Pag ibig Housing Loan

Last update 04.12.2022
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Pag-Ibig Housing Loan: How to Apply Housing Loan in Pag Ibig?

It has always been every Filipino’s dream to own a house of their own. This is one of the few reasons they start working hard and saving up at a young age. There’s no more incredible feeling than having a house you can call your own. However, not everyone can buy a house with their hard-earned money. It’s a good thing that housing loans exist. This allows Filipinos to still avail of their dream home and pay for it later. Housing loans can be availed in three common ways. The first one is bank financing. The second one is in-house financing. Lastly, there’s the PAG IBIG Housing Loan.

Housing Loan is the most popular type of loan that Pag-ibig offers. This is offered to PAG-IBIG Fund members, who can avail of this type of loan to acquire their own house and lot if they are one. Apart from acquiring a house and lot, other purposes for the housing loan are the construction of the house, improvements of the house, refinancing of an existing housing loan, and combined loan purposes.

You may need to identify the type of housing loan you must apply for. Requirements for different types of loan purposes differ from one purpose to another. However, applying for a housing loan is generally easy as long as you are eligible. By following these steps, learn more about the application process for housing loan pag ibig.

Steps in Applying for the Pag-Ibig Housing Loan

1. You must be a PAG-IBIG Fund Member.

It’s already a given that you can only apply for a PAG-IBIG Housing Loan if you are a PAG-IBIG Fund Member. Initially, when you apply for a PAG-IBIG Membership Account, you need to pay your monthly contributions depending on your salary grade. If you have continuously paid for your membership for 24 months, you can apply for a housing loan.

2. Eligibility

As mentioned, you first need to be an active member with at least 24 months of savings. In addition, you should be at most 65 years old at the date of applying for the loan and at most 70 years old at the date of loan maturity. You must also have the legal capacity to encumber and acquire real property.

You must settle your payments or update the account if you have an existing PAG-IBIG Housing account or Short-Term Loan. Lastly, you should not have a PAG-IBIG Loan that has been brought back, canceled, foreclosed, or voluntarily surrendered.

However, if you are a new member who has only been paying your contributions for at least 12 months but wants to apply for a housing loan, you can complete the required contributions by paying in a lump sum.

3. Pre-Approval of Pag Ibig Housing Loan Requirements

Once your housing loan application pag ibig is legible, you must submit the initial requirements. Here are the pag-ibig housing loan requirements 2021:

a. For Purchase of Lot/Residential Unit

  • 2 Copies of the  Housing Loan Application with a recent ID Photo of the  Borrower/Co-Borrower (HQP-HLF-068/HQP-HLF-069)
  • Photocopy back-to-back of One Valid ID of relevant parties:
    • Principal Borrower
    • Co-Borrower
    • Seller
    • Developer’s Authorized Representative and Attorney-in-Fact
    • Spouse of the parties involved, if applicable
  • Proof of Income
    • For Locally Employed
    • For Self-Employed
    • For Overseas Filipino Workers (OFW)
  • Transfer Certificate of Title (latest title, Certified True Copy)
  • For Condominium: present TCT of the land and Condominium Certificate of Title (Certified True Copy)
  • Updated Tax Declaration (House & Lot or Lot, whichever is applicable)
  • Updated Real Estate Tax Receipt (photocopy)
  • Contract-to-Sell or similar agreement between buyer and seller
  •  Vicinity Map/Sketch of the Property

b. For Purchases through PAG-IBIG Accredited Developers

  • 2 Copies of the Housing Loan Application with a recent ID Photo of the Borrower/Co-Borrower (HQP-HLF-068/HQP-HLF-069)
  • Photocopy back-to-back of One Valid ID of relevant parties:
    • Principal Borrower
    • Co-Borrower
    • Developer’s Authorized Representative and Attorney-in-Fact
    • Spouse of the parties involved, if applicable
  • Proof of Income
    • For Locally Employed
    • For Self-Employed
    • For Overseas Filipino Workers (OFW)

c. Purchase of Lot with House Construction/Home Improvement

  • 2 Copies of the Housing Loan Application with a recent ID Photo of the Borrower/Co-Borrower (HQP-HLF-068/HQP-HLF-069)
  • Photocopy back-to-back of One Valid ID of relevant parties:
    • Principal Borrower
    • Co-Borrower
    • Owner of Title (if accommodation mortgage)
    • Spouse of the parties involved, if applicable\
  • Proof of Income
    • For Locally Employed
    • For Self-Employed
    • For Overseas Filipino Workers (OFW)
  • Transfer Certificate of Title (latest title, Certified True Copy)
  • For Condominium: present TCT of the land and Condominium Certificate of Title (Certified True Copy)
  • Updated Tax Declaration (House & Lot or Lot, whichever is applicable)
  • Updated Real Estate Tax Receipt (photocopy)
  • Building Plans, Specifications with Bill of Materials duly signed by the Licensed Civil Engineer or Architect
  • Vicinity Map/Sketch of the Property

Other requirements would include the following:

  • For OFW Members
    • Special Power of Attorney (SPA) notarized before the date of departure. For OFW members abroad, a SPA is notarized by a Philippine Consular Officer, or a SPA is notarized by a local notary (of the country where the member is working) but duly authenticated by the Philippine Consulate.
    • The Fund may also require any or combination of the following documents:
      • Payslip indicating income received and period covered
      • Valid OWWA Membership Certificate
      • Overseas Employment Certificate
      • Passport with appropriate visa (Working Visa)
      • Residence card/permit (permit to stay indicating work as the purpose)
      • Bank remittance record
      • Professional License issued by Host Country/Government
    • Note: If documents are in n foreign language/s, English translation is required.
  • Insurance Coverage
    • Health Statement Form (Medical Questionnaire)
      • For borrowers over 60 years old
      • For borrowers up to 60 years old, if loans are over P2.0M to P6.0M
    • Health Statement Form (Medical Questionnaire) and Copy of the result of a medical examination conducted before the assignment before as required by the employment agency
      • For OFW borrowers over 60 years old

4. Receive a Notice of Approval (NOA) and Letter of Guarantee (LOG)

Once you have submitted your application form and initial requirements for the type of housing loan you applied for, you will wait for your application to get approved. At this point, the pag ibig housing loan verification of documents will take at least one week up to 20 working days. Once approved, you can claim your Notice of Approval and Letter of Guarantee.

5. Complete the Requirements Mentioned in the Notice of Approval

After claiming your Notice of Approval, you must comply with the additional requirements. These requirements should be completed before the release of your housing loan. This checklist is usually attached along with your Notice of Approval with the form code HQP-HLF-735.

6. Claim Housing Loan Pag Ibig Fund

After you submit your post-approval documents, you will receive your approved loanable amount within ten (10) working days. PAG-IBIG Fund will give you a notice on how to claim your loan most safely and conveniently.

7. Pay Pag-Ibig Housing Loan

You can start paying for your housing loan precisely a month after its release date. You may do so through Post-dated checks, salary deduction if employed, or other payment methods like auto-debit arrangements with banks.

Tips for Easy Approval of Housing Loan Pag Ibig

After asking the question, “How to apply pag ibig housing loan?” and learning the steps, here are a few tips and advice that you can take note of for easy approval of your housing loan.

Good Credit Score. Your credit card score may be reviewed during your pag ibig housing loan payment verification. So, you’ll need to maintain a good credit score with your banks.

Assess your income? Only apply for an amount you can afford to ensure that you can fully repay the housing loan. If you don’t know how much you can loan based on your salary, you may check it out through the pag-ibig housing loan calculator. In addition to that, you may also check the pag ibig housing loan monthly amortization table for reference.

You can find a co-debtor. You may find a co-debtor if you still think the loanable amount isn’t enough even after checking through the pag ibig housing loan calculator. It can be anyone as long as someone with a regular job and a good credit score.