Pag-IBIG Housing Loan Program for End-User Financing (Cir. 219)
GUIDELINES IMPLEMENTING THE "ABOT-KAMAY PABAHAY" PROGRAM

1. LOAN PURPOSE

The Pag-IBIG housing loan may be used to finance any one or a combination of the following:

1.1 - Purchase of a fully developed lot not exceeding one thousand square meters (1,000 sq. m.), which should be within a residential area;

1.2 - Purchase of a lot and construction of a residential unit thereon;

1.3 - Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:

1.3.1 - Old or brand new;

1.3.2 - A property mortgaged with the Fund; or

1.3.3 - An acquired asset which is disposed of through sealed public bidding, negotiated sale, or Rent-to-Own Program.

1.4 - Construction or completion of a residential unit on a lot owned by the member;

1.5 - Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;

1.6 - Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:

1.6.1 - The loan is not in default within twelve months prior to date of application;

1.6.2 - said loan has a repayment history of at least two years with the original mortgagee

1.7 - Combination of loan purposes shall be limited to the following:

1.7.1 - Purchase of a fully developed lot not exceeding one thousand square meters (1,000 sq. m.) and construction of a residential unit thereon;

1.7.2 - Purchase of a residential unit, whether old or new, with home improvement;

1.7.3 - Refinancing of an existing mortgage with home improvement;

1.7.4 - Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.

2. BORROWER'S ELIGIBILITY

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

2.1 - On Pag-IBIG Membership

2.1.1 - Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.

2.1.2 - A member, whether new or with existing monthly contributions that is still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the basic monthly membership contribution rates to meet said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date. Said member shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.

2.1.3 - A member who has contributed for at least two (2) years shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.

2.1.4 For purposes of satisfying the residency requirement, the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member's outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions, provided that the remaining TAV after offsetting does not fall below the equivalent amount of 24 monthly contributions.

2.2 - Not more than 65 years old at the date of loan application and must be insurable; provided further that he/she is not more than 70 years old at the date of loan maturity;

2.3 - Has the legal capacity to acquire and encumber real property;

2.4 Has passed satisfactory background/credit and employment/ business checks of the developer and Pag-IBIG Fund;

2.5 - Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;

2.6 - Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back, or subjected to dacion en pago;

2.7 - Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.

3. LOAN AMOUNT

A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Two Million Pesos (P2,000,000.00), which shall be based on the lowest of the following: the member's actual need, his loan entitlement and the loan-to-collateral ratio.

3.1 - Loan Entitlement based on Pag-IBIG Contributions

A member's loan entitlement shall be proportionate to his Pag-IBIG contributions (inclusive of the employer counterpart contributions), which shall be based on the following schedule:

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