Pag-ibig Housing Loan Eligibility
- You must meet the following requirements before you apply for housing loan in HDMF.
- Pag-IBIG active member and have contributed of at least 24 months of contributions.
- Attend a seminar about the application of housing loan. They will discuss all the processing steps and they will tackle all requirements and points regarding your housing loan application.
- Submit 3 sets of the following requirements in folders
Pag-IBIG Housing Loan Application Requirements
Housing Loan Application Form (download it here) – paste your recent 1X1 photo
Membership Status Verification Slip (download it here) – attach photocopy of your 2 valid IDs
Proof of Income Documents
For Locally Employed, any of the following:
a. Notarized Certificate of Employment and Compensation (Employer’s Format) and for government employees 1 month payslip, within 3 months prior to the date of loan application
b. Latest ITR for the year immediately preceding the date of loan application – attach W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form 2316)
For Self-employed / Other Sources of Income, any of the following:
a. ITR, Audited Financial Statements and Official Receipt of Tax Payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
b. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
c. Bank Statements or passbook for the last 12 months (in case income is sourced or derived from foreign remittances, pensions, etc.)
d. Copy of Lease of Contract and Tax Declaration (if income is derived from rental payments)
e. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle (PUVs)
f. Certificate of engagement issued by owner of business
g. Other document that would validate source of income or funds
For OFWs, any of the following:
a. Employment Contract (with English translation if in foreign language)
b. Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly certified/initiated by Pag-IBIG Fund Information Officer assigned in the country where the member works.
c. Other Proofs of Income, whether original or photocopy, shall be duly certified/initiated by Pag-IBIG Fund information officer assigned in the country where the member works.
Photocopy (back-to-back) of 1 primary valid ID of Principal Borrower and Spouse, Co-borrower and Spouse, Seller and Spouse and Developer’s authorized representative and Attorney-in-Fact, if applicable.
Authorization to Conduct Credit/Background Investigation
For OFWs,
Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippines Embassy or Consulate in the country where the member is staying, if abroad. If SPA is without the Red Ribbon of Consulate Office, the SPA must have duly stamped notarial seal.
Health Insurance Coverage
a. Health Statement Form (Medical Questionnaire)
OFW members over 60 years old
Loans over 2 Million pesos to 6 Million pesos and for borrowers aged up to 60 years old
b. Health Statement Form (Medical Questionnaire) and Full Medical Examination
Borrowers over 60 years old
Marriage Contract (for all married borrowers, co-borrower/s, spouse, family member/s included on the computation of aggregate income)
9. Birth Certificate of or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income.
Certified True Copy of Transfer Certificate of Title (TCT) – from Registry of Deeds.
Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt – from Municipal’s Assessor’s Office
Location Plan and Vicinity Map
Approved letter request to re-avail of a Pag-IBIG housing loan – for members with housing loan that was foreclosed, cancelled, bought back due to default or subjected to dacion en pago).
Additional Requirements for the Type of Loan:
For Construction of House and Home Improvement:
Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect, Building Permit
For Refinancing
Statement of Account on Outstanding Loan Balance, indicating loan purpose
Any of the ff:
Official Receipt for the past 12 months
Subsidiary Ledger
Any valid proof of payment for the past 12 months
For Purchase of Lot or Adjoining Lots and Purchase of Residential Unit, Townhouse or Condominium Unit inclusive of a parking slot
Contract to Sell or similar agreement between the buyer and seller. If the seller is a Developer, submit the following:
a. Certificate of registration, License to Sell, Development Permit, and Secretary’s Certificate
b. Photocopy (back-to-back) valid primary ID from Corporate Secretary
For Purchase of Lot and Construction of House
Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect, Building Permit
Contract to Sell or similar agreement between the buyer and seller. If the seller is a Developer, submit the following:
a. Certificate of registration, License to Sell, Development Permit, and Secretary’s Certificate
b. Photocopy (back-to-back) valid primary ID from Corporate Secretary
Pag-IBIG Housing Loan Interest Rates
Loan amount up to 6 Million
3 years – 7.985%
5 years – 8.895%
10 years – 9.750%
15 years – 10.375%
20 years – 11%
25 years – 11.5%
30 years – 12%
Steps in Pag-IBIG Housing Loan Application
- A checklist of requirements will be given after the seminar
- Home buyer is require to prepare documents in 3 set of copies and compile them in folders
- Fill out all detailson the forms
- Check your Pag-IBIG MID Number
- Wait for the Notice of Approval if your loan was approved.
- Pag-IBIG or your real estate agent will contact you in case there are additional documents required.
- Cheques are given in 4-gives wherein the first 3 cheques would be the 30% amount of your loan and the last one will be the remaining 10%.
For more details find out
here
