Houses bought through Pag-Ibig Financing - Share your experiences

[oolong1]

Sis, meron ba nakapag apply ng housing loan and a construction or renovation loan together sa pag-ibig recently? please share your experience.  Sabi kasi pwede mag avail ng 2 housing loans up to 6M pesos pero I am not sure if I can apply for a second loan (construction) since I only have a contract to sell CTS and not the title yet.

[Maia_Cache]

do you mean Lot and house construction loan? pero the lot and construction separate babayaran, meaning not the typical na bibili ka ng house and lot package?

[oolong1]

Sis, I am not sure if this answers your question.  you have an existing regular housing loan (house+lot) and you can apply for another one for the purpose of house renovation/improvement, etc. You will be paying for two amortizations in Pag-Ibig as long as the total will not exceed 35% of your gross income, that is what I know.

Here's a link:
https://filipiknow.net/pag-ibig-multiple-housing-loan/

[bluish_mommy]

Sis, meron ba nakapag apply ng housing loan and a construction or renovation loan together sa pag-ibig recently? please share your experience.  Sabi kasi pwede mag avail ng 2 housing loans up to 6M pesos pero I am not sure if I can apply for a second loan (construction) since I only have a contract to sell CTS and not the title yet.

before when I applied for a housing loan (we bought a pre-owned property) in Pagibig, 3M pa noon ang maximum loanable amount. I was granted 3M, pero ang existing assumed balance na lang kasi nung property na binibili namin was almost P500k. I was asked kung gusto ko daw sabayan ng housing improvements kasi nga I was granted P3M loanable amount, pwede ko na daw isabay sa housing loan, otherwise kung hindi ko daw kukunin, after 2years pa daw ako pwede mag-file ng house improvement loan FOR THE SAME ACCOUNT. That makes me think hindi pwedeng separate ang house improvement loan kasi 1 property lang ang i-co-collateral.

[oolong1]

Nagpunta kasi ako ng Pag-Ibig sis sabi sa akin pwede daw as long as updated yong payments sa current housing loan mo. But I guess I have to wait hindi pa kasi na process ng developer yong title with pag ibig, it would take a year daw.

Anyways, thanks sis.

[bluish_mommy]

^hmmmm ah really? parang makes no sense na ihawalay pa, 1 property lang naman ang collateral. Baka naman since may existing ka na, dun lang din ike-carry yung loan tapos irere-structure lang?

[thebratinella]

Our Pag-ibig loan got approved. Co-borrower ako ng husband ko since we felt na baka hindi enough yung sa income niya. Since self-paying individual membership category ko, I just submitted my bank statement, COE sa home-based job ko, IDS and ESAV. To activate my membership kasi years din na nagstop ako in paying contributions, I paid for this quarter and next quarter's contributions. At first gusto pa ng developer paconsolidate ko pa yung contributions ko and get another ESAV pero sabi namin no need naman na since husband ko naman principal borrower. They used the documents we previously provided in processing the loan with Pag-ibig. Sa awa ng Diyos okay naman. We got yung 1.6M++ na remaining amount pa na need bayaran. Yehey!

[mysterioza_me]

Do you know if may option na instead of paying for the housing loan for 30yrs e gawin nalang 15-20yrs ang payment term? Puro 30yrs kasi nakikita ko sa sample computation.

[oolong1]

There is sis, depending on your income.

https://www.pagibigfund.gov.ph/AA/ac.aspx

[mysterioza_me]

^Thank you sooooo much sis ❤️

[Maia_Cache]

Do you know if may option na instead of paying for the housing loan for 30yrs e gawin nalang 15-20yrs ang payment term? Puro 30yrs kasi nakikita ko sa sample computation.

Even if you get the 30yrs, you can still pay more than the required amount para mafullpay mo yung loan ng mas maaga. Advantage of getting 30yrs is maliit yung monthly mo, incase na may mangyari hindi maganda hindi ka mahihirapan magbayad ng monthly unlike if you choose lets say 10yrs to pay kapag nawalan ka ng work malaki chance na madefault payment ka agad since malaki yung monthly ng 10yrs to pay. So i suggest get the 30yrs then save the rest of the money and pay it in lumpsum kay pagibig, since all lumpsum payment diretso bawas sa principal, nakatipid ka pa sa interest.

[mysterioza_me]

^Oo nga e maganda sana 30yrs to pay dahil maliit lang monthly. Pero yung interes kasi ang laki, feeling ko yung monthly payment sa interes lang mapupunta. Naisip ko din yang bayaran ang lumpsum if magkapera kaso baka wala naman discount, baka pabayarin pa din principal plus total interest. If malaki masi-save ko sa 30yrs to pay go na ako dun.

[Maia_Cache]

sa pagkakaalam ko yung interest is based kung anong payment terms yung kukunin mo, for ex. 1 yr repricing thats 5.5% then nataas habang natagal yung repricing na pinili mo. hindi siya based kung 10/20/30yrs. Ok yung 30yrs to pay with 5.5% (1 yr repricing), just make sure na maglumpsum pay ka kung kaya naman. Ang pahkakaintindi ko dyan if maglumpsum pay ka, diresto bawas sa principal mo yung so kapag nirecompute yung balance mo mas maliit na yung maiinteresan sayo.

[bluish_mommy]

kahti 30yrs pa ang kunin na payment terms, basta kapag may extra money, i-direcho agad sa principal, iikli ng iikli ang terms kapag ni-restructure ang loan dahil lumiliit ng todo ang principal.

[mysterioza_me]

Ah akala ko kapag 30yrs nasa 10% interest. Kaya sa computation ko ang laki ng papatong na interest.

Nabasa ko din kasi eto:
Although the maximum loan period is 30 years, Pag IBIG recommends choosing an optimum period of 10 years or shorter to avoid paying higher interest.

Should you choose the 30-year maximum loan period to pay off your housing loan, keep in mind that the first 10 years will be basically spent paying off the interests alone.

Isa pang question, may nakikita ako na ang DP pwedeng installment let?s say 18mos. Ibig sabihin ba makakalipat lang kami after ma-full payment ang DP and ska magtake effect ang monthly amortization? Or installment payment ng DP + monthly amortization na ang babayaran?

Sorry na ang dami ko tanong 😭

[bluish_mommy]

^sis yung DP normally sa developer nyo yan obligation, may mga options nga na deferred.

ang amortization with PAGIBIG mag-uumpisa kapag na "take out" na ang loan nyo, meaning walang kinalaman si Pagibig kung di ka pa tapos sa DP mo with the developer, so may chance na mag overlap ang payments mo sa kanilang 2 pag nagkataon.

[Maia_Cache]

kung wala kang pang DP, you can work with your contractor, they can create a higher costing para ipasa mo kay pagibig para macover din ng loan yung DP na need mo ibayad kay contractor, for ex. kelangan mo mag dp ng 500k, yung gagawin ni contractor dyan tataasan niya yung contract price na ipapasa kay pagbig, instead of 3M gagawin 3.5M. just keep in mind na ang inaaprove lang ni pagibig is 70-80% of the contract price. so computin mo na alang kung HM yung need mo iapply na loan.

[mysterioza_me]

^
^^ Thank you mga sis, mas naiintindihan ko na yung mga nababasa ko at yung sample computation.

[thebratinella]

Hindi pa lumalabas yung takeout notice so we're paying via in-house. Ang laki din ha. Not sure pa if magkano amount na mababalik sa amin since approved ng Pag-ibig yung amount nung bahay.

[bluish_mommy]

^wala pa kayong Letter of Guarantee? kung anong amount nakalagay dun, yun na ang loan amount nyo.