Aside from a house and lot, Pag-IBIG housing loan also allows its active members to get a loan for other properties like a new condominium unit. Other than that, you can also have Pag-IBIG finance your existing housing loan for much lower interest rates. Here are the things that you need to know when applying for a Pag-IBIG housing loan.
Requirements
- Duly form of Pag-IBIG housing loan application form
- Photocopy of government issued ID of the principal borrower, co-borrower, spouse, attorney-in-fact (if applicable), seller and spouse (if purchasing an existing property), and Developer’s Authorized Representative (if applicable)
- Proof of Income
- Payment Order Form and Fees (2 copies)
Additional Requirements For OFW Applicants
- Notarized Special Power of Attorney by the Philippine Consular Officer or the Local Notary of the host country of the OFW and authenticated by the Philippine Consulate
- Payslip that indicates income received and the period covered
- Passport with working visa
- Residence card/permit that indicates the work as the purpose
- Bank remittance record
- Professional license from the OFW’s host country
Documents accepted as Proof of Income
For Employees:
- Certificate of Employment and Compensation
- Latest Income Tax Return with BIR stamp
- Pay slips for three months (certified)
- Commission Vouchers for six months (if applicable)
For Self-employed Individuals:
- Income Tax Return, Audited Financial Statements, and Official Receipt of tx payment from bank with DTI Registration and Business Permit/Mayor’s Permit
- Articles of Incorporation (for corporation)
- Commission Vouchers with the issuer’s name and contact details. Information must be over the last 12 months
- Secretary’s Certificate or Board resolution (for corporation)
- Passbook or bank statements for the last 12 months (for income from foreign remittances or pensions)
- Company profile (if applicable)
- Copy of Lease Contract and Tax Declaration (for income from rental payments)
- Photo of business establishment (if applicable)
- Certified True Copy of Transport Franchise from LTRFB (for PUVs) or LGU (for tricycles)
- Certificate of Engagement issued by owner of business
For OFWs:
- Employment Contract/POEA Standard Contract
- Income Tax Return from the Host Country
- Certificate of Employment and Compensation
Pag-IBIG Housing Loan Eligibility
- The applicant must be a member of Pag-IBIG for at least 24 months
- The applicant must not be more than 65 years old of age
- The applicant must have the legal capacity to acquire real estate property
- The applicant must pass satisfactory background/credit and employment/business checks
- The applicant must have no outstanding Pag-IBIG housing loan, be it as a principal borrower or co-borrower
- The applicant must have no Pag-IBIG housing loan that has been canceled, foreclosed, brought back to default, or subjected to dacion en pago
What are the things that you need to do to get your Pag-IBIG housing loans approved?
The applicant must have a steady income for at least one year. You must also pay your debts on time. The only unsettled debts that you should have is the housing loan. Additionally, before purchasing the house, make sure that it is in a good location, something that’s safe and flood prone.
