Amendments to HDMF Circular No. 247 on the Payment of Membership Contributions as Requirement for Housing Loan Availment

January 31, 2012

HDMF CIRCULAR NO. 302-12

 

Pursuant to the approval of the HDMF Fund Board of Trustees in its 280th Board Meeting held last 21 December 2011, Item No. 3.1 of HDMF Circular No. 247 or the Guidelines on the Pag-IBIG Fund End-User Home Financing Program is hereby amended.

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

1. Must be a member under the Pag-IBIG I Membership Program for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.

2. A new member who wishes to apply for a housing loan and remit his membership contributions in lump sum shall be required to pay the membership contribution that correspond to the loan amount applied for to cover the 24 months membership requirement. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.

 Similarly, a member who has existing monthly contributions that are still short of the 24 monthly membership requirement may pay his contributions for the succeeding months in lump sum based on the membership contribution that correspond to the loan amount applied for. DaHSIT

 For purposes of computing the lump sum contribution, the following contribution rates shall be adopted:

Membership	Loan Amount
Contribution
P200	Up to P500,000
250	Over P500,000 to P600,000
300	Over P600,000 to P700,000
350	Over P700,000 to P800,000
400	Over P800,000 to P900,000
450	Over P900,000 to P1,000,000
500	Over P1,000,000 to P1,100,000
550	Over P1,100,000 to P1,200,000
600	Over P1,200,000 to P1,300,000
650	Over P1,300,000 to P1,400,000
700	Over P1,400,000 to P1,500,000
750	Over P1,500,000 to P1,600,000
800	Over P1,600,000 to P1,700,000
850	Over P1,700,000 to P1,800,000
900	Over P1,800,000 to P1,900,000
950	Over P1,900,000 to P2,000,000
1,000	Over P2,000,000 to P2,100,000
1,050	Over P2,100,000 to P2,200,000
1,100	Over P2,200,000 to P2,300,000
1,150	Over P2,300,000 to P2,400,000
1,200	Over P2,400,000 to P2,500,000
1,250	Over P2,500,000 to P2,600,000
1,300	Over P2,600,000 to P2,700,000
1,350	Over P2,700,000 to P2,800,000
1,400	Over P2,800,000 to P2,900,000
1,450	Over P2,900,000 to P3,000,000

3. After filing the housing loan application, the member shall still be required to continue remitting monthly contributions based on the upgraded rate. However, if the approved loan amount is less than the loan amount applied for, the member shall pay his membership contributions that correspond to the approved loan amount upon the approval of his housing loan and every month thereafter.

4. For purposes of satisfying the residency requirement, the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member's outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions.

5. Pag-IBIG Overseas Program (POP) contributions of Overseas Filipino Workers (OFWs) who are Pag-IBIG I members shall be considered in counting the total number of contributions for availment of housing loans.

All memoranda, rules, regulations, and other issuances inconsistent herewith are hereby repealed, amended or modified accordingly.

These guidelines take effect immediately.

Makati City, January 31, 2012.

 

(SGD.) ATTY. DARLENE MARIE B. BERBERABEChief Executive Officer