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ACCREDITATION

Pag-IBIG Fund shall accredit developers and projects that shall participate in the program based on the following parameters:

For Developers

• The developer/company must be duly authorized to operate as evidenced by a Certificate of Registration from the Securities and Exchange Commission (SEC) or the Bureau of Domestic Trade (BDT).
• The developer/company's officers must have an established track record in real estate development.
• The developer must show proof of technical and financial capability to undertake and complete the housing project to which the developer shall apply the proceeds of the loan takeouts covered by the Funding Commitment Line.
• The developer must pass satisfactory background/credit checks to be conducted by the Fund

For Housing Projects

• Permits and Licenses issued by the Local Government Unit (LGU) and other Regulatory Agencies for the housing project covered by the FCL (i.e. License to Sell and Development Permit)
• Status of Project Development, i.e. housing loan applications can be delivered not later than sixty (60) calendar days from execution of the Funding Commitment Agreement (FCA)
• No Cease and Desist Order (CDO) has been issued by any Regulatory Agency

FUNDING COMMITMENT LINE (FCL)

Amount/Term

- Maximum of P500 Million per annum/per single developer's limit

Commitment Fee

- 1/2% of the projected delivery for the quarter

NOTES:

a. For developers who do not provide buyback guaranty (Window 2), the commitment fee shall be non-refundable.

b. For developers providing buyback guaranty (Window 1), they shall either have the option to seek a refund of the commitment fee paid or apply the same to the succeeding quarter, if the commitment line for the quarter has been fully utilized. Non-utilization or partial utilization of the commitment line shall entail the forfeiture of the remaining line for the quarter and its corresponding commitment fee.

In case of re-application for a commitment line that was forfeited, the developer shall pay the commitment fee of one-half percent (1/2%) of the commitment line re-applied for.

Fees and Charges

Processing/Appraisal Fee of P3,000.00, which shall be paid as follows:

• P1,000.00 upon filing of the loan application, which is non-refundable in case the application is disapproved;
• P2,000.00 upon loan takeout;
• Other expenses such as standard appraisal fees, registration expenses, notarial and documentation fees, as well as taxes pertinent to the sale and transfer of the property to the borrower;
• Developers who will request split payment of proceeds shall be charged a service fee equivalent to 0.1% of the total loan value;

Backup Guaranty

• Bank Guaranty
• Surety/Cash Bond
• Guaranty provided by the SHDA Guaranty Fund or any Pag-IBIG - accredited institution
• Pag-IBIG Housing Bond
• Retention
• Other forms of backup guaranty acceptable to the Fund

Conversion Rates

Retention in Lieu of Backup Guaranty

• Pag-IBIG Housing Bonds
• Certificate of Time Deposit and other bank certificates
• Trust / Escrow Accounts
• Government securities (treasury bonds, bills, notes, etc.)
• Other assignable instruments acceptable to the Fund

Retention Rates