Parrot on a PorchA Journey Toward the Little Mansion Dream

Since the Little Mansion will be finished any time soon, we’re now starting to get on the nitty gritty part of acquiring it (a.k.a. loan application). To recap, we tried to apply it last year initially with the loan purpose “Purchase of lot and construction of house” but we were told that it could not be since the construction permits were all named already to our developer. So that means, we need to have the house construction gets finished first before we can proceed to apply with a loan purpose of “Purchase of House and Lot”.

The husband took a leave from work yesterday so we can attend the Pag-ibig Housing Loan Counseling at Justine Building in Makati which is a requirement when applying for a home loan. We have attended already last August but the seminar has a validity of just 6 months meaning the loan application should be submitted within that time frame. So since we’re yet to submit ours, we have to attend it again. The counseling is just actually a 2-hour orientation where everything an applicant needs to know is discussed. An audio visual presentation will be shown highlighting the eligibility requirements, the loan application procedure and steps. It was also discussed briefly how an approved loan amount is determined from four factors. The amortization components were also explained so topics about home insurance quote, interest rates, the two types of insurance fees included and the upgraded monthly member contribution fee if applicable were mentioned in passing.

It was our second time to attend but we still listened attentively because there are new provisions and changes in the loan program. From 2 million pesos, the maximum loanable amount that Pag-ibig can grant now to a member is 3M plus the interest rate tier was also adjusted. Interest rates have been lowered.

Our approved MSVS (Membership Status Verification Slip) which is the seminar attendance proof will be released after 10 working days. The husband’s Certificate of Employment request is now being facilitated and will be available hopefully by next week. Until then that we can forward all the required documents to our developer for their submission of our loan application to Pag-ibig. We’ll then hope and pray for the best.

By the way, if you’ve stumbled upon my blog from google and should you be attending the Housing Loan Counseling, take note of the following reminders:
1. Be sure to bring a photocopy of your ID for the registration process.
2. Take note of the counseling schedule and please be considerate to arrive on time. Ours should have started at 10 AM but we began 30 minutes later to give way to the influx of latecomers.

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