10 August 2021
Dear MS. STEPHANIE MEJIA,
This refers to your eFOI request received on 20 July 2021 and sent to the eFOI portal of the Home Development Mutual Fund (Pag-IBIG Fund or the Fund) wherein you inquired on the housing and ongoing programs of Montalban Millex in Rodriguez, Rizal.
Our Office deemed it proper to raise this matter to and confer with the operating unit concerned – the Housing Operations Support Unit (HOSU). Our HOSU informed us that based on our List of Accredited Developers as of 31 July 2021, Montalban Millex has neither applied for developers’ accreditation nor has any present dealing under the Pag-IBIG Fund Take-out Mechanism for Developer-Assisted Housing Program. Meanwhile, you may also inquire with the Housing and Real Estate Development Regulation Bureau under the Department of Human Settlements and Urban Development. One of the Bureau’s functions is to develop and maintain a spatial database of all subdivision and condominium projects and the status of their development1.
Nevertheless, we are pleased to inform you that according to our HOSU, the following Pag-IBIG Housing Loan Programs may be availed by HDMF members:
1. End- User Financing Program
Under this housing program, a member-applicant can borrow up to a maximum of P6,000,000.00 for any of the following loan purposes:
• Purchase (plus cost of transfer) of residential lot or adjoining residential lots
• Purchase (plus cost of transfer) of residential house & lot, townhouse of condominium units (old or brand new, property mortgaged w/ the Fund, adjoining houses/units) inclusive of a parking slot
• Construction of house
• Improvement of house
• Refinancing of an existing housing loan
• Combined Loan Purposes
2. Affordable Housing Program
For minimum-wage and low-income earners, member-applicant can borrower up to the maximum amount under the socialized housing loan ceiling for any of the following loan purposes:
• Purchase of residential lot or adjoining residential lots
• Purchase of residential house & lot, townhouse of condominium units (old or brand new, property mortgaged w/ the Fund, adjoining houses/units) inclusive of a parking slot
• Construction of house
• Improvement of house
• Refinancing of an existing housing loan
• Combined Loan Purposes
3. Home Savers Programs provide our Housing Loan borrowers with options to deal with missed payments.
a. Housing Loan Restructuring
Spread the unpaid monthly amortizations across the remaining loan term. May also get a chance to reduce the monthly payment by lengthening the loan term.
Open to ALL Housing Loan borrowers, including beneficiaries of GLAD Program, except the following:
• Housing loans with cancelled Contract-to-Sell (CTS)
• Foreclosed accounts that are already sold to another individual
• Foreclosed accounts that are already owned by Pag-IBIG Fund
Interest rate shall be based on Pag-IBIG Fund’s Full-Risk Based Pricing Framework for restructured loans.
Maximum loan term: 30 years, but should not exceed the difference between borrower's age and age 70
b. Plan of Payment
Settle the unpaid amortizations and other dues more affordably through an installment plan.
• Open to ALL Housing Loan borrowers, with at least three (3) months arrears/unpaid amortizations.
• Pay your unsettled dues for up to six (6) months
c. Housing Loan Revaluation
Revalue the property based on its appraised value and avail discounts based on the referred settlement mode.
• Open to ALL Housing Loan borrowers with more than twelve (12) months arrears/unpaid amortizations, provided that the account is not yet cancelled, foreclosed, or owned by Pag-IBIG Fund
• Offers the Discount Rates:
o Cash payment: 30%
o Six (6) months installment: 20%
o Twelve (12) months installment: 10%
o Via Pag-IBIG Housing Loan: 5%
d. Penalty Condonation
Waive ALL penalties and additional interests incurred by fully updating or fully paying the housing loan account.
Features:
• Open to ALL Housing Loan borrowers with at least three (3) month arrears/unpaid amortizations, provided that the account is not yet cancelled, foreclosed, or owned by Pag-IBIG Fund
• No processing fees required
To qualify for any of the above housing loan programs, the following eligibility requirements must be met:
• Active member with least 24 months savings
• Not more than 65 years old at the date of loan application and is not more than 70 years old at the date of loan maturity
• Legal capacity to acquire and encumber real property
• No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
• If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated
Pag-IBIG Fund also offers disposal of its Acquired Assets (Properties) through the following:
a. Properties under Negotiated Sale
Interested buyer may select a property from the list and submit Offer to Purchase (OTP) to Pag-IBIG Fund in a sealed envelope. On scheduled date of opening of offer, the buyer with the highest offer on a specific property shall be declared as the winning buyer.
b. Properties under Public Auctions (No Discount)
Sale of acquired properties with a minimum bid set by the Fund, wherein the bidder with the highest bid offer shall be declared as winner.
c. Public Auctions (With Discount)
Sale of acquired properties with a minimum bid set by the Fund, wherein the bidder with the highest bid offer shall be declared as winner.
For further inquiries, you may contact Ms. Aiza Dogma, Credit Investigator III of HOSU, at
[email protected].
Thank you.
Very truly yours,
ATTY. JOSE ROBERTO F. PO
Department Manager III, Legal Department
and Deputy Compliance Officer
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1 Section 20.16 of the Implementing Rules and Regulations of the Department of Human Settlements and Urban Development Act pursuant to Section 29 of Republic Act No. 11201.
