Date Posted: 2012-05-17 03:49:32
Site Posted: Myproperty.ph
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Once you have checked if you qualify for the Gabay Pabahay Program, these are the steps for applying for the program:
1. Proceed to Makati’s The Atrium or the regional branch in charge of your home loan account. Ask about the loan restructuring and penalty condonation program, and pick up an ALRPC and a checklist of requirements (unless you have already downloaded both documents from the Pag-IBIG website).
2. After completing the required documents, submit them and the filled-up ALRPC, and obtain an acknowledgement receipt (AR) and a payment order form (POF).
*Note that for Circular 248, members need a Referral Slip for Membership Contribution Payment (RSMCP) to update membership contributions, as well as a Referral Slip for TAV Offsetting (RSTO) to update the arrearages of the housing loan through offsetting from membership.
3. To pay your membership contributions, go to the MC Accounting Division of the NCR/regional branch, present the RSMCP and claim the POF. To update the arrearages of the loan, present the RSTO.
4. Go to the Cash and Administrative Services Division, present the POF, pay for the arrearages and get your Pag-IBIG Fund receipt (PFR).
5. At the Atrium or your regional branch, go to the Cash Division-Loans Management Group (NCR) or the Cash and Administrative Services Division (regional branch).
· For Circular 218, present your POF and pay the P200 processing fee, a minimum of 10% of total arrearages as down payment, other expenses (such as foreclosure) and your unpaid contributions; and then get your Pag-IBIG Fund Receipt.
· For Circular 248, present your POF and pay a year’s worth of insurance premiums, as well as an amount that will partially or fully cover the updating of you housing loan’s arrearages, if applicable; and the get your Pag-IBIG Fund Receipt.
6. Go to the servicing counter of the Billing and Collection Department (NCR) or the Loans and Contribution Management and Recovery Division (regional branch). Here, you will present your PRF, and get either a Notice of Approval (NOA) or a Notice of Disapproval (NOD). If you get an NOA, sign the Promissory Note (PN) and the “Conforme” portion of the NOA. Along with the NOA and the PN, you will also receive the following documents:
· For Circular 218: a Loan Restructuring Agreement or LRA (for real estate mortgage, or REM, accounts), and a Deed of Revocation with LRA or DORLRA (for CTS accounts with a Notice of Cancellation)
· For Circular 248: an LRA for both CTS and REM accounts, and a Deed of Revocation of Notice of Cancellation (for CTS accounts with a Notice of Cancellation)
* The new monthly amortization, as well as the start of amortization payment, of the borrower will be discussed by the Billing and Collection Department of NCR or the Loans and Contribution Management and Recovery Division of the regional branch.
7. Have the following documents notarized before resubmitting them:
· For Circular 218: the PN, the LRA (for REM accounts) and the DORLRA (for CTS accounts with Notice of Cancellation)
· For Circular 248: the PN, the LRA (for REM and CTS accounts) and the Deed of Revocation of Notice of Cancellation (for CTS accounts with Notice of Cancellation)
Jillian Cariola, Writer
(cover image by timur1970)
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