We had an overview of the Pag-IBIG Housing Loan Program and hopefully you now understand the process. But of course, there are some things we might have not gone through or you might have clarifications on the topic. So as we end this series, we will discuss Pag-IBIG Frequently Asked Questions.
We posted an online Q & A session asking our Facebook community what are other things they would like to know about the Pag-IBIG Housing Loan Program and we have posted some of those questions here.
Pag-IBIG Frequently Asked Questions
- What if I have extra money, can I pay more than what is my monthly amortization?
Yes! You can pay extra on top of your monthly amortization. Any amount in excess shall be treated as future amortization. However, upon request of the borrower and provided the amount to be applied is equivalent to at least one monthly amortization, said amount shall be applied to the principal amount.
- When will my monthly amortization start?
Your monthly amortization shall start exactly one (1) month from the date on the check released by Pag-IBIG.
- Can I renovate my unit even if I have not fully paid my Pag-IBIG Housing Loan?
Yes, you can renovate or modify your unit as long as it conforms to your subdivision’s Deed of Restrictions. As soon as your housing loan has been approved and released, you can start renovations on the unit even if the loan is not yet paid off.
- What is MRI and why is it added to my monthly payments?
MRI is Mortgage Redemption Insurance. In the event of the borrower’s death or permanent disability, that borrower is not physically able to continue paying the loan, MRI will automatically pay off the balance of the loan. Having MRI assures your family that in case anything happens to you, your home will not be foreclosed and payments forfeited.
- What if I am unable to continue paying my loan for some reason?
Failure to pay THREE (3) consecutive months contribution and amortization will constitute foreclosure of your account.
- I have a previous housing loan that I wasn’t able to pay off and the unit was foreclosed. Could I still apply for Housing Loan?
Unfortunately, no. Foreclosure of a previous housing loan account will automatically disqualify you for future housing loan applications.
- I have an existing salary loan with Pag-IBIG, can I apply for Housing Loan?
Yes, as long as your payments are updated under your salary loan or multi-purpose loan.
- I have an existing Housing loan with Pag-IBIG, can I apply for another one?
Yes! Provided your payments are updated and if your salary is sufficient and reaches the required amount, you can apply for another housing loan.
- Pag-IBIG Member Eligibility
- Pag-IBIG Loanable Amount
- Pag-IBIG Loan Requirements
- Loan Application Process
- Pag-IBIG Frequently Asked Questions
If you have any questions or clarifications on the topic, comment or send us a message! If you have any real estate related topics you want to us discuss, tag us in Facebook with #PropertyProINeedToKnow and we’ll talk about it here!
- Facebook: House and Lot For Sale in Bacolod City
- Youtube: Bacolod House for Sale
- Pinterest: Bacolod House
Disclaimer: Please note that we are neither affiliated with the Pag-IBIG Fund nor experts on the housing loan process. These articles are written as a broad guide for would be borrowers. For any clarifications, contact your broker or directly inquire with Pag-IBIG.