To qualify for PF loans, a salaried customer must satisfy the following conditions:
- The applicant must be a worker in regular employment who channels his or her monthly salary through FGSL.
- The applicant who is newly engaged at his establishment must operate account with the Company for at least 3 to 6 months. However, an applicant who is already in employment with a recognized organization for at least six (6) months is required to operate account with the Company for at least three (3) months.
- The debt service ratio which is the monthly repayment should not be more than 50% of the net salary of the applicant.
- The facility must be guaranteed by the applicant’s employers, represented by either the Chief Executive or the Financial Controller/Bursar for Educational Institutions or the Regional Directors (Educ. Services) or Administrative Directors or their authorized representatives. Additionally, the loan must be guaranteed by a family member acceptable to FGSL.
- The repayment period for the loan is between six (6) to twenty-four (24) months and may be promptly renewed upon full retirement of previous loan.
Housing Microfinance Loans