Pag-IBIG ~ Pagtutulungan sa kinabukasan: Ikaw, Bangko, Industriya, at Gobyerno
I decided to attend the Pag-IBIG seminar last weekend because it was required to get a housing loan. No, I'm not buying a house. Yes, I'm buying a piece of land. Where? In Tarlac! What for? Investment, better than letting money sit in the bank. Ever heard of the Parable of the Talents and the stupid servant who dug a whole and buried his Master's treasure? Remember what happened to that servant? He lost everything.
Some things you must know:
There are several kinds of seminars and you have to attend the right one in order to fulfill the specific requirements depending on what kind of loan you will apply for.
I attended the Retail Seminar - it's generally for people who will buy a lot or a house and lot and the primary borrower (that's me) will take care of all the papers and will personally (that's my mother) file the proper documents to Pag-IBIG for approval . The other kind of seminar that I am aware of is Developer Seminar - I have no idea what that is for because it does not concern my needs.
What you actually get from the seminar: an MSVS form. This will somewhat serve as your "certificate of participation". But that's not it's real purpose, it's just that you won't get it if you don't attend the seminar. You fill up the form during registration (FREE) then they return it to you after the seminar. I didn't get mine because I attended the seminar in the Atrium, Makati but am applying for a loan in Tarlac. For those whose target lands are outside NCR, you'll get your MSVS forms after 7 working days. Everyone else gets theirs at the end of the seminar.
Although the seminar took a long time to start, the speaker was well practiced and very knowledgeable. I actually did learn a lot. I thought that reading the guidelines and related documents online was enough and I thought that the seminar would be a waste of time, but it wasn't. I actually liked it... Except that I still don't know why they withheld my MSVS form when I wouldn't be applying in Makati anyway, it was simply convenient for me to attend the seminar in Metro Manila.
Do you have to come early? Yes, if you want a good seat. If you're bored out of your brains, they won't check attendance inside the room so you can just submit your form, slip out of the room and come back an hour and a half later. Bring a sweater. Bring snacks, or money. There's a Country Style stall in the building :D buy bagel with cream cheese to ease the pain of boredom.
Requirements:
A photocopy of two valid IDs.
I don't know why I was asked to have 2 copies of 2 valid IDs. I guess whoever gave those instructions to my mom had some messed up adjective-subject issues.
Schedule of seminars:
Mondays-Fridays: 8-10am
Saturdays: 9am
Contact numbers:
(02) 811-4230
(02) 811-4491
(02) 811-4212
Best points I learned:
- If your approved loan is Php400k then interest rate is 6%. That's the lowest anywhere. I don't think your parents would even give you a better deal than that if you decided to get a loan from them.
- Anything bigger than Php400k has its matching higher rate and it is subject to review for repricing every 3 years. However, repriced rate will never be higher than +2% to the original rate. That's still a much better deal than getting a loan from soul sucking banks.
- Paying in advance does not affect your monthly amortization, but it does shorten the time you pay your loan because advance payments are deducted from your principal balance. (and when your principal balance reaches zero
- There's no fee charged for paying in advance.
- You can either shorten or lengthen the time of your loan only once.
- If you are blacklisted, so is your co-borrower.
- If you, as the principal borrower, dies after the loan was approved and before your loan was paid, then it is automatically paid in full. Suicide not included in the condition.
- If your co-borrower dies after the loan was approved and before your loan was paid, no body would care. You'd still have to pay everything.
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