LBP'S Offer: Employees Housing Loan Program

December 3, 2013 BLGF MEMORANDUM CIRCULAR NO. 107-13 TO : All BLGF Central and Regional Directors, Division Chiefs and Staff SUBJECT : LBP'S Offer: Employees Housing Loan Program For the Information and guidance of all concerned, attached is a copy of the letter from the Department of Finance dated September 3, 2013 regarding the above-captioned subject. The Central and Regional Directors of this Bureau are hereby instructed to take note of the above and disseminate the information to all Bureau Staff. Please be guided accordingly. (SGD.) ATTY. SALVADOR M. DEL CASTILLO OIC-Executive Director ATTACHMENT 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. EcHAaS (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: End Buyers Financing Eligible Borrower Filipino Citizen At least 21 years of age but not more 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 unit (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 of the Amount 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. Very truly yours, (SGD.) TERESITA F. ISON Department Manager CONFORME: _______________________ Authorized Representative (Signature over printed name) Mortgage Banking Department Checklist of Requirements