(NAR) VOL. 22 NO. 2, APRIL - JUNE 2011
1. All housing loan applications shall be subject to the evaluation of the capacity to pay, where the monthly repayment on principal and interest shall not exceed forty percent (40%) of the borrower’s net disposable income.
2. Takeout proceeds for housing loan applications processed under Window 1 and Window 1 (Elite), which are in accordance with the projected delivery schedule attached to the Funding Commitment Agreement, will be released to the developer within fifteen (15) working days from delivery of loan folders, unless there are negative findings on the loan application and the borrower. Within the said period, the Fund’s evaluator/ appraiser will do the following:2.1 Check completeness of loan documents;
2.2 Evaluate the validity and authenticity of loan documents;
2.3 Verify the borrower’s identity;
2.4 Validate the borrower’s intent to avail of Pag-IBIG Housing Loan;
2.5 Validate the borrower’s eligibility to avail of the loan;
2.6 Evaluate the borrower’s capacity to pay;
2.7 Inspect the house and lot units; and
2.8 Witness the signing of loan documents by the borrower (LMA, PN, Disclosure
Statement).
Pre-takeout validation of borrowers and signing of necessary loan documents by the borrowers will be conducted in a day, either in the HDMF office or the project site as arranged by the developer.
3. Documentation
All submitted folders to the Fund must be covered by a notarized Certification, signed by the Developer’s Authorized Signatory, attesting to the completeness and authenticity of the documents submitted.
4. Conversion of CTS accounts to REM