Pag-ibig Notice of Approval

May 13, 2011

HL Account No. 456176478
Mr. Eduard Zonnia
Rosal St.
Abucay, Bataan

Dear Mr. Zonnia:

We wish to inform that your HDMF housing loan application for House Construction has been approved in the amount of Seven Hundred Fifty Thousand Pesos (Php 750,000.00)/

The loan shall bear an interest rate of Seven percent (7%) per annum.  However, we shall re-price the interest rate of your loan every three (3) years at rates based on prevailing market rates at point of re-pricing, which shall not exceed NINE (9%) per annum.  It shall be secured by your Real Estate Mortgage on certain property covered by TCT/CCT No. T-134267 by the Registry of Deeds of Bataan.

In line with this approval, you shall execute a Loan and Mortgage Agreement (LMA) in favor of the HDMF which shall be annotated on the TCT/CCT, whereupon you are to submit the following documents:

–    TCT/CCT in the name of borrower with proper mortgage annotation in favor of HDMF (Owner’s Duplicate copy)
–    Certified true copy of TCT/CCT in the name of borrower with proper mortgage annotation in favor of HDMF (RD’s copy)
–    Certified true copy of tax declaration of lot upon annotation of mortgage
–    Loan and Mortgage Agreement duly registered with Registry of Deeds bearing original RD stamp
–    Duly accomplished/notarized Promissory Note
–    Building/Electrical/Sanitary Plans and Permits duly approved by the building official
–    Occupancy Permit
–    Please refer to Annex “A” for other terms and conditions

You are automatically covered by an interim insurance from date of issuance of this notice up to takeout date.  The interim insurance premium shall be based on number of days from date of issuance of this notice up to date of the voucher, and shall be deducted from your loan takeout proceeds.  In case the effectivity period of this notice has lapsed but was later extended, the interim insurance coverage shall take effect from the date of extension.

Your upgraded contributions, net of mandatory contributions, shall be incorporated to your monthly payments.  However, if you are an individual payor/self-employed or POP member, both the mandatory and upgraded contribution shall be incorporated to your monthly payments.  In either case, said contributions shall be considered as contributions for the applicable month.

You are hereby requested to pay an additional of Two Thousand Pesos (Php 2,000.00) as processing fee upon loan takeout.

The HDMF guarantees to release net proceeds of the loan provided all loan documentation requirements are submitted to HDMF within ninety (90) calendar days from receipt of this advice, and the same are found to be complete, valid, and acceptable.  Otherwise, the loan shall be deemed cancelled.

Should you have any query regarding your application, please visit our office or call us at telephone numbers: (047) 481-3606 and 481-1181.

Very truly yours,

Asst. Dept. Manager