According to Pag-IBIG’s ‘At a glance August 2017’ report, as of August 2017, there were a total of 1,237,979 borrowers of Pag-IBIG’s housing or institutional loans. These housing loans enable Filipinos to turn their dream home into a reality. Whether the loan is used for purchasing a new lot or used for home improvements and repairs, Pag-IBIG members are entitled to apply for its housing loan programs. This article explains all the necessary details required for a Pag-IBIG Housing Loan.
If you fit the below criteria, you are entitled to apply for a housing loan –
To apply for the loan, you will need to pay a processing fee of Php 1,000 upon filing your application together with the required documents. An additional Php 2,000 will also be deducted from the loan proceeds.
Aside from the Pag-IBIG Housing Loan Application Form (PHLAF) and Membership Status Verification Slip (MSVS), below are the additional requirements you’ll need to submit:
Aside from the abovementioned, you will also need to provide technical documents for the housing loan application. Documents included are:
Take note that upon release of the loan, there are additional documents you’ll need to present. For a comprehensive list of all the documentary requirements, you can check the Pag-IBIG website.
If you’re ready to apply for a housing loan and present the required documents, you can apply online through the Pag-IBIG Fund Online Housing Loan Application System. The first step in the application process is to provide your Pag-IBIG MTD/RTN number, and your given name. Once you’ve input the following, you can now fill up the online application form.
Unlike credit card debt which is bad debt, a housing loan can be considered good debt. This is because real estate is an investment and is considered an asset, whether you buy and hold your property for the long-term or rent it out and earn additional income. It is important to note that you must pay the monthly payments on your housing loan lest you want to end up spending more on interest payments than on the loan balance. As long as you pay the required monthly loan payments, you will reap the rewards of being both a real estate investor and a homeowner.
NOA will be released only to the borrower or to the Attorney-in-Fact for OFW borrowers, provided with SPA. Upon receipt of NOA, sign the loan documents and submit within 90 days.
The proceeds are released to the person/institution assigned by the borrower/buyer, who is expected to bring 12 Post Dated Checks if payment is not thru salary deduction.
The payments start one month from DV/Check date.