Home Development Mutual Fund/Pag-IBIG Fund(HDMF)

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Date: Jan. 19, 2022, 1:18 p.m.

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Date: 2022-02-09 09:59:44.000000

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Date: 2022-02-09 10:05:52.000000

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Valuation of Properties - Araya Park Residences

Published by Home Development Mutual Fund/Pag-IBIG Fund(HDMF) on Jan. 19, 2022.
Requested from HDMF by W. Silvestre at 01:18 PM on Jan. 19, 2022.
Purpose: Confirmation of verbal information from developer
Date of Coverage: 01/18/2022 - 01/19/2022
Tracking no: #HDMF-800396511988

N.SALCEDO Jan. 19, 2022, 1:18 p.m.

Hi! I would like to confirm the accuracy of verbal information provided by an admin of a developer, with which we entered a contract to sell (preselling) a house and lot with. We have signed a schedule of equity payment as an Annex to the CTS for a 10% fraction of the Total Contract Price. This is based on computation from their partner bank able to cater 90% of TCP in loan. When I inquired about possibility of entering into Pag-ibig loan, they remarked that from their experience, valuation through pag-ibig only approves up to 50% of the Total Contract Price. Needs clarity regarding this.

F.OFFICER Feb. 9, 2022, 9:59 a.m.

February 9, 2022 Dear Nikko, Thank you for your request dated Jan 19, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Valuation of Properties - Araya Park Residences. We received your request on Jan 19, 2022 and will respond on or before Feb 09, 2022 01:18:48 PM, in accordance with the Executive Order's implementing rules and regulations. Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtODAwMzk2NTExOTg4DA, for request with ticket number #HDMF-800396511988. Thank you. Respectfully, FOI Receiving Officer FOI Officer

A.GERON Feb. 9, 2022, 10:05 a.m.

09 February 2022 Dear MR. NIKKO SALCEDO: This refers to your eFOI request received on 19 January 2022 sent to the eFOI portal of the Home Development Mutual Fund (Fund) wherein you sought confirmation that for Housing Loan applications with the Fund, the Fund only approves 50% of the Total Contract Price. Our Office deemed it proper to raise this matter to and confer with the operating unit concerned – the Housing Operations Support Unit (HOSU). May we inform you that pursuant to Item 4 of Pag-IBIG Fund Circular No. 396, dated 09 January 2018, a qualified Pag-IBIG member may apply for a housing loan of up to Six Million Pesos (Php6,000,000.00), which shall be based on the lowest of the following: (i) the member’s actual need (e.g. Selling Price or Loan Amount applied for); (ii) desired loan amount and loanable amount based on capacity to pay (based on the submitted proof/s of income, e.g. Certificate of Employment and Compensation or Income Tax Return); and (iii) loan-to-appraised value ratio (e.g. Appraisal of the property subject of the loan) with 90% to 95% Loan to Value Ratio. For your reference, a copy of Circular No. 396 may be accessed through the following link - https://www.pagibigfund.gov.ph/document/pdf/circulars/housing/Circular%20No.%20396%20-%20Modified%20Guidelines%20on%20the%20Pag-IBIG%20Fund%20End-User%20Home%20Financing%20Program.pdf Thank you. Very truly yours, ATTY. JOSE ROBERTO F. PO Department Manager III, Legal Department and Deputy Compliance Officer

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