Get your dream house with the Pag-IBIG Housing Loan

A lot of Filipino people dream to have their own house. If you are a member of ‘Pag-IBIG Fund’ you can actually have a chance to have your own house. Here’s a quick guide on applying foryour ‘Pag-IBIG Housing Loan’. 

What can I avail with a ‘Pag-IBIG Fund Housing Loan’?

Pag-IBIG Housing Loan depends on loan purpose

The Pag-IBIG Fund Housing Loan allows you borrow up to Php6 million to purchase a condominium lot, a house and lot or a condominium unit. You may also secure a housing loan for the following purpose:

• Purchase of fully-developed residential lot or adjoining residential lots not exceeding one thousand square meters (1,000 sqm)
• Construction or completion of a relative of borrowers.
• Home improvement on the house owned by the borrower or a relative of the borrower, or on a property currently secured under Contract-to-Sell (CTS) or Deed of Conditional Sale (DCS) between Pag-IBIG Fund and the buyer
• Refinancing of an existing housing loan.
• Purchase of residential lot or unit plus cost of transfer of title.

How will I qualify for ‘Pag-IBIG Housing Loan’

For you to qualify for the Pag-IBIG Housing Loan,you must meet the following criteria 

1. Must have at least 24 monthly savings. Lump sum payment of the required 24 months savings is allowed.
2. Not more than 65 years oldat the date of application and not more than 70 years oldby the date of loan maturity
3. Has the legal capacity to acquire and encumber real property.
4. Has no outstanding Pag-IBIG Fund Short-Term Loan (STL)by the time of loan application
5. Has no existing Pag-IBIG Fund Housing Loan that was foreclosed or canceled. Ifwith an existing account of a Pag-IBIG Fund Housingby either the principal borrower or co-borrower,the loan payment must be updated.

What are the application requirements for Pag-Ibig Fund Housing Loan?

You must complete the following requirements for the approval of your Pag-IBIG Fund Housing Loan.

• Duly accomplished HLA Form. Click here
• Recent photo ID of the Borrower and Co-Borrower.
• Proof of Income
• One Valid ID (photocopy back to back) of the Principal Borrower and Spouse and Co-Borrower and Spouse.
• Transfer Certificate of Title (TCT), latest title and photocopy
• For the condominium unit, present the TCT of the land and Condominium Certificate Title (CCT) * photocopy only *
• Must have updated Tax Declaration for House and Lot, and real state tax receipts. * Photocopy only *
• Vicinity Map / Sketch of the Property

The requirements vary depending on the loan purpose. For more details, check out the Pag-IBIG Fund website. Pag-IBIG Housing Loan

How much can I borrow from Pag-IBIG Housing Loan?

You may borrow up to Six Million (P6,000,000.00) pesos.However, your loan amount depends on the actual amount that you need and on your loan entitlement based on the capacity to pay your Pag-IBIG Fund Housing Loan.

What will be the available loan payment terms?

The maximum payment period is up to 30 years. The Pag-IBIG Fund Housing Loan Calculator, can help you plan and choose your loan amount based on the following criteria.  Click here

1. How much is the required income on your desired loan value?
2. How much can I borrow based on your gross monthly income?
3. How much can I borrow based on the value of your property?

When it comes to the computation of your Pag-IBIG Housing Loan, be sure to check out the Loan Calculator.

Is it covered by Insurance?

Yes! Your Pag-IBIG Fund Housing Loan is covered by a Mortgage Redemption Insurance (MRI) or a Sales Redemption Insurance (SRI), whichever is applicable, as well as a Fire and Allied Perils Insurance (FAPI).

Final Thoughts

Getting that dream house is a step away. Pag-IBIG Fund Housing Loan can help you achieve your dream house. Planning your budget and saving your money will surely help too.

To fulfill this dream, be sure to be an active member of the Pag-Ibig Fund, complete the required qualifications and documents. Good luck as you fulfill that dream house soon!