Good news home loan borrowers! The Home Development Mutual Fund (HDMI) formerly known as Pag-IBIG just announced that the processing of house loans will be reduced from 30-day period to one day. Yes, in just a single day you can now complete processing your home loan. This is in line with the Duterte administration’s directive to reduce all government processing time in at least 48 hours.
The fund also signed a Memorandum of Understanding (MOU) alongside the Bureau of Internal Revenue (BIR) to further improve the processing application of home loan borrowers and to enhance the two agencies’ services. Thanks to the memorandum, Pag-IBIG now has the authorization from BIR to electronically file tax returns and now has access to Electronic Certificate Authorizing Registration (eCAR). All of these are in hopes to get faster application process to the home loaners.
Aside from the improvement of the processing time, Pag-IBIG also have new implementations in their programs. Below are some of them:
1. Better burial benefits
Pag-IBIG Fund president Darlene Marie B. Berberabe told Business Mirror that there will be an increase to burial benefits of borrowers by 10%. From P20,000 borrowers can now get P22,000.
2. Fully paid
In accordance to the increase of burial benefits, the government housing sector also promised that the housing loan of a diseased borrower will become fully paid if the amortization payments are up to date. These new benefits will only be given to those who are under the Mortgage Redemption Insurance.
3. Added bonus
Another benefit that the new insurance will bring is the full payment of loans of borrowers who are considered in total permanent disability. In addition to this, they will also get amortization support of P500,000 if they are in a terminal illness and a refund of 20% of their profits.
What are you waiting for? Apply to a Pag-IBIG program now! Go here to learn how you can start your application.
Image source: http://www.persquare.com.ph/for-sale/house-lot-ncr-metro-manila-taguig/house-lot-for-sale-in-acacia-estates-taguig-near-global-city_90195 – RDA Construction and Realty Development Inc
