Pag-IBIG Housing Loan

Table of Content

• Purchase of Lot or Purchase of Residential Unit:
• Wait for your Notice of Approval (NOA)/Letter of Guaranty (LOG) and sign your loan documents.
• What can you purchase with your borrowed money from Pag-IBIG?
• The Pag-Ibig Fund Can Help You Make the Switch to Solar Power
• Tips Before Applying for a Pag-IBIG Housing Loan
• PAG-IBIG Home Improvement Loan
• Apply with a co-borrower

Paying on an installment basis makes it similar to a housing loan since you have to pay on a regular basis with interest accruing per period. You can pay through short-term installments, with 6.375% interest, and must be paid within a year, or through long-term installments. Buy a residential lot + Transfer of title to the borrower.

And if I have sold the unit, is it possible for me to avail another one for example after a year.Thanks in advance. You know, the most important thing when applying for a Housing Loan with Pag-IBIG is that you can demonstrate a proof of income — documented income. If you have that, then yes you can definitely apply for a housing loan. There is a specially application form that you can use for the Pag-IBIG Overseas Program. YOu can request it any time from the office of Pag-IBIG and while there, you can also pay for the intial contributions. Note, you probably don’t have any problem paying the contributions since it is just a small amount, be prepare if they will ask you for 24 months lump sum.

Purchase of Lot or Purchase of Residential Unit:

The loanable amount depends on the member’s capacity to pay. If you want to know how much you can borrow based on your income and preferred repayment and fixing periods, you can check out Pag-IBIG’s housing loan affordability calculator. If you plan to apply for a home loan to a bank, you need to be ready mentally and financially. Home loan applications to banks can be pretty expensive due to taxing, and it could affect your entire loan approval process. Thus, you will need to invest a lot of time and effort for your loan to get approved.

Again sorry for the late article on the monthly amortizations. Please refer to the latest article on the computation of your monthly amortization. That’s why Pag-IBIG will require that you submit the latest payslips. Normally, it will be based on the gross salary.

Wait for your Notice of Approval (NOA)/Letter of Guaranty (LOG) and sign your loan documents.

One advantage of getting a home equity loan is that it has comparatively lower interest rates than a personal loan. Or, you can head on to the nearest BDO branch or BDO loan centers and submit personally your completely filled out form together with the loan documents. According to the Pag-IBIG Fund Circular No. 396, defaulting on the Pag-IBIG housing loan means that you’ll be demanded to pay all the outstanding payments immediately. This unpaid amount will be charged with a penalty of 1/20 of 1% of the amount due every day. As much as possible, limit your loan term to a maximum of 20 years. Loan term beyond this period increases the risk of you financing the loan until your retirement.

There are three main ways you can acquire a housing loan. As well, when it comes to fixing periods and interest rates, PAG-IBIG usually offers more competitive rates. Essentially, the main difference between the two is that compared to banks, there’s a higher chance for eligible PAG-IBIG members to be approved for a PAG-IBIG Housing Loan. Change in ownership of a property in the Philippines happens all the time. Truly enough, BDO will help you find ways in constructing and achieving that dream home of yours through BDO home loan. Aside from purchasing a property, BDO also offers home refurbishing budget for homeowners who wants to upscale their home interior or add more living space to their current house.

What can you purchase with your borrowed money from Pag-IBIG?

Browse the Moneymax blog for information and advice on credit cards, loans, insurance, investments, and other personal finance topics. For more financial news and articles,follow Moneymax on LinkedIn. Had no foreclosed, canceled, or bought back Pag-IBIG Housing Loan due to default or was subjected to dacion en pago.

Just like buying a house and lot unit, a Home Construction loan will also require the land title as collateral. I’m not quite sure what you mean by that lump sum, but maybe it refers to the one-time payment of 24-month contributions so that you can apply for a home loan. What will i do in order to qualify for a bigger amount of construction loan , let say 2 million to 3million. Right now i’m just paying the 100 pesos contribution.

My husband is a seafarer yet they dont have pag-ibig remittances in their payroll. We are planning to buy a house and lot through the housing loan but we are not sure if we are eligible. First, there is no need for you to pay any missed contributions. Pag-IBIG will only look to see that you are actively paying your contributions by the time of your loan application. So generally in your case, a 12 month straight will do.

In terms of interest rates, banks right now offer much lower interest rates and more flexible terms compared to Pag IBIG. Hi sir, i just want to ask, i already avail the housing loan, but unfortunately, i failed to continue to pay my monthly amortization and the house was bought back to pagibig. I just want to ask, if possible pa ba to get me for another unit? I just want to inquire if i can be approved for a house and lot loan, despite having bad credit card standing.

I only have a contract to sell document on this lot. I have been a member of Pag ibig for 9 years. First, the title of the lot has to be in the name of your husband, otherwise Pag-IBIG won’t consider that as collateral.

You may submit your HLA with complete requirements at the Pag-IBIG Fund’s main branch and provincial offices. You may also file your housing loan application online. Upon submission of all requirements, you also need to pay a non-refundable processing fee of P1,000.

But as per the pag-ibig checklist of requirements, the TCT/CCT is required to be under my name? How can i go about this since i am applying for the loan in order to pay my property in full? I’m confused with these contradicting statements. I’m now currently paying my condo thru my bank and it will considerably lighten my load if i can avail the pag-ibig housing loan. Hope you can enlighten me and provide advise on how i can do this.

Members may apply for a home improvement loan and use it to buy a solar panel. A member may borrow Php 130,000 to purchase a 1-kilowatt solar panel. This can be amortized up to 25 years, depending on the capability of the member to pay. You can reactivate your account simply by paying a new contribution. But you have to verify your past contributions first.

It manages the national savings program and offers affordable house financing for Filipinos. You can get a housing loan from Pag-IBIG as an alternative to mortgages offered by banks. In conclusion, as a Pag-IBIG Member, getting a housing loan is one of the best things you can do about your membership.

Yes, you can still apply for a Pag-IBIG multi-purpose loan even if you have an existing Pag-IBIG loan. Aside from your expected loan, you have to allot funds for the initial phase of the construction or improvement. Pag-IBIG has to see that the construction project has already started before releasing money. This is to make sure that you are not using the money for something else. The Moneymax Editorial Team consists of talented and experienced writers, editors, investors, and subject matter experts on a mission to help Filipinos build healthier financial lives.