What is a Consularized Special Power of Attorney

I encountered this while processing my home loan documents with UnionBank. Since my sister (who is my co-borrower) is working in Canada, I needed to sign all the bank documents in her behalf (unless she actually wants to fly back here in Manila). As a requirement, we had to submit a Consularized Special Power of Attorney.

Unlike a regular Special Power of Attorney (SPA) where you only need a lawyer to notarize the papers, the Consularized SPA needs to be brought to the Philippine Embassy in the country where the person involved is located. For our case, my sister went to the Philippine Embassy in Vancouver.

The process is quick and she was able to obtain the consularized SPA the same day. The SPA itself doesn’t need to be notarized, the officers inside the embassy will simply sign on it as witnesses, and is provided with a cover page with the consul’s signature and a red ribbon:

So, what do you need to bring when processing a Consularized Special Power of Attorney?

1. The SPA form itself. It doesn’t have to be notarized (rules may be different in other Philippine Embassies).

2. Your passport, and depending on rules of the Philippine Embassy in the country where you reside, you may need to bring an ID and additional documents. It is advisable that you call them first beforehand. You can go to ph.embassyinformation.com to lookup for contact information of Philippine Embassies worldwide.

How to Know if You Have an Existing SSS Loan

Whether you are wondering if you still have a loan balance or just want to find out if you can now renew your loan, calling SSS to verify or visiting one of their branches would be the best options. But if you have an online account, these information are just a few clicks away. If you do not have an online account yet, go to https://www.sss.gov.ph/ and register. Make sure that you are registering as a “Member” not as an “Employer. Also, use the latest version of Internet Explorer as some of the website functions do not work with other browsers.

Upon logging in, click on “E-SERVICES” and select “Apply for Salary Loan”. If you have an existing loan, the following message will appear:

From here, you can also check your loan balance and other details such as when the loan was submitted, your monthly amortization and the like. If you go to “Inquiry” you will find your profile details, and you can get a complete view of your total contribution along with your monthly premiums.

How to Apply for an SSS Loan Online

Applying for an SSS loan has been made easier as it can now be done online. Normally, the process involves submitting the loan application form to the HR coordinator in your company, and you will be notified when the check arrives.

Now, you don’t need to fill-out forms. You simply login to your online SSS account and submit the application from there. If you do not have an online account yet, you may create one by going to https://www.sss.gov.ph/. They recommend that you use the latest version of Internet Explorer (IE) as some items may not display on other browsers.

NOTE: The salary loan submitted online by an employed member will be directed to the employer’s My.SSS account for certification, hence, the employer should also have an SSS Web account.

To apply for an SSS loan online, you may find these instructions helpful:

1. Login to your account. Make sure that you are logging in as Member, not as an Employer.

2. Click on “E-SERVICES” and select “Apply for Salary Loan“.

3. Type-in the required information and submit. Your company HR will receive a notice about your submission and upon their validation, SSS will then complete your loan application. In my case, I received the check after three days. Fast and convenient!

Related posts:
SSS Online Account: How to Register?
How to Know if You Have an Existing SSS Loan

Here are the eligibility requirements as posted in the SSS website:

  1. All currently employed, currently contributing self-employed or voluntary member.
    • For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
    • For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
  2. The member-borrower whose employer must be updated in the payment of contributions.
  3. The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death
  4. The member-borrower must be under sixty-five (65) years of age at the time of application
  5. The member-borrower has not been disqualified due to fraud committed against the SSS.

How much is the loanable amount from SSS?

  1. A one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
  2. A two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
  3. The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans.

Hit on NBI Clearance Due to an Unpaid Credit Card?

I stopped paying my credit card in 2010 (but had it cleared last year, CLICK HERE to find out how I did that). In 2012, I went to get an NBI clearance and despite having a very unique name, I got a “hit”. I was a bit anxious but because I needed it, I went back and claimed it anyway.

No, I was not arrested. I got my clearance in less than three minutes.

This was a hot topic in my old blog which I let go a couple of years ago so I decided to make another post about it. Some readers would look me up on Facebook and ask for an advice. I am NOT a legal expert but my suggestion then was always to “go claim it”, and I am giving the same advice today.

Unless you are one of my followers, you must have found this post via Google. So, did you also get a “hit” and afraid that it might be because of an unpaid credit card? There may be other reasons why, often because you have a namesake who’s got a record.

Related Posts:
What I Did to Save Money and Settle my Credit Card Debt
How I Settled My Credit Card Debt
How to Get a Bank Clearance for your Credit Card
Getting a Secured Credit Card from Security Bank

If you are really bothered, I recommend that you settle your credit card debt with your bank directly. I did so with HSBC, and it was not as difficult as I thought. They honored my request to settle six years after my card got defaulted.

PAG-IBIG Home Loans: What is the Maximum Loan Amount?

Applying for a home loan in a bank could be intimidating. For the majority of us, PAG-IBIG comes as the preferred, if not the only option. And so we ask, how much could we borrow from PAG-IBIG based on our monthly salary?

The good news is, just like most banks, PAG-IBIG has an online loan calculator too! Could you believe we are not spending hours in long lines just to get answers to these simple inquiries anymore? It sounds too convenient knowing our government standards, but let’s take advantage of that and find answers from there.

Moving on, their latest rates are effective as of July 2016, and for this test, I used the below example:

  • Desired Loan Amount: Php 2.0M
  • Preferred Repayment Period: 25 years
  • Monthly Income: Php 25,000

They have three different computations – based on desired loan value, monthly income, and property value. However, the second category kind of precedes the other two. This means that everything will actually depend on your monthly income, or combined monthly income if you have a co-borrower.

  1. I will go directly to the estimated maximum loanable value based on a Php 25,000 gross monthly income. Note that all these results are ESTIMATES and my different from the actual numbers when you get approved.

If you are earning Php 25,000 a month, the maximum loanable amount is Php 1.22M with a monthly amortization of Php 7,500 for 25 years. Not bad.

2. Now, since we need Php 2.0M, what should our total monthly income be? Based on the below estimates, the monthly income requirement is Php 41,000. For this example, you will need a co-borrower with a monthly income of at least Php 16,000 in order to qualify.

3. Lastly, let’s check the third option. Based on the results, it is suggesting a maximum loanable amount of Php 1.5M if the value of the property is Php 2.0M. Which means you will pay the remaining Php 500,000 in cash. And if your salary is around Php 31,000, you will definitely qualify.

Overall, this may be confusing but it is ideal to always start looking at your gross monthly income. From there, you will know which property to consider.

This loan calculator can be found at http://www.pagibigfund.gov.ph/amort/.