One of the funniest definitions of a bank comes from Bob Hope. According to him, “A bank is a place that will lend you money if you can prove that you don’t need it.”
How true! It simply means that as a lending institution, the bank will consider a number of factors before granting you a loan. Just because you need a loan doesn’t mean you will get it.
Well, more or less, the same can be said of Pag-IBIG Fund. Just because you are a member of Pag-IBIG doesn’t automatically mean that you will get a loan anytime you want to.
However, your chances of success will be greater once you are aware of the most important factors they are considering when you apply for a loan, whether personal loan or housing loan.
Remember these so called 5 Cs of Credit and see how you can apply it in your respective situations.
1. Character
What sort of person are you from the point of view of the Loan Officer? Are you someone who can be trusted with the loan? Are you most likely to pay it on time or are you the one who will most likely be a candidate of loan defaults?
How long have you been a member of the Pag-IBIG Fund? How long have you been in your work or profession? Your employment record is one of the factors they consider in the evaluation process.
See also: Getting a Pre-Qualification.
2. Capacity
How much is your salary or income? This will determine how much you can set aside to pay for the monthly amortization.
In general, the bigger the income, the better your chances of being approved. But don’t fool yourself. A lot of high-income professionals also maintain a high-maintenance lifestyle. But it all really boils down to how much is left before the next payroll takes it toll.
How much can you safely borrow? Pag-IBIG has a maximum limit of PhP 3M for the housing loan. Unfortunately, the maximum limit is not for everyone to enjoy. Your loan amount will most likely depend on your capacity to pay for it.
See also : Can You Afford That House?
3. Capital
This is another word for Equity or in some cases, it also refers to the down payment. How much of your own money do you put at risk? A large equity means you are serious about the venture that you are willing to expose that much for the property you are buying.
See also : Mortgage Loan Fundamentals
4. Conditions
What is the current state of the economy? If it is shaky, your loan application will also be drastically affected. Interest rate, which also determines the cost of using borrowed money, may also rise in response to a downturn in the economy.
What industry are you presently employed? Is it a booming industry?
How is your employment status? Are you likely to stay with your employment for the next 5 or 10 years?
5. Collateral
What are you willing to back up your loan with? In a housing loan, this one simply means the Land Title, which must be in the name of the borrower.
It only makes sense. With the collateral at stake, you will most likely meet your obligations on the loan than lose your collateral.
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The 5 Cs of Credit is written by Carlos Velasco.
how can i inquire or verify my pag-ibig contribution, as of now i am here in the state of Qatar. starting my contribution last 1993 up to 2005. can you tell me how to verify it?
Thanks
Jesus M.
Hi Jesus,
Please proceed to any Pag-IBIG office and ask for a print-out of all your contributions. The online facility is not yet fully functional at this very moment.
Dear Sir/Madam
I’m 2years member of Pag-Ibig since I’ve been working here in Abu Dhabi (S.Y. 2009-present). My wife she purchased a lot thrue Pag-Ibig and she is also the pricipal borrower. Now I would like to avail a new loan to build a house for that particular lot that my wife bought last year of 2010. My question is how can avail a housing loan thrue Pag-Ibig it is possible please help me I would like to build my house aerly next year of 2011. I need your assistance help me please
Hi Admin,
My sister and I are already working for 2 years. We are planning on getting separate loans. My sister for the lot purchase and me for the house construction. Will this plan be possible through PAG-IBIG?
Please advise.
Thanks
Dear Admin
im member of pag ibig since in working her in Abu Dhabi(S.Y. feb 2009 present)my pay all 2year and cant apply housing loan pls help me what trying to do pls help me….thnks
Dear admin,
Im a member of pag-ibig since august 2008, nag end contract po ako last september 2010 and they offer me part time po and yung work ko po is home services tutor to kids. their mom is willing to give a payslip. gusto ko po sana i continue po yung contribution po para maka avail po ako ng housing loan which we joined in the tripping last sunday january 9 sa sta. maria bulacan and nag pareserve po ako ng bahay po. bale yung di lang po nahulugan was october-december 2010 ang this january po, pls hel[ us paano po thank u po
I would like to ask; What is the definition of residential house?
I want to avail a pag-ibig housing loan, but the house I would like to build is a residential/room for rent type of house. I have purchase a lot big enough to construct 6 rooms for rent. Is this allowed by Pag-ibig? Hope to received your answer on my email. Thanks!
Greetings! Ang Mr ko po ay POP member at 1yr lng ang nahulugan nya at nagmature na ang 10yrs contribution nya. Can we upgrade his contibution to another 5yrs and how? My 2nd question is, dati syang security guard in the philippines for 6yrs at my local contribution din sya sa PAG-IBIG. What will happen to his local contribution? My 3rd question is, I am not an OFW worker but I’m here abroad. Can I register as member of the POP? Please, I need immediate answer. More Power!
How will I know how long I am paying for PAG-IBIG? Please advise
Good day to everyone .
Tanong ko lng po kong sakali po ba na ang isang pag ibig member na nagloan ng housing ay pwedi ibenta ang property incase na ayaw nya na po itong ituloy ? paano ang prosiso at magkano ang penalty nto ?
hantay ko po ang inyong sagot …
Salamat po