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Updates on HDMF
Housing Loan Program
Juanito V. Eje
Task Force Head
Business Development Sector 24 November 2015
Presentation Outline
I. Pag-IBIG at a Glance
II. Updates on Existing Housing Loan
Guidelines
III. Approved Housing Loan Guidelines for
Implementation in 2016
IV. Updates on Government-to-Government
(G-to-G) arrangement
Your Pag-IBIG today
115.765.76 MillionMillion MembersMembers
₱₱11.3411.34 BillionBillion
DividendsDividends
Highest in the Fund’sHighest in the Fund’s 3434--year Historyyear History
Net IncomeNet Income
₱₱ 16.2216.22 BillionBillion
₱₱376.09 B376.09 B Total AssetsTotal Assets
20142014
20142014 ₱₱28.07 B28.07 B Membership SavingsMembership Savings
20142014
Target by 2015:Target by 2015:
117 Branches117 Branches NationwideNationwide
7777 BranchesBranches
NationwideNationwide
2222 PostsPosts
WorldwideWorldwide
Membership Breakdown
Employed Pvt9,096,047
58%
Employed Govt
1,989,41213%
OFW4,314,009
27%
Employed Pvt HH
24,8930.2%
Other Working
Groups340,061
2%
Total Active Membership Distribution
Total = 15,764,422
22 Posts Worldwide
Overseas Posts
Asia
Pacific
Europ
e
Middle
East
Korea
Macau
Japan
Hong
Kong
Taiwan
Brunei
Malaysia
Singapor
e
London
Rome
Greece
Milan
Dubai
Riyadh
Qatar
Abu
Dhabi
Bahrain
Al
Khobar
Kuwait
Oman
Jeddah
United States of America
New York (New)
Europe Remittance Partners: 77 North America
Remittance Partners: 103
Middle East Remittance Partners: 278
Asia Pacific
Remittance Partners: 300
Overseas Desks Remittance Partners Concentration of OFWs
and expanding
Housing Loan Borrowers Per Membership Category
From January 2010 to September 2015
2%
16%
20%
62%
Employed Private Employed Government
OFW Self-Employed
Corporate-Wide PLR*
Updates on Programs
Performing Loans Ratio (PLR)
79.02%79.02%
80.23%80.23%
81.77%81.77%
80.89%80.89% 80.69%80.69%
83.27%83.27%
87%87%
*Mortgage/ Sales Contracts Receivables only
10% INCREASE
2015 Developers Application
for Funding Allocation
Pag-IBIG
Housing Hub
No. of
Developers
Approved
Amount
Utilization
%
Utilization
NCR 164 P 19.547 B P 11.621 B 59.45%
North Luzon 96 5.206 B 2.758 B 52.98%
South Luzon 60 5.477 B 4.293 B 78.38%
Visayas 48 4.053 B 1.640 B 59.51%
One Mindanao 74 4.248 B 2.559 B 66.88%
Total 442 P 38.531 B P 23.644 B 61.36%
Note: Actual take out Jan to Oct 2015 : P 33.616 B
End-User Home Financing Program
Affordable Housing Program
Institutional Loan Programs
Part II – Updates on Existing Housing Loan Guidelines
Enhanced Housing Loan Portfolios
End-User Home Financing Program
• Increase in Loanable amount to P6 M
• As low as 6.5% p.a.
• Risk-based interest rates
• Adoption of a Borrowers Evaluation
System to improve Underwriting
Affordable Housing Program
• Subsidized rates sourced
from tax savings
• Targeted Beneficiaries
(minimum wage earners)
End-User Home Financing Program
Interest Rates* adopting of risk-based pricing
(Cir. 310)
3 year-fixing
5 year-fixing
10 year-fixing
15 year-fixing
20 year-fixing
25 year-fixing
30 year-fixing
6.500%
7.270%
8.025%
8.585%
8.800%
9.050%
10.000%
Risk-Based Pricing Framework
* Effective June 2015
Before
• Borrower Evaluation
System (BES) determines
applicable LTV:
– LTV varies from a high 90%
to a low of 70% depending
on BES result (Good, Fair,
Poor)
Now
• Fixed LTV for developer-
assisted accounts
– 100% for loans up to P450K,
provided property under a
socialized housing project.
– 90% for loans up to P 1.700 M
– 85% for loans over P 1.700 M
End-User Home Financing Program
Loan-to-Value (LTV) Ratio
Amounts NCR & OFWs Outside NCR GROSS MONTHLY
INCOME
(Maximum) P 15,000 P 17,500 P 12,000 P 14,000
LOAN AMOUNT
(Maximum) P50,000 P 750,000 P 450,000 P 750,000
INTEREST RATE* 4.5% 6.5% 4.5% 6.5%
Affordable Housing Program (AHP)
Loan Take-out
No. of Units
20,218 Loan Value
P 7.4B
Designed for minimum wage earners,
the AHP caters to the actual need of the
borrower based on his capacity to pay.
Loan amount up to P750K
Interest rate as low as 4.5%*
Direct Developmental Loan
Program Developmental financing for developers under
easier terms and conditions
Loan may be used for the development of
residential subdivision or medium-rise buildings
or for the construction of housing units
Wholesale Loan Rates
1-Year Fixing 6.125%
2-Year Fixing 6.750%
3-Year Fixing 7.875% as of January 1, 2015
Institutional Loan Programs
The borrower may avail of two or more Housing Loans
at the same time;
The resulting amortization payments for all loans are
within his capacity to pay;
The aggregate loan value should not exceed
P6,000,000.00; and·
Cross-default provision
Updates on Housing Loan Programs
I. Availment of Multiple Housing Loans (Cir. 353)
Acquisition/installation of solar panels as part of home
improvement or as a component of the housing unit to
be purchased
The loan shall be secured by a collateral that shall
consist of the same residential property to which the
loan proceeds are applied.
Updates on Housing Loan Programs
II.Availment of Pag-IBIG Housing Loans for
the Acquisition/ Installation of Solar Panels
Particulars Cir. 259
(Existing)
Cir. 344
(Approved,
For Implementation)
Documentation
(Buyer & Developers) Contract To Sell -
Documentation
(Developers & HDMF) - Deed of Absolute Sale
Documentation
(Buyer & HDMF)
Deed of Assignment with
SPA
Deed of Conditional Sale
Property Title
TCT in the name of the
Developer with
Annotated DOA with SPA
TCT in the name of HDMF
General Loan Documentation
Updates on Housing Loan Programs
III. Take Out Mechanism for Developer Assisted Housing Programs
Particulars Cir. 259
(Existing)
Cir. 344
(Approved,
For Implementation)
Delivery of Folders to
HDMF
Window 1 and 2
Classification
One Window (All accounts to
be delivered are covered with
NOA)
Borrower’s Validation Borrower’s CI and
Validation upon delivery of
individual loan folders
All accounts must undergo
advance borrower’s CI &
validation
Inspection of individual
units
Upon delivery of individual
loan folders
All properties subject of the
loan must undergo advance
inspection
Pre-approval Activities
Updates on Housing Loan Programs
III. Take Out Mechanism for Developer Assisted Housing Programs
Updates on Housing Loan Programs
III. Take Out Mechanism for Developer Assisted Housing Programs
Particulars Cir. 259
(Existing)
Cir. 344
(Approved,
For Implementation)
Documents For
Loan Release
Contract To Sell
(Between Developer & Buyer)
Deed of Absolute Sale
(Between Developer & HDMF)
- Deed of Conditional Sale
•Promissory Note
•Disclosure Statement
•Loan & Mortgage Agreement
Promissory Note
-
-
Tax Dec & Receipt in the name of
the Developer (H& L)
Tax Dec & Receipt in the name
of HDMF (H& L)
TCT in the name of the Developer
with Annotated DOA with SPA
TCT in the name of HDMF
Post Approval/ For take Out
REGULAR PRIME RETAIL WINDOW
Available for new developers and
previously accredited
developers
ONLY for previously accredited
developers that
passed the
performance
criteria
For developer whose accreditation is
suspended
Updates on Housing Loan Programs
IV. Classification of Developers and Grant of Incentives (Cir 345)
Approved. For Implementation
CRITERIA REGULAR PRIME
Complete
DOCUMENTATION
compliance ratio
CDCR 95% 95%
UNIT
specifications
compliance ratio
USCR 90% 95%
CONVERSION
performance CP 90% 95%
BUYBACK (for breach of warranties)
BB No BB No BB
PERFORMING
ACCOUNTS
ratio
PAR 85% 95%
Updates on Housing Loan Programs
IV. Classification of Developers and Grant of Incentives (Cir 345)
Particulars REGULAR PRIME
Requirement For
take Out
TCT in the name of
HDMF
Title in the name of
the developer
Certificate
Authorizing
Registration
Updates on Housing Loan Programs
IV. Classification of Developers and Grant of Incentives (Cir 345)
Cir. 247 – repealed last July 1, 2015
Cir. 349 – existing (Interim Guidelines)
Cir. 344 – approved. For 2016 implementation
Updates on Housing Loan Programs
V. Implementation of various Housing Loan Guidelines/Circulars
Transitory Provision
Circular 349 shall continue to be in force for six (6) months from
the date of implementation of Cir. 344
Bureau of Internal Revenue
Finalization of the requirements for the issuance of E-CAR
Finalization in the procedure on the G to G arrangement
System testing completed for pilot areas (Calamba and
Marikina)
For system testing Trece Martires
Timeline - 1st quarter of 2016
Government-to-Government (G- to-G) Transactions