Signature of Applicant over Printed Name GUIDELINES AND INSTRUCTIONS A Who May

Signature of applicant over printed name guidelines

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Signature of Applicant over Printed Name GUIDELINES AND INSTRUCTIONS A. Who May File Any HDMF member who satisfies the following requirements may apply for a multi-purpose loan (MPL): 1 The member has made at least 24 monthly contributions. 2. The monthly net take home pay requirement of government employees shall be subject to the rules and regulations as provided for in the General Appropriations Act (GAA). On the other hand, the monthly net take home pay of employees working with the private sector shall be based on their respective company policies, if any. 3. Members with active Fund membership at the time of application with commitment frorn both the employee and employer to continuously remit contributions at least for the term of the loan. . 4. For members who have withdrawn their membership contributions due to membership maturity, the reckoning date of the updated 24 monthly contributions shall be the first monthly' contribution following the month the member qualified to withdraw his HDMF contributions. 5. For members who have active contributions under both the HDMF I and HDMF II, the membership contributions under HDMF II shall be considered to meet the required 24 monthly contributions. 6. A member with an outstanding HDMF housing loan that is not more than 9 months in arrears and is not yet cancelled or foreclosed. 7. A member with an outstanding HDMF housing loan that is more than 9 months in arrears but is not yet cancelled or foreclosed may be allowed to avail of an MPL, provided that the purpose of the MPL is to update his/her housing loan arrearages. The MPL proceeds to be applied to the housing loan arrearages shall be subject to the applicant's loan entitlement. B. How to File The applicant shall: 1. Secure the HDMF Multi-Purpose Loan Application Form (MPLAF) from any HDMF NCR/Provincial branch. 2. Accomplish 1 copy of the application form. 3. Under PACSVALlPDDTS releasing, attach photocopy of passbook or Automated Teller Machine (ATM) card reflecting the account name and bank account number. 4. Submit complete application, together with the required documents to any HbMF NCR/Provincial Branch. Processing of loans shall commence only upon submission of complete documents. C. Loan Features 1. Loan Amount The loanable amount shall depend on the number of contributions made, based on the following schedule: <'1" ;~~~ ., ,. i''''; """i~ - 24 to 59 months 60 to 119 months At least 120 months Up to 60% of the TAV Up to 70% of the TAV Up to 80% of the TAV 2. Interest The loan shall bear an interest rate of 10.75% p. a. for the duration of the loan. 3. Manner of Release of Loan The loan proceeds shall be released through a check payable to the borrower or shall be credited to the borrower's bank account through the LANDBANK's Payroll Credit Systems Validation (PACSVAL) and Philippine Domestic Dollar Transfer System (PDDTS) facilities, and other similar modes of payment.
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  • Fall '15
  • Debt, Default, HDMF

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