The Pag-IBIG Home Savers Program Housing Loan Revaluation offers a unique opportunity for homeowners. It allows you to revalue your property based on its current appraised value, potentially opening doors to more favorable loan terms. This program is designed to help you manage your housing loan more effectively by aligning it with the actual market value of your property.
Also read: Pag-IBIG Plan of Payment: How to Clear Your Unpaid Housing Loan in Simple Steps
Along with this, the program provides you with the benefit of availing discounts based on your chosen settlement mode. This means you can reduce your overall financial burden and make your loan repayments more manageable. Essentially, the Pag-IBIG Home Savers Program Housing Loan Revaluation is an empowering tool that can help you navigate through your financial obligations with greater ease and confidence.
What are the Benefits of Pag-IBIG Housing Loan Revaluation
Housing loan revaluation comes with several benefits that can help homeowners manage their financial obligations more effectively.
- Accurate Loan Amount: Revaluation can provide a more accurate reflection of a property’s current market value. This can be particularly beneficial if the value of the property has increased since the initial valuation, potentially allowing for a larger loan amount.
- Better Interest Rates: If the revalued property shows significant appreciation, it may lower the Loan to Value (LTV) ratio. A lower LTV ratio can sometimes lead to more favorable interest rates from the lender.
- Equity Release: If the revaluation reveals that your property’s value has significantly increased, you might be able to release some of the equity tied up in your home. This could provide you with extra funds for home improvements, investing, or other purposes.
- Loan Refinancing Opportunities: A higher property value could open up opportunities for loan refinancing. This could allow you to secure a better loan term or reduced monthly payments.
- Opportunity for Additional Borrowing: If your property’s value has increased considerably, the lender might allow you to borrow more against the property. This additional borrowing can be used for various purposes like home renovation, education, business expansion, etc.
Remember, housing loan revaluation is a complex process, and the benefits can vary depending on individual circumstances. Always seek professional advice before making any decisions related to your housing loan.
Who is Qualified for the Housing Loan Revaluation
The Pag-IBIG Home Savers Program Housing Loan Revaluation is designed to be accessible and beneficial for a wide range of borrowers.
The eligibility criteria are relatively straightforward:
A. Existing Borrower
- You must already be a Housing Loan borrower with Pag-IBIG Fund. This means that you have an existing housing loan agreement with them.
B. Arrears/Unpaid Amortizations
- You should have more than twelve (12) months of unpaid amortizations or arrears. This indicates that you’ve been struggling to keep up with your loan repayments for a significant period.
C. Account Status
- Your account should not be cancelled or foreclosed. Additionally, it should not be owned by the Pag-IBIG Fund. This ensures that you still have control over the property and the loan.
By meeting these criteria, you can avail of the Housing Loan Revaluation program and potentially gain access to more manageable loan terms. Remember, always consult with a financial advisor or directly with Pag-IBIG Fund for advice specific to your situation.
What are the Features of Housing Loan Revaluation
The Housing Loan Revaluation program offered by Pag-IBIG Fund provides a unique set of features that are designed to help borrowers manage their loans more effectively. One of the most notable features is the provision of discount rates based on the mode of payment.
Here’s how it works:
A. Cash Payment
- If you choose to make a cash payment for your revalued loan amount, you can enjoy a substantial discount rate of 30%. This means you’ll be paying significantly less than the actual revalued amount.
B. Six Months Installment
- Opting for a six-month installment plan will get you a discount rate of 20%. This allows you to spread your payments over half a year while still enjoying considerable savings.
C. Twelve Months Installment
- If you prefer to stretch your payments over a year, you can avail of a 12-month installment plan. This option comes with a 10% discount rate, offering a balance between extended repayment time and cost savings.
D. Via Pag-IBIG Housing Loan
- If you choose to pay via your existing Pag-IBIG Housing Loan, you can benefit from a 5% discount rate. This could be a convenient option if you’re comfortable with your current loan structure and payment methods.
These features make the Housing Loan Revaluation program a flexible and financially advantageous option for borrowers looking to manage their housing loans more efficiently.
Also read: Pag-IBIG Home Saver Programs Housing Loan Restructuring: How to Avail and What are the Process
Application Process
Applying for the Pag-IBIG Home Savers Program Housing Loan Revaluation involves a straightforward and systematic process.
Here’s a step-by-step guide to help you navigate it:
Step 1: Loan Restructuring Application Submission
The first step is to complete and submit the Loan Restructuring Application Form along with the necessary requirements. This form is essential for initiating the revaluation process.
Step 2: Request for Statement of Account/Updated Collateral Appraisal Report
Next, you need to request your Statement of Account or an Updated Collateral Appraisal Report. These documents will be used to generate an Evaluation Sheet, providing a clear picture of your current financial status and property value.
Step 3: Payment Order Form Generation
A Payment Order Form will be created for your down payment. You will also be requested to sign some supporting documents related to your application.
Step 4: Review and Endorsement by Lingkod Pag-IBIG Personnel
Once your application has been thoroughly reviewed and encoded by Lingkod Pag-IBIG personnel, it will be forwarded to the Approving Authority for signature. This step ensures that all details of your application have been accurately captured and are ready for final approval.
Step 5: Successful Application
Congratulations! Once all these steps have been completed, you have successfully applied for your Housing Loan Revaluation. After this, you just need to wait for a call from the Lingkod Pag-IBIG personnel, who will keep you updated about the status of your application.
Remember, each step is crucial in ensuring a smooth and hassle-free application process. Be sure to carefully follow all instructions and provide all necessary information and documents.
What are the Requirements Needed for Housing Loan Revaluation
The Pag-IBIG Home Savers Program Housing Loan Revaluation has specific requirements depending on the mode of payment—through housing loan, cash payment, installment payment—and whether the application is by the original borrower or a legal heir/successor-in-interest.
Here’s a summary of what you’ll need:
A. Through Housing Loan (For Original Borrower)
- Completed Housing Loan Application for Revaluation (HQP-HLF-169)
- Updated Real Estate Property Tax (REPT) Receipt/Tax Clearance and Tax Declaration (Land and Building)
- Proof of income: Latest one month payslip and Certificate of Employment and Compensation (if employed) or Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit (if self-employed)
- Notarized Special Power of Attorney (HQP-HLF-317), if applicable
- One valid ID with signature (photocopy, back-to-back) of Principal Borrower and Spouse, Co-borrower, and spouse, if applicable
B. Through Cash Payment
- Completed Offer to Settle Form (HQP-HLF-165)
- Updated Real Estate Property Tax (REPT) Receipt/Tax Clearance and Tax Declaration (Land and Building)
- One valid ID with signature (photocopy, back-to-back) of Original Borrower
C. Through Installment Payment
- Completed Offer to Settle Form (HQP-HLF-165)
- Updated Real Estate Property Tax (REPT) Receipt/Tax Clearance and Tax Declaration (Land and Building)
- One valid ID with signature (photocopy, back-to-back) of Original Borrower
D. Through Housing Loan (For Legal Heir/Successor-In-Interest)
a. For Legal Heir
- Completed Letter of intent (HQP-HLF-201)
- Updated Real Estate Property Tax (REPT) Receipt/Tax Clearance and Tax Declaration (Land and Building)
- Last Will and Testament or Extra-Judicial Settlement of Estate or Proof of Relationship
- Affidavit of Publication
- Proof of Surviving Legal Heirs (HQP-PFF-030)
- Notarized Special Power of Attorney (SPA) of other Family Members of the Legal Heir
- Completed Housing Loan Application (HQP-HLF-068)
- One valid ID with signature (photocopy, back-to-back) of Legal Heir
- Notarized Special Power of Attorney (SPA) of the Legal Heir, if applicable
b. For Successor-in-interest
- Completed Letter of intent (HQP-HLF-201)
- Updated Real Estate Property Tax (REPT) Receipt/Tax Clearance and Tax Declaration (Land and Building)
- Deed of Absolute Sale with Assumption of Mortgage or Deed of Transfer of Rights
- Completed Housing Loan Application (HQP-HLF-068)
- One valid ID with signature (photocopy, back-to-back) of Original Principal Borrower and Successor-in-interest
- Notarized Special Power of Attorney (SPA) of the Successor-in-interest, if applicable
Please refer to the Checklist of Requirements for Settlement of Obligation under Non-Performing Assets Resolution Program (NPARP) for other acceptable documents as proof of income or for representative of original borrower, legal heir/representative, successor-in-interest/representative, buyer/assignee/representative.
Tips for Availing Housing Loan Revaluation
Availing the Pag-IBIG Home Savers Program Housing Loan Revaluation can be a great way to manage your housing loan effectively.
Here are some tips to help you navigate the process:
- Understand the Process: Before you start, ensure that you fully understand what housing loan revaluation is, how it works, and how it can benefit you. The more knowledgeable you are, the better decisions you can make.
- Review Your Eligibility: Check if you meet the eligibility criteria for the program. It’s open to all housing loan borrowers with more than twelve months of arrears/unpaid amortizations, provided the account is not cancelled, foreclosed, or owned by Pag-IBIG Fund.
- Prepare Your Documents: Gather all necessary documents well in advance to prevent any delays in your application. This includes your housing loan application, updated real estate property tax receipts, proof of income, and valid ID among others.
- Choose the Right Payment Mode: Evaluate your financial situation and choose the payment mode that suits you best. The program offers discount rates based on the mode of payment, such as cash payment, installment over six or twelve months, or via your existing Pag-IBIG Housing Loan.
- Seek Professional Advice: If you’re unsure about anything, don’t hesitate to seek advice from a financial advisor or directly from Pag-IBIG Fund. They can provide guidance tailored to your specific circumstances.
- Follow Application Steps Carefully: Ensure you carefully follow the application steps outlined by Pag-IBIG Fund. From submitting your Loan Restructuring Application Form to waiting for a call from the Lingkod Pag-IBIG personnel about the status of your application, each step is crucial for a successful application.
Frequently Asked Questions
1. What is the Pag-IBIG Home Saver Program Housing Loan Revaluation?
A: It’s a program that allows existing Pag-IBIG housing loan borrowers to revalue their loans under certain conditions, potentially enabling them to secure more manageable loan terms.
2. What are the available modes of payment?
A: You can choose to pay via cash payment, installment over six or twelve months, or through your existing Pag-IBIG Housing Loan.
3. What are the discount rates offered?
A: The program offers discount rates of 30% for cash payments, 20% for six months installment, 10% for twelve months installment, and 5% when paid via an existing Pag-IBIG Housing Loan.
4. Can I avail of the program if my account is foreclosed?
A: No, the program is only available to borrowers whose accounts have not been cancelled, foreclosed, or taken over by Pag-IBIG Fund.
5. What happens after I apply for the program?
A: Once your application has been reviewed and encoded by Lingkod Pag-IBIG personnel, it will be endorsed to the Approving Authority for signature. Then, you’ll be notified about the status of your application.
6. What should I do if I have more questions about the program?
A: If you need more information or have any concerns, it’s best to reach out directly to Pag-IBIG Fund or consult with a financial advisor for guidance tailored to your specific circumstances.
Summary
The Pag-IBIG Housing Loan Revaluation is an excellent opportunity for homeowners to discover how much their property is worth. By availing of this service, homeowners can also find out if they qualify for discounts if they choose to pay in a certain way. This can mean significant savings for those looking to finance their home through Pag-IBIG. By taking advantage of this program, homeowners can have peace of mind knowing they are getting the most value out of their property and their loan.
Contact Information
Website: pagibigfund.gov.ph
Phone: 02 8724 4244
Email: contactus@pagibigfund.gov.ph
Facebook Page: https://www.facebook.com/PagIBIGFundOfficialPage
