Are you a resident of Davao? Would you like to invest in your own home? You are not alone. Like you, I once dreamed of having my own home and with the increase of housing developments in the city, there are more options available for me to choose from. But then it is only a matter of time when the harsh reality confronted me – can I afford to buy my own home? For this reason, I turned to PAG-IBIG to get a loan so I can finance the purchase of my new home.
An important thing to note before you apply for a PAG-IBIG loan in Davao is that not all developers accept this type of financing. Typically, this loan is accepted only by low- to middle-cost developers. The first thing you should do, like I did, would be to verify with your developer if it would be possible for you to finance the housing with PAG-IBIG.
There are several types of properties that PAG-IBIG members can apply for when obtaining a loan, although residential lots are the most common. Among these other financing options cover for house construction, house improvement, condo units, townhouses, and refinancing of an existing mortgage loan.
There are also certain requirements that members should meet in order to become eligible for a housing loan from PAG-IBIG. First off, you must be a member for a minimum of 2 years with the same amount of monthly contributions and nothing less. Also, applicants should be below 65 years in age and must not reach the age of 70 upon the entire span of the loan. All applicants to the PAG-IBIG housing loan must also be legally capable to obtain real estate properties in Davao, as well as the rest of the Philippines.
Only those without any existing loans at PAG-IBIG will be qualified to apply for housing loans. At the same time, any canceled or foreclosed loans will also automatically disqualify from applying for this loan. Any multi-purpose loans you might have is acceptable, provided that you can show proof of updated payments.
For my loan, I was able to get a housing loan of up to 6 million pesos. I had 7.98 % interest on my loan for the first 3 years, then it will go up to 8.98% for another 5 years, and then finally reaching 10% for 10 years, and so on. Hence, it is important to attend the PAG-IBIG seminar before you apply for a loan because I found it such a helpful avenue to raise concerns or ask any questions I might have about the application process. Repayment of a PAG-IBIG loan can last for up to 30 years.
The information provided here are based on my own experience applying for a loan from PAG-IBIG. However, it is best to approach any representative from PAG-IBIG or visit their website should you need further clarifications about your own application.
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