BOND COVERAGE
Terms and Conditions
| Maximum Loan for Guarantee Coverage |
Type of Housing Packages (Selling Price/ Appraised Value)
- Socialized Housing
*Price Ceiling for Socialized Subdivision Project (SSP) and Condominium Projects (CP)
- Low-Cost Housing
*Price Ceiling for Socialized Subdivision Project (SSP) and Condominium Projects (CP) up to P3.0 Million
- Medium-Cost Housing
Above P3.0 Milllion up to P4.0 Million
- Open Housing
Above P4.0 Milllion up to P5.0 Million
|
| Extent of Guarantee Coverage |
Outstanding principal balance plus interest up to nine (9) months
|
| Form of Payment (Call on the Guarantee) |
PHILGUARANTEE shall pay the value of coverage in the form of debenture bonds. |
| Government Guarantee |
Sovereign |
| Tax Exemption on Interest Income |
- Socialized Housing : 11.0%
- Low-Cost Housing : 10.0%
- Medium-Cost Housing : 9.5%
- Open Housing : 8.5%
|
| Loan Purpose |
- Purchase of House & Lot, Townhouse, Condominium Unit, Residential Lot and Residential Farm Lot
- Construction of house on lot already owned
- Major repair, improvements or expansion of an existing house
- Refinancing of an existing loan
|
| Security / Collateral |
Real Estate Mortgage or Receivables under Contract-to-Sell |
| First Home |
The Retail Loan covers the first acquisition of a house and lot or construction of a housing unit by the Borrower. |
| Loan Term |
Up to 30 years |
| Loan-to-Collateral Requirement |
- Socialized and Low-Cost Housing : 90%
- Medium Cost Housing : 80%
- Open Housing : 70%
|
| Credit Ratio |
- Forty percent (40%) of Net Disposable Income;
- Thirty percent (30%) of the Gross Verifiable Monthly Income for those with income less than P26,667.00;
- Thirty five percent (35%) of the Gross Verifiable Monthly Income for those with monthly income of at least P26,667.00.
|
| Equity / Downpayment |
- Socialized and Low-Cost Housing : 10%
- Medium-cost Housing : 20%
- Open Housing : 30%
|
| Default (Consecutive non-payment of loan amortization) |
Monthly (amortization schedule) : 6 months |
| CMAP / NFIS |
Required |
| Mortgage Redemption Insurance and Fire Insurance |
Required |
| Property Location |
- Developed subdivision or classified as residential, near center of business, commerce and employment;
- Accessible by transportation;
- Have direct access to power/water utilities, sewerage and drainage systems; and
- Must not be located in flood prone, landslide prone and lahar endangered areas
|
| Guarantee Premium Rate |
- Socialized Housing : 1.20%
- Low-Cost Housing : 1.15%
- Medium-Cost Housing : 1.10%
- Open Housing : 1.50%
|
*HUDCC RESOLUTION No. 1 and No. 2 series of 2018
