I attended a seminar in Pag-IBIG last week to discover the new rules concerning the housing loans, here is a summary.
1. It’s more flexible in choosing the co-borrower
Before your co-borrower could only be a relative, now there is more latitude and anybody can virtually be it. It’s a very good news for those having a living partner who they are not married with. Both names will then be stated in the property title.
2. Your loan capacity will be based on your gross income
The loan capacity used to be calculated based on the available income, from now on, it’ll be based on your gross income, its a good news.
3. You can buy more than one property in one transaction
This is another good news for the future home-owners, Pag-IBIG now allows them to buy a full row of units or adjacent lots in the same transaction, the only requirement is to have the necessary loan capacity, that’s all.
4. The loanable amount limit is higher, it’s now 6 millions compared to 3 millions before.
You can download/read the full document here.
Where is Pag-IBIG?
I remind you that if you choose me as your broker, I’ll accompagny you for the loan application as it’s part of the services I provide to my clients (OFWs and others).