Land Bank of the Philippines (LBP) Offer: Employee's Housing Loan Program

September 17, 2013 BIR MEMORANDUM TO : All Revenue Officials and Employees Concerned SUBJECT : Land Bank of the Philippines (LBP) Offer: Employee's Housing Loan Program For the information and guidance of all concerned, please disseminate in all Bureau Offices the attached copy of the Memorandum dated September 3, 2013 signed by Director IV Lourdes Z. Santiago, Central Administration Office, Department of Finance relative to the above-mentioned subject matter. You are enjoined to post a copy of this memo together with its attachments in your Office Bulletin Board or in a conspicuous place within your Office to ensure that it shall be given the most extensive publicity possible. (SGD.) CELIA C. KING Deputy Commissioner Resource Management Group ATTACHMENTS Department of Finance September 3, 2013 Memo for : Heads of Offices This Department Heads of Bureaus/Attached Agencies Department of Finance From : Director Lourdes Z. Santiago Subject : LBP'S Offer: Employee's Housing Loan Program Attached for information and guidance is a copy of letter dated August 30, 2013 from Ms. Teresita F. Ison, Department Manager, Mortgage Banking Department 1, Landbank of the Philippines on the above-captioned subject. aIAEcD (SGD.) LOURDES Z. SANTIAGO Director IV Central Administration Office Land Bank of the Philippines Mortgage Banking Department 1 August 30, 2013 Mr. Gil S. Beltran Undersecretary Department of Finance Dear Sir: This has reference to the LBP's offer for an Employees Housing Loan Program for the officers and employees of the Department. We would like to inform you of the proposed terms of financing as follows: Eligible Borrower Filipino Citizen At least 21 years of age but not mare than 65 upon loan maturity With regular source of income enough to service the loan amortization Purpose Purchase of lot, house and lot or any type of residential and (townhouse, condominium unit, townhouse) Construction of residential unit Renovation of existing residential unit Refinancing of existing residential unit Maximum Loanable The loan amount shall be at 70% of the appraised value Amount of the property to be purchased provided income is within the buyer's paying capacity Interest Rates PROMO RATE 5.00% for the 1st year subject to annual repricing on the 2nd year onwards. Current repricing rate is at 7.00% Collateral Real estate mortgage on the property to be acquired from the developer Repayment Period Maximum of twenty (20) years provided age of the borrower does not exceed 65 at the time of maturity of loan Mode of Payment Equal monthly amortization one (1) month after payment by LBP to the Seller Drawdown Issuance of Manager's Check payable to the Seller upon completion of documents, registration and annotation on LBP's mortgage on the new title and tax declaration on land and improvement registered in the name of Borrower , free from liens and encumbrances Charges Processing Fee P2,000.00 Appraisal Fee P1,000.00/title Other charges to include Mortgage Redemption Insurance, Fire Insurance and other pre-release charges shall be for the account of the Borrower. We look forward to mutually beneficial and pleasant business relationship with you. SEIaHT Very truly yours, (SGD.) TERESITA F. ISON Department Manager CONFORME: ____________________ Authorized Representative (Signature over printed name) Checklist of Requirements