The Pag-IBIG Fund is offering you the Pag-IBIG Overseas Program to provide you with an opportunity to start planning for your family's future today.
So why wait for years when you can build your house today through the Pag-IBIG Overseas Program?
WHAT IS Pag-IBIG FUND?
The Pag-IBIG Fund is a nationwide savings fund established in December 14, 1980, through Presidential Decree No. 1752.
Today Pag-IBIG is one of the strongest financial institutions in the country wih an asset level of over P29 billion. Active membership stands at 1.8 million nationwide. Total membership base is 2.1 million.
As a shelter agency, Pag-IBIG has made possible the construction of over 95,000 housing units all over the Philippines under its various housing load programs.
WHAT IS THE Pag-IBIG OVERSEAS PROGRAM?
The Pag-IBIG Overseas Program was launched to give Overseas Filipinos the opportunity to save for their future and at the same time giving them the chance to avail of a housing loan as much as P500,000 with interest rates ranging from 9%-17% per annum depending on the load amount.
WHO MAY JOIN?
The Program is open to all Overseas Filipinos including immigrants to Canada and the United States and natural born Filipinos who have become Canadian or American citizens.
Requirements for membership
Accomplished Member's Data Form
Membership contribution payment on a monthly or quaterly basis at your option
Mail or submit the accomplished
Member's Data Form to:
Pag-IBIG Overseas Department
6/F Atrium of Makati
Makati Ave., Makati, M.M., Philippines 1200
c/o Vincent N. Nery or Voltair M. dela Rosa
WHAT ARE THE CONTRIBUTION (SAVINGS) RATES UNDER THIS PROGRAM?
IN THE US
|US $1,000 and below||US $20|
|Over US $1,000||US $40|
|C $1,5000 and below||C $30|
|Over C $1,500||C $60|
Member may save highter rates at their option.
The member may remit fund contributions either in US/Canadian dollars or the corresponding Philippine peso equivalent based on the prevailing exchange rate as of payment date.
The member may shift remittance of contributions from US/Canadian dollars to Philippine Pesos at anytime during the term of his Fund membership.
WHAT WILL HAPPEN TO MY SAVINGS?
Your total savings shall
enjoy the following features:
Fixed dividends for members with no outstanding loans at the following rates
7.5% p.a. on P contributions
3.0% p.a. on US$ contributions
2.5% p.a. on C$ contributions
Tax-free dividend earnings
Guaranteed by the Philippine Government up to 100%
Portability. Your savings shall remain in your name even if you transfer employers or country of domicile (residence).
WHEN CAN I WITHDRAW MY TOTAL SAVINGS?
Your accumulated savings under the Program may be withdrawn at the end of 5, 10, 15 or 20 years depending on the membership term you opted for upon registration.
Withdrawal of contributions shall be in Philippine Peso, US Dollars or Canadian Dollars depending on which form of currency the contributions were remitted. Hence, all dollar contributions shall be refunded in dollars, and all peso contributions in pesos.
Withdrawals of savings
before maturity shall be allowed in any of the following cases:
Total Disability / Insanity
WHEN CAN I AVAIL OF A HOUSING LOAN?
You can avail of housing
loan under the Overseas Program if you:
Have been a Pag-IBIG member for at least 6 months
Have made at least 12 monthly contributions
Are a contributing member upon loan application
Are not more than 65 years old at the date of loan maturity
Have the legal capacity to contract and purchase real property under Philippine laws
Have no outstanding housing loan except lot purchase loan at the Pag-IBIG Fund either as principal or co-borrower
WHERE CAN I USE MY
House construction on a lot owned by the member
Purchase of a lot and construction of a house thereon
Lot purchase not exceeding P 150,000
Major home improvement
Refinancing of an existing loan
HOW MUCH MAY I BORROW?
Overseas Program members contributing US$20/C$30 shall be entitled to a maximum loanable amount of P $250,000 while members contributing US$40/C$60 shall be entitled to a maximum loanable amount of P $500,000, subject to the borrower's capacity to pay whereby the monthly amortization of the loan shall not exceed 30% of the monthly family income as evidenced by Income Tax Returns for the past two years.
HOW MUCH IS THE INTEREST RATE?
Interest Rates are as
|Up to P 150,000||9% p.a. for the entire loan|
|Over P 150,000 - 225,000||12% p.a. for the entire loan|
|Over P 225,000 - 375,000||16% p.a. for the entire loan|
|Over P 375,000 - 500,000||17% p.a. for the entire loan|
WHAT IS THE LOAN REPAYMENT PERIOD?
The loan is payable in 5 or 10 years (for contract workers) and is 5, 10, 15, or 20 years (for immigrants and Filipino-Americans/Canadians) with the first payment due on the calendar month immediately following the receipt of the total loan proceeds by the borrower.
The borrower(s) shall be mandatorily covered by Mortgage Redemption Insurance and Fire Insurance on the property mortgaged for an amount equivalent to at least the loan value of the residential unit and/or its improvements.
LOAN TO VALUE RATIO
The loan to collateral ratio is equivalent to 90% only
For loans amounting to P 150,000 and below, however, the loan to collateral value ratio shall be 100% with the exemption of lot purchase loans
Processing fee of P 500.0
Mortgage Adminstration fee of 2% which shall be added to the borrower's loan entitlement
Notarial and documention expenses
Taces pertinent to the sale and transfer of the property
A pari-passu arrangement is allowed with any institution acceptable to HDMF.
WHERE CAN I REGISTER AS A MEMBER?
In the Philippines - in
any of the Pag-IBIG Fund Offices nationwide.
In the US and Canada - Thru the Philippine Embassy or Consular Office nearest you or accredited/authorized Pag-IBIG coordinator.
WHERE SHALL I DEPOST MY CONTRIBUTIONS?
Contributions can be remitted
throug the following:
In Canada: through a pre-authorized debit system of the Bank of Nova Scotia
In the US:
Pag-IBIG lock box at:
Bank of America,
PO Box 61000
San Fransciso, CA
Philippine National Bank
- New York Branch
556 Fifth Avenue, New York
New York 10036
(PNB is not insured with FDIC)
Any Johnny Air Cargo, Inc. - US Branch
Make Checks payable to Pag-IBIG Fund
1405, 700 West Pender Street
Vancouver, B.C. V6C 1G8
Tel: (604) 685-7645
Fax: (604) 685-9945