Under different circumstances, our family and loved ones need proper shelter to live in. The Pag-IBIG Fund Housing Loan is one of the opportunities that could help every Filipino citizen to fulfill this dream of owning a home. This loan allows Pag-ibig member to borrow up to P6 million under low rates and specific terms.
In this article, frequently asked questions will be answered. Pag ibig housing loan form, pag ibig house renovation loan, and pag ibig house loan requirements 2021 will be covered also.
1. WHAT ARE THE ACCEPTED PURPOSES OF PAGIBIG HOUSING LOANS?
The housing loan of Pagibig is subjected to use only to:
A. Finance the purchase of fully-developed one (1) residential lot or adjoining residential lots which is a total of less than one thousand (1,000) sq.m.
B. Finance the purchase of townhouse, residential house and lot or condominium unit, inclusive of a parking lot under the category of:
B.1. Old or Brand new
B.2. A property mortgaged with the fund; or
B.3. Adjoining houses and lots/townhouses/row houses/ condominium units.
C. Completion of a residential unit on a residential lot.
D. Improvement of the house to enhance its durability and material value.
E. Re-finance of an existing housing loan
2. WHO IS ELIGIBLE FOR PAGIBIG HOUSING LOAN?
There are qualifications that should be attained to avail the PAGIBIG Fund EUF Program:
A. Active PAGIBIG membership for at least twenty-four (24) contributions at the time of application.
B. If a member is still short of the required number of savings, the member may still be allowed to apply for the program provided that the total amount of employee and employer contributions is at least equivalent to twenty-four 24 monthly savings.
C. If a non-member, the interested party may apply in the program provided that voluntarily remits the required 24 monthly savings.
D. The age of the member is not sixty-five (65) years old at the date of application and not more than seventy (70) years old at maturity.
E. The member should pass the background checking of individual, employment or business conducted by PAGIBIG Fund.
F. In terms of legalities, the member has the legal capacities to acquire and encumber real property.
G. If has an existing PAGIBIG housing loan account, the member may still qualify for another pagibig loan.
H. If has an existing loan, the member may not qualify if the account will not be updated.
I. The member has no bad Pagibig housing record.
3. WHAT IS THE MAXIMUM LOANABLE AMOUNT OF PAGIBIG HOUSING LOAN?
The PAGIBIG Fund Housing Loan allows a qualified member to borrow up to six million (P6,000,000) which shall be based on whichever the lowest among the following:
A. Actual need
B. Desired loan amount
C. Capacity to pay
D. Loan-to-appraised value ratio
4. WHAT ARE THE REQUIREMENTS OF PAGIBIG HOUSING LOAN
Depending on the purpose of the loan and whatever the status of the borrower, Local employed, Self-employed, or Overseas Filipino Worker (OFW), there are variations and additional requirements but the general requirement is stated below:
A. General Requirements
1. 2 copied of accomplished Housing Loan Application (HQP-HLF-068/HQP-HLF-069) with recent ID photo of borrower/co-borrower, if applicable
2. Proof of income
3. Back-to-back photocopy of one (1) valid ID of the Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-in-Fact, (if applicable)
4. For seller and/or Borrower, a certified true copy of the latest title (TCT, OCT or CCT)
5. For seller and/or Borrower, photocopy of updated tax declaration of (house and lot) and updated RPT (Real Property Tax)
6. For seller and/or Borrower, sketch map or vicinity map leading to the property subject of the loan
5. WHAT ARE THE MODES OF PAYMENT IN PAGIBIG HOUSING LOAN?
After the post-approval requirements was cleared, the loan will proceed and at exactly one (1) month, you should pay the monthly amortization at the accredited mode of payment of the PAGIBIG fund:
A. For local employee, salary deduction through Employer Collection Servicing Agreement (CSA)
B. Payment directly to the accredited developer where you purchase the property
C. Post-dated checks
D. Bank arrangement through auto-debit
E. Accredited local remittance partners
F. Overseas remittances
6. IS PAGIBIG HOUSING LOAN NEEDS COLLATERAL?
There are two types of collateral. On-site and Off-site collateral. On-site collateral is the same residential properties to which the takeout proceeds are applied. Off-site collateral is other properties not related in the properties to which the loan proceeds. This kind of collateral is subjected to the approval of the appropriate level of signing authorities.
The collateral should be a clean title in form of one of these: TCT, OCT, or CCT
However, “Rights”, “Free Patent not covered by RA10023” and “Properties with dispute and court claims” are not acceptable as collateral.
7. WHAT ARE THE LIMITATIONS OF COLLATERAL OF PAGIBIG HOUSING LOANS?
There are four (4) limitations of the collateral that must be considered for higher chance of approval:
1. The property category should not be other than “Residential use”
2. Property has a dispute in right of way. It should not be less than 1.5 meters.
3. If CCT will use as collateral, the condominium floor area should not be less than 18 sq.m.
4. The total lot area should not be less than 28 sq.m
8. HOW TO APPLY IN PAGIBIG HOUSING LOAN?
Step 1: Accomplished all the general requirements as stated above. Make sure that these are completed.
Step 2: You may submit your complete set of requirements online via virtual PAGIBIG. You may also submit your accomplished requirements through hand-carry by visiting the Pag ibig branch near you.
Step 3: In due time, you will be notified about your approved “Notice of Approval (NOA)” and “Letter of Guarantee (LOG).” To claim the specified documents, you will be advised by Pag ibig personnel about your schedule.
Step 4: Not later than ninety (90) calendar days upon the date of Notice of Approval, you will need to comply with the additional requirements stated in the NOA.
Step 5: Within ten (10) working days, you will be notified about the proceeds of the loan after the submission of all requirements. You will be advised about the way of claiming it.
Step 6: Pay your PAG IBIG housing loan monthly amortization exactly one (1) month after the release date. Always use your permanent housing loan account no. You may check your virtual pagibig online for monitoring and reminders.
9. HOW LONG IS THE PAYMENT TERM OF PAG-IBIG HOUSING LOAN?
The housing loan shall be repaid at a maximum term of thirty (30) years. This is subjective based on the age of the borrower. The payment term should not exceed the difference between the age of seventy (70) and the present age of the borrower.
Source: PAGIBIG housing loan & Virtual Pagibig
