIG Funds can get implement later.

Information and you can Cautions

a. Once we is the best to address most of the you’ll be able to issues within the this informative guide, its also wise to be on the lookout towards most recent schedules of one’s Pag IBIG Casing Financing orientation system to their Twitter page.

Contained in this program, that’s held from time to time a year inside specific Pag IBIG branches and you can venues, you could potentially address your own issues straight to the brand new Pag IBIG team.

b. Same as when you are trying to get credit cards, your credit rating may also be analyzed inside the evaluation of the Pag IBIG housing loan application.

Make sure your credit rating is upwards-to-go out, specific, and isn’t really stained by unpaid bills. You might safer a no cost backup of credit history from the financing Guidance Firm (CIC) otherwise any kind of their accredited credit reporting agencies.

c. Dont go to Pag IBIG empty-handed. Before you apply to own a casing mortgage, you really need to already have secured about 20% of your own property’s really worth to your down-payment.

The greater the new advance payment you really can afford, the much more likely your own construction loan application gets recognized. It may also lower your rate of interest, month-to-month mortgage, loan-to-worth proportion, and loan name.

d. On the employed, the secret to delivering accepted should be to assist you features a great solid work history. Business moving and you will gaps on your a position background is generally seen while the warning flag. Work tenure setting income balance while the power to pay off their homes mortgage.

elizabeth. When you find yourself frightened you may not getting accredited on account of not enough income, encourage anybody that have an everyday job and you may a good credit score history so you’re able to elevates while the a co-borrower.

f. Meticulously assess your existing earnings and find out how much cash of it you could potentially booked having month-to-month amortization. Preferably, the loan number shouldn’t exceed your around three-12 months paycheck, when you are their financial or monthly amortization must not surpass 20-30% of one’s terrible monthly income.