Applying Housing Loan Through PAGIBIG

I'm sure that a lot of Filipinos are interested to purchase their own house and so far the easiest and fastest way to get that dream house is through a financing institution.  In the Philippines, there are various real state developers who are tied up with some credible financing institutions like SSS and PAGIBIG.  But of course, availing loans under these two well known and government recognized institutions is not an easy task.  You have to go through various procedures from the time of application, verification, submitting of requirements, approval and so on.  I think like in the case of PAGIBIG, an applicant is required to attend an orientation seminar before he gets started.  For a matter of information, I have compiled here the following excerpts from the the PAGIBIG Home Development Mutual Fund website for easy reference.


Housing Loan Availment
This housing loan program grants opportunities to Pag-IBIG Fund members to avail of housing loans to finance any one or a combination of the following:



  1. Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
* A property mortgaged with the Fund; or
* An acquired asset, which is disposed of through sealed public bidding, negotiated sale, the Rent-to-Own Program, or the “Magaang Pabahay, Disenteng Buhay” Program.
  1. Construction or completion of a residential unit on a lot owned by the member;
  1. Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;
  1. Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:
* The said loan has a repayment history of at least two (2) years with the original mortgagee
  1. Combination of loan purposes, which shall be limited to the following:
* Purchase of a residential unit, whether old or new, with home improvement;
* Refinancing of an existing mortgage with home improvement;
* Re* Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon. 

Eligibility Requirements
To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:
  1. On Pag-IBIG Membership
  • Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
  • A member, whether new or with existing monthly contributions that are still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet the said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
  • A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and owards.
  • A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.
  • For purposes of satisfying the required two (2) years membership contributions, the member may opt to pay in lump sum any amount short of the said requirement. In addition, the period corresponding to the TAV applied earlier to an outstanding loan shall also be considered when counting the total number of monthly contributions, provided the remaining TAV after offsetting does not fall below the equivalent amount of two (2) years membership contributions.
  1. Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;
  2. Has the legal capacity to acquire and encumber real property;
  3. Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund
  4. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures.
  1. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;
  2. Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.


CHECKLIST OF REQUIREMENTS FOR Pag-IBIG HOUSING LOANS FOR LOCALLY EMPLOYED:

For purchase of a residential unit :
Upon Loan application:


A.     Documentary Requirements

1.      Housing Loan Application with recent ID photos of borrower
2.    Membership Status Verification Slip (MSVS)
3.    Proof of Income, any of the ff:
a. Notarized Certificate of Employment and Compensation (Pag-IBIG format)
b. Notarized Certificate of Employment and Compensation (Employer’s format) and latest   1 month payslip
c. Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest 1 month payslip
4.     Contract to Sell or similar agreement between the buyer and seller 

 
B.     Technical Requirements

1.      Certified true copy of TCT/CCT by the Register of Deeds (latest 
         title)
2.      Location Plan and Vicinity Map
3.      Photocopy of Tax Declaration

*             For borrower over 60 years old, Medical Questionnaire and Full Medical Examination

Prior to Loan Release:

A. Documentary Requirements

1. TCT/CCT  in the name of the borrower with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s copy)
2. Certified true copy of TCT/CCT in the name of the borrower with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy)
3. Photocopy of New Tax Declaration in the name of borrower and updated Real Estate Tax Receipt
4. Loan Mortgage Documents
a.   Loan and Mortgage Agreement with original RD stamp
b.   Deed of Absolute Sale with original RD stamp
c.   Notarized Promissory Note
d.   Disclosure Statement on Loan Transaction
5. Collection Servicing Agreement with Authority to Deduct Loan Amortization or Post Dated Checks.
6.  Proof of Billing Address.

These are only the basic information, for more details or for any other 
concerns you can log on to their website http://www.pagibigfund.gov.ph/


* Old or brand new;
* The loan is not in default within 12 months prior to the date of application;

* Purchase of a fully developed lot not exceeding 1,000 square meters and construction of a residential unit thereon;




Comments

  1. Ask ko lng po f nid po muna b n gumastos muna ang borrower s pagpparenovate ng bhay bgo mkpag loan s pag ibig?

    ReplyDelete
    Replies
    1. Not necessarily dear. You can apply for loan sa PAG IBIG as long as you're qualified and kumpleto sa mga requirements.

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