6 Steps in Pag - IBIG Housing Loan Availment
1. Get your checklist of requirements, Housing Loan application form and other related forms at any provincial branch office or at www.pagibigfund.gov.ph (click "Forms")
Accomplish the following Forms prior to filing:
- For OFW members over 60 years old.
- For Loans over Php2M to Php6M and for borrowers aged up to 60 years old.
- Borrowers over 60 years old
2. Submit your Housing Loan Application to the Pag-IBIG Fund with complete requirements. Pay Partial processing fee of Php1,000 (non-refundable)
- To be filed at the Pag-IBIG office nearest the subject property
Processing Period: 20 working days (inclusive of Credit investigation and Property Valuation)
- You may also file your HL application online via www.pagibigfund.gov.ph, click "E-service".
3. Receive your Notice of Approval (NOA)/ Letter of Guaranty (LOG) and sign your loan documents.
- NOA will be released ONLY to the borrower or to the Attorney-in-Fact for OFW borrowers, provided with SPA.
4. Accomplih your NOA requirements for check release
- You are given 90 calendar days to do the following:
For purchase of House and Lot / Purchase of Condominium Unit / Purchase of Lot:
5. Receive loan proceeds at the Pag - IBIG Fund.
- Payee to bring two (2) valid IDs (Payee is either the borrower, the seller, or a third party to which the loan proceeds is assigned to be released.) Borrower to bring 12 PDCs (if payment is not through Salary Deduction).
-Loan proceeds will be released to the person/institution assigned by the borrower/buyer.
6. Start paying your monthly amortization
- one month from DV / Check Date
To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:
1. On Pag-IBIG Membership
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.
2. 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;
3. Has the legal capacity to acquire and encumber real property;
4. Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;
5. 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.
6. 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;
7. 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.
DOCUMENTS REQUIRED UPON LOAN APPLICATION
A. Documentary Requirements
1. Housing Loan Application with recent ID photos of borrower
2. Membership Status Verification Slip
3. Proof of Income
3.1 For Locally Employed, any of the following:
3.2 For Self-Employed/Other Sources of Income
3.3 For Overseas Filipino Workers (OFWs), any of the following:
4. Photocopy (back-to-back) of one (1) valid ID of Principal Borrower and Spouse, Co-Borrower and Spouse, and Attorney-In-Fact, if applicable. The same ID must be presented during the conduct of borrower’s validation.
5. Authorization to Conduct/Credit Background Investigation
6. For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad
7. Insurance Coverage
a. Health Statement Form (Medical Questionnaire)
b. Health Statement Form (Medical Questionnaire) and Full Medical Examination
8. Marriage Contract (For all married borrower/s, co-borrower/s, spouse, family member/s included on the computation of aggregate income)
9. Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income
The Pro-forma Health Statement Form (Medical Questionnaire) is available at the Members Services Support Division-Servicing Department for NCR or at any Pag-IBIG Regional Branch or downloadable from the Pag-IBIG website, www.pagibigfund.gov.ph.