Pag-IBIG Housing Loan Revaluation under the Pag-IBIG Fund or Home Development Mutual Fund (HDMF) Home Saver Program offers borrowers a lifeline to address missed payments and retain their homes. This initiative allows borrowers to settle arrears by revaluing their property based on its appraised worth and choosing from various payment modes with discounts. Understanding this process can help borrowers maintain their financial standing and avoid property foreclosure.
Applying for Pag-IBIG Housing Loan Revaluation is straightforward solution to your missed housing loan payments, but it requires meeting specific conditions and submitting complete documents. Below is a detailed guide to help borrowers navigate the process effectively.
Program Features and Benefits
The Pag-IBIG Housing Loan Revaluation offers borrowers an opportunity to settle arrears with discounts and flexible payment options.
Features
Some of its most notable features include:
- Open to borrowers with over 12 months of arrears, provided the account is not foreclosed, canceled, or owned by Pag-IBIG.
- Discounts available based on settlement mode (up to 30%).
- 30% discount for cash payment
- 20% discount for six-month installments
- 10% discount for 12-month installments
- 5% discount if settled through a new housing loan
- Payment options include cash, installment, or a new housing loan.
- Revaluation based on updated property appraisal value.
- Accessible to original borrowers, legal heirs, or successors-in-interest.
Terms
The program also features clear terms which makes it appealing to delinquent borrowers who wish to keep their homes:
- Discount rates vary: 30% (cash), 20% (6 months), 10% (12 months), 5% (housing loan).
- Accounts must have unpaid amortizations for at least 12 months to qualify.
- Complete documentation is required for application approval.
- Appraisal and revaluation costs must be shouldered by the borrower.
- Settlement agreements must be finalized before the account becomes canceled or foreclosed.
Benefits
Participants in this program enjoy various benefits as well which include the following:
- Prevents property foreclosure and ensures home retention.
- Offers significant savings through discounted settlement rates.
- Provides flexible options to suit different financial capacities.
- Allows legal heirs and successors to resolve inherited accounts.
- Simplifies the process with the assistance of Lingkod Pag-IBIG personnel.
The diverse settlement options—cash payment, installment, or a new housing loan—cater to the varying financial capacities of borrowers. It provides an opportunity to settle overdue payments by recalculating the property’s appraised value which extends to original borrowers, legal heirs, or successors-in-interest, as long as the account is not canceled, foreclosed, or owned by Pag-IBIG. It also provides financial relief and helps borrowers secure ownership of their property.
Target Beneficiaries
It was designed to target various borrower groups who may benefit from restructuring their overdue housing loans, such as:
- Original Borrowers: Individuals with overdue housing loan amortizations exceeding 12 months.
- Legal Heirs: Family members inheriting a property with unpaid housing loan obligations.
- Successors-in-Interest: Buyers or transferees of properties with outstanding loans.
- Borrowers Facing Foreclosure: Homeowners at risk of losing their property due to missed payments.
- Self-Employed Borrowers: Individuals with irregular income needing flexible repayment options.
Eligibility
Each beneficiary group must at least meet the following criteria to qualify for the Housing Loan Revaluation program.
- For Original Borrowers
- Must have more than 12 months of arrears, andÂ
- the account should not be foreclosed, canceled, or owned by Pag-IBIG.
- For Legal Heirs:
- Must submit proof of relationship and appropriate documentation such as a Last Will and Testament or an Affidavit of Publication,Â
- Must submit a Housing Loan Application.
- For Successors-in-Interest:
- Must provide a Deed of Absolute Sale or Transfer of Rights,Â
- Must prepare a duly-accomplished Housing Loan Application and submit the required supporting documents.
- For Borrowers Facing Foreclosure:
- Must not have their property foreclosed or owned by Pag-IBIG at the time of application.
- For Self-Employed Borrowers:
- Must submit financial documents like Income Tax Returns and business permits to prove their income.
Documentary Requirements
Applicants for the Pag-IBIG Housing Loan Revaluation also need to prepare the following requirements:
For Original Borrowers (Through Housing Loan)
- Duly accomplished Housing Loan Revaluation Application Form (HQP-HLF-169)
- Updated Real Estate Property Tax Receipt or Tax Clearance and Tax Declaration (land and building)
- Proof of income (e.g., payslips, Income Tax Return, business permits)
- Notarized Special Power of Attorney (if with an authorized representative)
- Valid ID (back-to-back photocopy)
For Cash Payments
- Offer to Settle Form (HQP-HLF-165)
- Updated Real Estate Property Tax Receipt or Tax Clearance and Tax Declaration
- Valid ID (back-to-back photocopy)
For Installment Payments
- Offer to Settle Form (HQP-HLF-165)
- Updated Real Estate Property Tax Receipt or Tax Clearance and Tax Declaration
- Valid ID (back-to-back photocopy)
For Legal Heirs or Successors-in-Interest
- Letter of Intent for Non-Performing Asset Resolution Program (NPARP) (HQP-HLF-201)
- Updated Real Estate Property Tax Receipt or Tax Clearance and Tax Declaration
- Proof of relationship (e.g., Last Will and Testament, Affidavit of Publication)
- Housing Loan Application Form (HQP-HLF-068)
- Valid ID of legal heir or successor-in-interest
Steps to Apply for Pag-IBIG Housing Loan Revaluation
To apply for the program, simply follow these steps
Step 1. Submit the Loan Restructuring Application Form
Complete and submit the required application form along with the necessary documents specific to your chosen payment option.
Step 2. Request a Statement of Account and Appraisal Report
Obtain a Statement of Account or Updated Collateral Appraisal Report from Pag-IBIG. This will be used to generate the Evaluation Sheet, which determines the property’s appraised value.
Step 3. Pay the Down Payment
Once your application is assessed, a Payment Order Form will be issued for the required down payment. Supporting documents must be signed at this stage.
Step 4. Application Review and Approval
Pag-IBIG personnel will review and encode your application before forwarding it to the Approving Authority for final signatures.
Step 5. Notification and Finalization
After approval, Pag-IBIG staff will notify you of the status of your application. Congratulations, your loan revaluation is complete!
Common Mistakes to Avoid When Applying for Housing Loan Revaluation
To ensure that the application will proceed successfully, make sure to take note of and avoid making these mistakes:
- Incomplete Documentation: Missing documents can delay or derail your application. Ensure all required forms and proof of income are prepared before submission.
- Misunderstanding Eligibility: Accounts that are foreclosed, canceled, or owned by Pag-IBIG Fund are not eligible. Verify your account status beforehand.
- Delayed Action: Prolonged inaction on arrears can lead to foreclosure. Apply for revaluation as soon as possible to keep your options open.
How to Maximize the Benefits of Pag-IBIG’s Home Saver Program
To fully appreciate the benefits of this program and make the most of this opportunity, then here are some tips to maximize the program benefits:
- Choose the Best Settlement Mode: Evaluate your financial situation to select the payment method that offers the most manageable terms and highest discount.
- Communicate with Pag-IBIG Staff: Reach out to Lingkod Pag-IBIG personnel for clarification and assistance throughout the process.
- Prepare for Appraisal Costs: Be ready to cover fees associated with obtaining an updated appraisal report.
These proactive steps can make the process smoother and more beneficial for you.
Video: Pag-IBIG Housing Loan Application
The Pag-IBIG Housing Loan Revaluation under the Home Saver Program is a valuable option for borrowers with missed payments to retain their properties. By offering flexible payment options and significant discounts, the program helps alleviate financial burdens while safeguarding homeownership. Make sure to choose the settlement option that fits your needs, and act promptly to prevent further financial setbacks. If you have yet to apply for a Pag-IBIG Housing Loan, then you can simply learn about eligibility, requirements, and application options by watching this video from Steph Sasa: