The first step on applying for a Pag-IBIG Housing Loan is to check your eligibility. The Pag-IBIG Housing Loan is applicable for everyone but should satisfy the following requirements:
1. On Pag-IBIG Membership
Must be a member under Pag-IBIG I Membership Program for at least twenty-four (24) months. Remittance of at least 24 membership savings (MS) at the time of application.
If you are a new member paying contributions for at least 12 months, you can also complete the required amount of contributions through lump sum payment. Same as with a new member who haven’t pay for any contributions. You have to pay for the lacking months.
If you are a member, who have contributed for at least two (2) years and whose housing loans exceed Php 500,000 will be required to pay the upgraded membership contribution rates upon approval of the said loan and onwards. (READ: Computing the Lump Sum Contribution)
2. Not more than 65 years old at the time of loan application and not more than 70 years old at loan maturity.
Always remember that the maximum loan period is 30 years.
3. Has the legal capacity to acquire real property.
4. Has passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund.
5. No Outstanding Pag-IBIG housing loan, either as a principal borrower or co-borower
However, if with existing Pag-IBIG housing account, either as principal or co-borrower, said loan must be updated.
6. No outstanding Pag IBIG multi-purpose or calamity loan either as principal borrower or co-borrower.
7. No Pag-IBIG housing account that was foreclosed, cancelled, bought back due to default, or subjected to Dacion en Pago (repossession).
Once you qualify when applying for a Pag-IBIG housing loan, you may use the loan to finance any of the following:
The Pag-IBIG housing loan program grants opportunities to avail of housing loans to finance any one or a combination of the following:
1. Purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters, which should be within a residential area
2. Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, (may be old or brand new, a property mortgaged with the Pag-IBIG Fund or an acquired asset);
3. Construction or completion of a residential unit on a residential lot owned by the borrower, or a relative of the borrower based on accommodation of mortgage;
4. Home improvement on the house owned by the borrower, i.e. any alteration in an existing residential unit intended by the borrower to be a permanent integral part thereof, which will enhance its durability and material value;
5. Refinancing of an existing housing loan with an institution acceptable to the Fund, provided that, the account is updated at least one (1) year old upon application as supported by the borrower’s official receipts or by a Statement of Account issued by the financing institution signed by the Manager or Account Officer.
6. Combination of loan purposes, which shall be limited to the following:
- Purchase of a fully developed lot not exceeding 1,000 square meters and
construction of a residential unit thereon;
- Purchase of a residential unit, whether old or new, with home improvement;
- Refinancing of an existing mortgage with home improvement;
- Refinancing of an existing mortgage, specifically a lot loan, with construction of
a residential unit thereon.
Combination of loan purposes plus cost of transfer of title, which shall be limited to the following:
- Purchase of residential unit and transfer of title in favor of the retail borrower;
- Purchase of a residential unit with home improvement, and transfer of title in
favor of the retail borrower;
- Purchase of residential lot and transfer of title in favor of the retail borrower;
- Purchase of residential lot with house construction, and transfer of title in favor
of retail borrower.
If you qualify for the eligibility, and you have identified on where to use the Pag-IBIG Housing Loan, you are now ready to prepare the requirements you need to submit your application for a Pag-IBIG Housing Loan. (READ: Pag-IBIG Housing Loan Requirements)
Reference: Pag-IBIG Fund Circular No. 310
Interested to get a Pag-IBIG Housing Loan?
Read our complete Step-by-Step Guide to Pag-IBIG Housing Loan Application [Updated]