How to Apply for a Pag-IBIG Housing Loan: The Ultimate Guide
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Transcript of How to Apply for a Pag-IBIG Housing Loan: The Ultimate Guide
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Your No-Fear Guide to
Pag-IBIG Housing Loans
Patulong sa Pag-IBIG
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The Home Development
Mutual Fund (HDMF)
“Pag-IBIG Fund”
Government-mandated housing loan program offers:
Terms
Interest Rates
Affordable Filipinos
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Purchase of a fully developed lot or adjoining
lots not less than 24 sq meters and not
exceeding one 1,000 square meters, which
should be within a residential area;
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Purchase of a residential house and lot,
townhouse or condominium unit, inclusive of a
parking slot. The unit may be:
• Old or brand new
• A property mortgaged with the Fund
• Acquired asset
• Adjoining houses and lots/townhouses/
row houses/condominium units.
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Construction or completion of a residential unit
on a lot owned by the member;
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Home Improvement
i.e. any alteration in an existing residential
unit intended by a homeowner to be a
permanent integral part of the property,
which will enhance its durability and
material value
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Refinancing of an existing mortgage
(with an institution acceptable to the Fund, provided
that, the account reflects a perfect repayment history
of at least one (1) year prior to date of application as
supported by the borrower’s official receipts.)
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Combination of loan purposes, which shall
be limited to the following:
• Purchase of a fully developed lot not exceeding 1,000
square meters and construction of a residential unit
• Purchase of a residential unit, whether old or new, with
home improvement
•Refinancing:
- existing mortgage with home improvement
- existing mortgage, specifically a lot loan, with
construction of a residential unit thereon.
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To avail of a Pag-IBIG housing loan
Active Pag-Ibig Member
Loans
• Made regular monthly contribution for at least 24 months
(2 years)
• Paid at least 5 contributions in last 6 months
• Stable source of income/ capacity to pay upon applying,
does not have any outstanding loans/ foreclosed properties
• Can cover up to ₱ 6 M in home financing
• Interest rates depending on application:
Regular
Affordable
Housing Loan Program
8% 12.25%
4.5% 6.5%
Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Loan Counseling at
Pag-IBIG Office
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Submit HLA with complete
requirements, & pay the
processing fee of P1,000
(non- refundable)
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Receive- Notice of Loan
Approval/ Letter of Guaranty
& Sign loan documents
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Proceed to the following:
-Bureau of Internal Revenue-
for payment of documentary
stamps and capital gains tax
- Registry of Deeds-
for transfer of title and
annotation of mortgage
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Submit the following documents to Pag-IBIG for
release of loan proceeds:
- Original Transfer Certificate of Title (TCT)-in
name of applicant w/ annotated mortgage
- DOAS w/ original RD stamp
- New Tax Declaration-in name of applicant
- Updated Real Estate Tax Receipt (for house and
lot, if applicable)
- Occupancy Permit (secured from LGU
Engineering Office, if applicable)
- Assignment of Loan Proceeds.
You will receive telephone confirmation of
availability of first check.
When claiming loan proceeds:
- Check at local Pag-IBIG office,
Bring: 2 valid IDs to present to Check Release
Controller.
If you cannot claim your check in person:
- have authorized representative present a
notarized Special Power of Attorney (SPA)
- wth 2 valid IDs of you and your attorney-of-fact.
Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
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Under the amended guidelines for Pag-IBIG’s End-User Financing Program,
a housing loan may be used to finance any of the following:
Pay the first monthly
amortization on month
immediately following the loan
take-out/final loan release.
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Online Services
The online FAQ section is a great starting point for first-timers, while the Pag-IBIG Overseas Program portal helps members locate remittance centers abroad.
Pag-IBIG members may also take advantage of the Fund’s other online services, which allow them to verify the status of their monthly contributions or current housing loan payments.
Employers, short-term loan applicants or prospective Pag-IBIG II enrollees may also carry out the first steps of their respective registration processes via the Internet.
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On Foreclosures
Under the “Maagang Pabahay, Disenteng Buhay” program, Pag-IBIG already has a system in place for members who wish to acquire or assume one of the fund’s foreclosed properties at
a discounted price. You can check the status of Pag-IBIG’s various acquired assets here or click the “Property Finder – Acquired Assets” link on their home page. You may also contact
Pag-IBIG’s Acquired Assets Department by phone.
For those looking to apply Pag-IBIG financing to properties foreclosed by banks or other outside entities, however, the process is a bit murkier. Luckily, Foreclosure Philippines offers
a helpful overview for those considering this route.
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Other Resources
For all other Pag-IBIG-related concerns, one of the most comprehensive resources available online is the Pag-IBIG Financing website (Facebook) for more information on common
housing loan issues.).
Source: www.pagibigfund.gov.ph
6/F, LDM Building (formerly Caresma Building),50 Polaris Street, Poblacion, Makati City, Philippines
+63 2 890 0062
+63 2 890 8352
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