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Sep 24 18, 12:58 pm

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HOW TO: Pag-IBIG Fund housing loan for OFWs in UAE

by | News

Sep. 24, 18 | 12:58 pm

Overseas Filipino workers (OFWs) decided to work abroad for different reasons – some want to send their children to school, some want to give their families a better life, some simply want to try working in a different environment, and some want to buy their dream homes.

Good thing for OFWs, being able to buy their dream home is now made easier. Pag-IBIG Fund recently announced that it is cutting down interest rates to 5.375%, one of the lowest in the Philippines.

Members can borrow up to Php6 million with low monthly payments and longer payment terms, depending on the chosen loan.

There are two main types of housing loans offered by Pag-IBIG:
1- End-User Home Financing Program (EUF) – borrow up to Php6 million with interest rates as low as 5.375% applicable for multiple housing loans, depending on various considerations; and
2- Affordable Housing Loan Program – borrow up to Php750,000 with 3 percent annual interest rate with monthly payment of less than Php2,000, depending on the borrowed amount.

The loan is open not only to those in the Philippines but to OFWs who would like to buy their dream home after years of hard work.

Under the EUF Program, here are the minimum qualifications:
– Have made at least 24 monthly savings. The lump sum payment of the required 24 monthly savings is allowed;
– Borrower must not be more than 65 years old and not more than 70 years old at maturity of loan application;
– Have the legal capacity to acquire and encumber real property;
– Have passed satisfactory background/credit and employment/ business checks of Pag-IBIG Fund;
– Have no outstanding Pag-IBIG Fund short-term loan in arrears at the time of loan application;
– Have no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago; and
– If with existing Pag-IBIG housing loan, either as principal or co buyer/borrower, it must be updated.

Meanwhile, for the Affordable Housing Loan Program, the following are the minimum requirements:
– Have made at least 24 monthly savings. The lump sum payment of the required 24 monthly savings is allowed;
– Have a gross monthly income not exceeding Php17,500;
– If with existing Pag-IBIG housing account, it must be updated;
– Have no outstanding Pag-IBIG Fund short-term loan in arrears at the time of loan application;
– Have the legal capacity to acquire and encumber real property;
– Have passed satisfactory background/credit and employment/ business checks of Pag-IBIG Fund;
– Borrower must not be more than 65 years old at the time of application and must be insurable; and
– Have no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.

There are also two options for applying for housing loan – online scheduling and over-the-counter application.

For online scheduling, borrowers need to log on to Pag-IBIG’s website and answer an online application form. In this process, the Membership Identification Number (MID) or the Registration Tracking Number (RTN) are required. Once done, an email will be sent to the borrower indicating the date he/she could submit the documentary requirements to Pag-IBIG branches. A special lane is available for those who scheduled online.

For walk-in applicants, they may visit any Pag-IBIG branches and personally fill up the forms. For OFWs in the UAE, there are Pag-IBIG offices in government offices such as the Embassy in Abu Dhabi and the Consulate in Dubai.

As per the required documents, they have been reduced from 14 to seven.

Further information are available at Pag-IBIG Fund’s website here.

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

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