For those who wish to apply a housing loan at Pag-ibig, the first question that would stress you out is how much would be the required income for your loan to be approved? Next to that is the monthly amortization. While I've been looking online for the bracket, I didn't find any. And HDMF website only has their amortization calculator. But still, it won't answer your first question about the required monthly income.
So, I decided to visit HDMF in Cebu Business to ask for the bracket. And guest what, for a one page document, you still have to fall in line and wait for your name to be called. Minimum hour spent while waiting is 1 hour for not so busy days. It's really time consuming. And by the way for first time housing loan applicant, they will not give you an application forms unless you can present your requirements. Well, that's what the girl in-charge told me when I asked for an application form together with the bracket on monthly amortization. Imagine that! Honestly, it's so frustrating and I got mad. Who would not be mad in my situation?
Supposed to be, our developer would normally assist their client in processing the loan application. It was hassle free as I viewed it because they already have the documents related to the house & lot. As an obedient citizen, I submitted all my docs to the staff together with the requirements. And she just misplaced it somewhere without notifying me immediately. Payslips need to be current as well as the certificate of compensation so I sent another request to our HR and this incident happened more than twice. As soon as I had the docs lacking for re-submission of loan documents, I rushed to the developer's office to submit it and thankfully it was accepted. I was assured that I would receive any feedback regarding my loan application before Christmas since I gave it to them around November 2015.Christmas has passed and no word from them. I called to follow-up and I was advised to just wait. New Year, Valentines Day, Graduation Day, Holy Week have passed by quickly. And right, I was still advise to wait everytime I called to follow-up. Then, I was called by their Credit & Collection Department to replace my check because the amount in figure and words doesn't match. I took that chance to talk with the incharge of my loan application personally. But she wasn't there - honeymoon leave. And they said she was the only one who can check the status of my loan. It was exactly one week when I received her call. And guess what.. My application wasn't processed because she was busy for her wedding. I was still single when I applied for that loan, then after 2 years I got married, the next year I had a baby, and still my housing loan was pending! It took so much time and effort going back and forth and in securing the requirements. I admired her guts in asking me to process the application myself. She could have told me sooner. When it rains, it pours. I applied at HMDF myself but it was not approved due to pending multipurpose loan whick I took last 2012. It turns out that my loan payments weren't remitted. Arggh! Another headache since the time I changed my name/status and secured new id's. Then the company where my husband worked has to close their Cebu office and transfer to India. Eighty percent of the their manpower was cut-off. Though they were properly compensated with money, it didn't alter the fact that he was already unemployed and I can't declare him as my co-maker. Back to square one, tsk tsk.
Anyway, so much for the flashbacks. To download the excel file, please click the link. https://drive.google.com/file/d/0Bwy5FEeEV8oFa0lDMWtyZFNYYmc/view?usp=sharing
So, I decided to visit HDMF in Cebu Business to ask for the bracket. And guest what, for a one page document, you still have to fall in line and wait for your name to be called. Minimum hour spent while waiting is 1 hour for not so busy days. It's really time consuming. And by the way for first time housing loan applicant, they will not give you an application forms unless you can present your requirements. Well, that's what the girl in-charge told me when I asked for an application form together with the bracket on monthly amortization. Imagine that! Honestly, it's so frustrating and I got mad. Who would not be mad in my situation?
Supposed to be, our developer would normally assist their client in processing the loan application. It was hassle free as I viewed it because they already have the documents related to the house & lot. As an obedient citizen, I submitted all my docs to the staff together with the requirements. And she just misplaced it somewhere without notifying me immediately. Payslips need to be current as well as the certificate of compensation so I sent another request to our HR and this incident happened more than twice. As soon as I had the docs lacking for re-submission of loan documents, I rushed to the developer's office to submit it and thankfully it was accepted. I was assured that I would receive any feedback regarding my loan application before Christmas since I gave it to them around November 2015.Christmas has passed and no word from them. I called to follow-up and I was advised to just wait. New Year, Valentines Day, Graduation Day, Holy Week have passed by quickly. And right, I was still advise to wait everytime I called to follow-up. Then, I was called by their Credit & Collection Department to replace my check because the amount in figure and words doesn't match. I took that chance to talk with the incharge of my loan application personally. But she wasn't there - honeymoon leave. And they said she was the only one who can check the status of my loan. It was exactly one week when I received her call. And guess what.. My application wasn't processed because she was busy for her wedding. I was still single when I applied for that loan, then after 2 years I got married, the next year I had a baby, and still my housing loan was pending! It took so much time and effort going back and forth and in securing the requirements. I admired her guts in asking me to process the application myself. She could have told me sooner. When it rains, it pours. I applied at HMDF myself but it was not approved due to pending multipurpose loan whick I took last 2012. It turns out that my loan payments weren't remitted. Arggh! Another headache since the time I changed my name/status and secured new id's. Then the company where my husband worked has to close their Cebu office and transfer to India. Eighty percent of the their manpower was cut-off. Though they were properly compensated with money, it didn't alter the fact that he was already unemployed and I can't declare him as my co-maker. Back to square one, tsk tsk.
Anyway, so much for the flashbacks. To download the excel file, please click the link. https://drive.google.com/file/d/0Bwy5FEeEV8oFa0lDMWtyZFNYYmc/view?usp=sharing
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