DepEd Livelihood Loan (Landbank)
Posted In: General Discussion
Salamat sa inyong email.
Maari kayong mag inquire sa inyong depository branch tungkol sa pag avail ng DepEd Livelihood Loan Facility. Narito ang mga requirements para sa naturang programa:
DEPED LIVELIHOOD LOAN FACILITY
Borrower’s Eligibility Criteria
1. Except for appointive officials and their co-terminus appointees, the borrower must be a regular/permanent employee of DEPED and has been in its service for at least one (1) year.
2. Must have no pending administrative/criminal case.
3. Must be eighteen (18) to sixty two (62) years of age at the time of loan application. The Head of Agency whose age is above the maximum requirement maybe accommodated, provided a special insurance coverage thru LANDBANK Insurance Brokerage, Inc. (LIBI) is approved/facilitated and the special insurance premium coverage for the whole term of the loan is paid.
4. Must have no pending application for retirement or not due for retirement within the term of the loan.
5. Must be up-to-date in the payment of his/her existing loans with LANDBANK, if any.
6. Monthly Net Take Home Pay (MNTHP) must not be less than Three Thousand Pesos (P3,000) or such amount as may be prescribed by the General Appropriations Act which is in effect at the time of loan application.
For avoidance of doubt, MNTHP is the resulting amount after considering all deductions and amortizations of all existing loans, including the livelihood loan applied for.
7. Must have an existing LANDBANK ATM Payroll Account with the LANDBANK Branch nearest to his/her place of work, where proceeds of loan shall be credited and/or loan payments shall be debited, as may be
1. Qualified rank and file (SG 23 & below) employees may avail of a loan equivalent of up to eight (8) months of their Gross Pay but not to exceed Five Hundred Thousand (P500,000) Pesos.
2. Qualified officers (SG 24 & up) may avail of a loan equivalent of up eight (8) months of their Gross Pay but not to exceed to One Million (P1,000,000) Pesos.
For avoidance of doubt, Gross Pay shall include Basic Pay and RATA/ACA/PERA, meal allowance and other fixed allowances of the same nature.
1. The term shall have a minimum term of twelve (12) months and maximum term of thirty six (36) months with monthly term divisor.
1. **Loan renewal shall only be allowed on or after the anniversary date of the loan provided that (a) LANDBANK has received payments equivalent to at least twelve (12) monthly amortizations.
**For amendment to read as:
Loan renewal shall be allowed on or after six (6) months from the availment of the loan provided that LANDBANK has received payments equivalent to at least six (6) monthly amortizations.
Interest Rate and Other Charges
1. The interest rate of the loan shall be fixed at 10.5% per annum.
2. Interest shall be computed based on diminishing balance.
3. The borrower shall be required to obtain a Credit Life Insurance (CLI) for the entire term of the loan. Accordingly, payment of premiums thereon that may be charged within the term of the loan shall be deducted upfront by LANDBANK as other charges from the loan proceeds.
4. In case of loan renewal, unexpired insurance premium shall be applied/deducted from the computed CLI premium due of the new loan or to be added to the loan proceeds.
5. Documentary stamp taxes as may be imporse under existing tax laws and regulations shall be for the account of the employee-borrower.
6. All fees and other charges that may be due under the loan may be adjusted at any time during the term of the loan, on account of a regulation of the Monetary Board of the Bangko Sentral ng Pilipinas, an increase in LANDBANK’s cost of funding and/or maintaining the loan or other factors including, but not limited to any special reserve requirements, exchange rate fluctuations and changes in the financial market. LANDBANK shall notify DEPED and the Borrower of such adjustment, which shall take effect on the next succeeding amortization period following such notice.
In case of Loan Take-Out, DEPED shall submit to LANDBANK the list of the institutional lenders of the teachers.
The borrower must submit to LANDBANK the statement of account/outstanding balance or the most recent billing statement of the borrower from other Private Lending Institutions (PLIs) duly certified by the borrower.
LANDBANK will take-out the existing loans of the DEPED personnel with other PLIs. The borrower shall sign on the Livelihod Loan application/Agreeement Form authorizing LANDBANK to:
1. issue a check payable to the PLI/PLIs representing the
outstanding balance of the loan.
2. remit the check/payment directly to PLI/PLIs.
3. **receive the Official Receipt and Certificate of Full Payment
from the PLI/PLIs.
4. **withhold the release of the net loan proceeds/outstanding balance of the payroll account pending its receipt of the
Official Receipt and Certificate of Full Payment from the PLI/PLIs.
**For amendment, to read as:
3. receive the Official Receipt from the PLI/PLIs.
4. withhold the release of the net loan proceeds/outstanding balance of the payroll account pending its receipt of the
Official Receipt from the PLI/PLIs.
Kung mayroon pa po kayong katanungan maari nyo po kaming tawagan sa (02) 405-7000 or PLDT Toll Free 1-800-10-405-7000.
Courtesy: Sir Topet
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