3.05.2015

Second Pag-ibig Housing Loan

Updated June 30, 2015

QUESTION:

Can I apply for a second Pag-ibig housing loan while I am paying off my first Pag-ibig housing loan?  I want to buy a house that I can rent out. I am currently paying a Pag-ibig housing loan.

ANSWER:

Previously, the answer was NO.
Now, starting this June 2015, Pag-ibig says YES!
This new policy can even be applied retroactively to housing loans filed since April 2015.

There are 3 conditions that you need to comply with to be able to obtain 2 or more Pag-ibig housing loans:

1. You are able to pay the monthly amortizations for your 2 or more housing loans.
2.  The total of your existing housing loan and your new housing loan does not exceed 6 million pesos
3.  If you are a co-borrower, your share in this co-paid loan will be included in the computation of your maximum housing loan limit.


LOAN TO IMPROVE CURRENT PROPERTY

If you're planning an improvement to your property currently mortgaged with Pag-ibig, you can apply for an ADDITIONAL Pag-ibig housing loan. You can qualify for this loan for any one of the following purposes;

1.  Your current Pag-ibig housing loan was used to buy a lot, and you're going to use this additional loan to build a house on this lot.
Your second loan will be a home construction loan that you will use to construct a house on your lot purchased by your current Pag-ibig loan.

3.  You will use this additional loan to repair the home you bought with your current Pag-ibig loan. 

4.  You will use this additional loan to buy a lot, a house and lot, a townhouse, a rowhouse or a condo unit adjacent to your property bought with your current Pag-ibig loan.

5.  You will use this additional loan to buy a parking space attached to the condo unit you purchased with your current housing loan.

To qualify for an Additional Loan, you must also be compliant with these conditions:

1.  You have been paying your monthly amortizations for your first housing loan on or before due dates.

2.  You're applying for an additional loan for the first time within the term of your first loan.

3.  Your monthly payment for your consolidated loan (additional loan plus original loan balance) must not exceed 35% of your gross monthly income if your consolidated loan is 1.25M pesos or less, and must not exceed 30% of your gross monthly income if the consolidated loan is more than 1.25M pesos.


The policies above can be found in these Pag-ibig Fund Circulars:

CIRCULAR No. 312 
Guidelines on the Pag-ibig Fund Affordable Housing Program, signed July 2012  

3.6
Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower. 
A co-borrower can apply for his own housing loan if his tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. The consent of the principal borrower and his co-borrowers to release him from the loan will be required.
3.8
Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago. Cases where the borrower surrendered the property to Pag-ibig is also included in this policy. However, Pag-ibig considers certain exceptions to Circular 3.8 if the reasons for the foreclosure, cancellation, dacion en pago or voluntary surrender are valid and are supported with proofs.

CIRCULAR No. 310 
Amended Guidelines on the Pag-ibig Fund End-User Home Financing Program,  signed June 2012 

13. SUCCEEDING AVAILMENT

A Pag-ibig member may avail himself of another Pag-ibig housing loan provided he has fully paid his previous housing loan, whether as a principal borrower or as a co-borrower.

14. ADDITIONAL LOANS

14.1 Additional loan shall be herein defined as a housing loan availed while there is still an existing housing loan.
14.2 A member who is updated with his monthly contributions as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan.
14.3 A qualified Pag-ibig member who has an existing housing loan may avail himself of an additional housing loan for the following purposes:
   14.3.1 house construction on a lot purchased/refinanced through a Pag-ibig housing loan
   14.3.2 home improvement
   14.3.3 purchase of lot/house and lot/condominium unit/townhouse/row house adjacent to the property mortgaged with the Fund. In case of vertical development, this may also include the purchase of a parking lot.
14.4 An eligible member shall be allowed to borrow an additional loan; provided, the resulting monthly repayment of the consolidated loan, namely, the original loan availment and the additional loan, shall  not exceed 35% of the borrowers' gross monthly income for consolidated loans not exceeding 1,250,000 pesos and 30% of the borrower's gross monthly income for consolidated loans exceeding 1,250,000 pesos.
   14.4.1 If the original loan was taken out prior to November 23, 2006 and the additional loan was availed under these guidelines, the additional loan shall be treated as separate and distinct from the original loan. Hence, the original loan shall be subject to the interest rates prevailing at the time said loan was taken out while the additional loan shall be charged with the interest rates provided in these guidelines.
   14.4.2 The additional loan shall be consolidated with the original loan for the following accounts:
    a. If the original loan was taken out under HDMF Circular No. 219 or any of the succeeding issuances; or
    b. If the original loan was taken out under the Magaang Pabahay Program Thus, the consolidated loan shall consist of the additional loan and the outstanding balance of the original loan as of the date of the additional loan's final release. It shall be charged the corresponding interest rate provided in these guidelines.
14.5 For consolidated loans, the borrower shall continue paying the original amortization until such time that the additional loan is completely released. However, upon full release of the additional loan, the new amortization shall be based on the consolidated loan as provided for in Section 14.4 hereof 14.6 Inclusive of the value of improvements to be introduced, the loan-to-appraisal value ratio shall not exceed the corresponding rate stipulated in Section 4.2.1 hereof.
14.7 The consolidated loan shall be charged with the corresponding interest rate provided for in Section 5 of these guidelines.
14.8 The additional/consolidated loan shall have a loan term in accordance with the provisions stipulated in Section 6 hereof.
14.9 The additional loan shall be secured by the same collateral as that of the original housing loan. The borrower shall execute an Addendum to the First Real Estate Mortgage on the subject property to cover the payment of the additional/consolidated loan as stipulated in the corresponding loan agreement and promissory note of the borrower.
For a CTS account originally taken under the Magaang Pabahay Program, the consolidated loan shall be secured by a First Real Estate Mortgage on the subject property to fully cover the payment of the obligation as stipulated in the corresponding promissory note of the borrower.
In connection thereto, the borrower shall pay for the unpaid monthly payments that would cover the expenses to be incurred in the conversion of the CTS to REM. The consideration of the Deed of Absolute Sale shall be the contract price appearing in the CTS, while that of the Loan and Mortgage Agreement shall be the consolidated loan amount.
14.10 The member shall be charged with fees as provided for in Section 12 hereof
14.11 A member may only avail of the additional loan once during his loan term.
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