Mastering Payment Due Dates and Priorities
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Questions and Answers

Which agency handled the funds of private employees under PD 1530?

  • Pag-IBIG Fund
  • National Home Mortgage Finance Corporation
  • Government Service Insurance System
  • Social Security System (correct)
  • When was Pag-IBIG membership made mandatory for all SSS and GSIS member-employees?

  • December 14, 1980 (correct)
  • March 1, 1979
  • August 1, 1986
  • June 11, 1978
  • When did Pag-IBIG Fund become voluntary?

  • August 1, 1986
  • January 1, 1987 (correct)
  • June 11, 1978
  • March 1, 1979
  • Who is authorized to certify the Private Household category?

    <p>Barangay Captain or Barangay Secretary</p> Signup and view all the answers

    Who is authorized to certify the Agriculture/Forestry/Fishery category?

    <p>Department of Agrarian Reform (DAR)</p> Signup and view all the answers

    Who is authorized to certify the Transport category?

    <p>Barangay Captain or Barangay Secretary</p> Signup and view all the answers

    Which one of the following is the maximum loan amount for the CIRCULAR 406/349 (Affordable) housing loan?

    <p>P750,000 for socialized condominium</p> Signup and view all the answers

    What is the interest rate for a 5-year fixing loan with a 75% loan to value ratio under CIRCULAR 396/349 (Modified EUF)?

    <p>6.625%</p> Signup and view all the answers

    What is the premium rate for Mortgage Redemption Insurance under the Now (Lockton Philippines and Reinsurance Brokers, Inc.)?

    <p>P0.225 per P1,000</p> Signup and view all the answers

    What is the maximum term for a housing loan under CIRCULAR 396/349 (Modified EUF)?

    <p>30 years</p> Signup and view all the answers

    According to the text, what is the penalty for late payment of the monthly amortization?

    <p>1/20 of 1% of the amount due for every day of delay</p> Signup and view all the answers

    According to the text, what is the order of priority for payment allocation?

    <p>Penalties, Insurance Premiums, Interest, Principal</p> Signup and view all the answers

    According to the text, when does a borrower default on their loan?

    <p>All of the above</p> Signup and view all the answers

    According to the text, what happens when a borrower defaults on their loan?

    <p>The outstanding obligation becomes immediately due and demandable</p> Signup and view all the answers

    Which government provident institution is exempt from tax payments according to Republic Act No. 9679?

    <p>Home Development Mutual Fund (HDMF)</p> Signup and view all the answers

    Who signed Republic Act No. 9679 or the Home Development Mutual Fund Law of 2009?

    <p>Gloria Macapagal-Arroyo</p> Signup and view all the answers

    Which of the following groups are required to be members of the Pag-IBIG Fund according to the new HDMF law?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of the Home Development Mutual Fund (HDMF) according to Republic Act 9679?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT a primary document required for an OFW/Seaman applying for a housing loan?

    <p>Copy of PAYSLIP indicating income received and period covered</p> Signup and view all the answers

    Which of the following is NOT a secondary document required for an OFW/Seaman applying for a housing loan?

    <p>Copy of OWWA Membership Certificate</p> Signup and view all the answers

    Which of the following is NOT a primary document required for a self-employed individual applying for a housing loan?

    <p>Official Receipt of Tax Payment from bank</p> Signup and view all the answers

    Which of the following is NOT an income requirement for a locally employed individual applying for a housing loan?

    <p>CTC of ITR and PRC ID</p> Signup and view all the answers

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