Requirements in Applying Pag-ibig Housing Loan

It is required that you should be a member first of the Pag-ibig Home Development Mutual Fund before you can apply and avail of the Pag-ibig Housing Loan Program. Here are some basic requirements needed by PAG-IBIG:

ELIGIBILITY REQUIREMENTS

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following
requirements:

1. On Pag-IBIG Membership

• Must be a member under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (POP) for at least twenty-four (24) months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.
• A member, whether new or with existing monthly contributions that are still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet the said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
• A member whose loan exceeds P500,000.00 shall be required to pay the upgraded membership contribution rates upon housing loan approval and onwards.
• A member who has contributed for at least two (2) years and whose loans exceed P500,000.00 shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.

For purposes of satisfying the required two (2) years membership
contributions, the member may opt to pay in lump sum any amount short
of the said requirement. In addition, the period corresponding to the TAV
applied earlier to an outstanding loan shall also be considered when
counting the total number of monthly contributions, provided the remaining
TAV after offsetting does not fall below the equivalent amount of two (2)
years membership contributions.

2. Not more than sixty-five (65) years old at the date of loan application  and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity;

3. Has the legal capacity to acquire and encumber real property;

4. Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund;

5. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;

However, should a co-borrower in a tacked loan signify an intention to
avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so
provided the tacked loan is updated and the amount proportionate to his
loan entitlement has been fully paid. Hence, the co-borrower shall be
released from the original obligation and shall be allowed to avail of his
own Pag-IBIG housing loan, subject to standard evaluation procedures.
6. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought
back due to default, or subjected to dacion en pago, which shall include
cases where the borrower is no longer interested to pursue the loan and
surrenders the property;

7. Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of
loan application. A member whose multi-purpose loan is in arrears shall
be required to pay his arrearages over the counter to update his account.




A. Documentary Requirements (for Borrower)

1. Housing Loan Application with recent ID photos of borrower
2. Approved Membership Status Verification Slip (MSVS)

     3.  Proof of Income:

          For Locally Employed, any of the following:

• Notarized Certificate of Employment and Compensation (Pag-IBIG format)
• Notarized Certificate of Employment and Compensation (Employer’s format) and latest 1 month payslip
• Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest 1 month payslip

          For Self-Employed:

• Income Tax Return and Audited Financial Statements and Official Receipt of tax payment from bank, DTI Registration, Mayor’s Permit

          For Pag-IBIG Overseas Program (POP) Members:

• Employment Contract or Employer’s Certificate of Income, (with English translation if in foreign language), or other valid Proof of Income
  

      4. Proof of Billing Address

      5. For Pag-IBIG Overseas Program (POP) Members, Special Power of Attorney notarized prior to date of departure or for members abroad, duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying.

B. Documentary Requirements (for Developer)

1. Individual Transfer Certificate of Title (TCT)/Condominium Certificate of Title (CCT) covering the subject house and lot package with the Deed of Assignment of CTS with SPA (With Buyer’s Conformity) duly annotated thereon
2. Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt
3. Loan Mortgage Documents
   

• Deed of Assignment of CTS with SPA (With Buyer’s Conformity)
• Contract-to-Sell (CTS)
• Promissory Note
• Disclosure Statement on Loan Transaction
• Deed of Absolute Sale
• Loan and Mortgage Agreement
  

      4. Certificate of House and Lot Acceptance, if applicable

      5. Occupancy Permit, if applicable

* For borrower over 60 years old, Medical Questionnaire and Full Medical Examination

* For POP members over 60 years old, Health Statement Form

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