Complete Guide to Pag-IBIG Housing Loan Application

Table of Contents

1. Introduction
2. What is a Housing Loan?
3. Eligibility for a Housing Loan
   • Membership savings requirement
   • Age requirement
   • Legal capacity to encumber real property
   • Satisfactory background and credit checks
   • No outstanding short-term loan areas
   • No foreclosed or cancelled PAG-IBIG housing loan
   • No existing PAG-IBIG housing loan in arrears
4. Loan Amount and Calculations
   • Maximum loan amount
   • Loanable amount Based on capacity to pay and loan-to-appraised value ratio
   • Affordability calculator
5. How to Apply for a PAG-IBIG Housing Loan
6. Interest Rates and Fixing Periods
7. Loan Repayment Options and Terms
8. Requirements for Locally Employed Borrowers
9. Requirements for Self-Employed Borrowers
10. Requirements for Freelancers and Online Job Workers
11. Steps in Availing a PAG-IBIG Housing Loan
    • Completing requirements and applying
    • Submitting loan application to PAG-IBIG or developer
    • Receiving Notice of approval and letter of guarantee
    • Completing requirements within 90 days
    • Receiving loan proceeds
    • Start paying the loan

Housing Loans: Everything You Need to Know

Buying your own dream house is now within your reach with the help of housing loans. PAG-IBIG (Home Development Mutual Fund) offers housing loans to eligible individuals wanting to own a residential property. This comprehensive guide will walk you through everything you need to know about PAG-IBIG housing loans, from eligibility requirements to loan repayment options.

1. Introduction

Introduction to PAG-IBIG housing loans and the benefits it offers.

2. What is a Housing Loan?

Understand the concept of a housing loan and how it can help You own your dream house.

3. Eligibility for a Housing Loan

Learn about the qualifications and conditions you need to meet in order to be eligible for a PAG-IBIG housing loan.

Membership savings requirement

To be eligible for a housing loan, you must have at least 24 monthly membership savings, which are your monthly contributions to the PAG-IBIG fund.

Age requirement

Your age should not exceed 65 years old at the time of application and should not exceed 70 years old at the maturity of the loan.

Legal capacity to encumber real property

You must have the legal capacity to encumber real property, meaning you must be of legal age.

Satisfactory background and credit checks

PAG-IBIG will conduct background and credit checks to determine your creditworthiness and financial stability.

No outstanding short-term loan areas

You should not have any outstanding short-term loan areas at the time of loan application. Settled short-term loans are acceptable.

No foreclosed or cancelled PAG-IBIG housing loan

If you had a foreclosed or cancelled PAG-IBIG housing loan in the past, you are no longer eligible for another housing loan from PAG-IBIG.

No existing PAG-IBIG housing loan in arrears

If you have an existing PAG-IBIG housing loan as a principal buyer, borrower, or co-borrower, your loan account must be updated and not in arrears.

4. Loan Amount and Calculations

Find out how much you can borrow and how loan amounts are calculated.

Maximum loan amount

The maximum loan amount you can borrow is up to 6 million pesos, subject to your capacity to pay and loan-to-appraised value ratio.

Loanable amount based on capacity to pay and loan-to-appraised value ratio

Your loanable amount is determined based on your capacity to pay and the loan-to-appraised value ratio of the property.

Affordability calculator

Use PAG-IBIG's affordability calculator to determine the monthly income needed for a specific loan or property.

5. How to Apply for a PAG-IBIG Housing Loan

Learn about the two ways to apply for a PAG-IBIG housing loan: submitting the requirements at a PAG-IBIG branch or applying online through the virtual PAG-IBIG section.

6. Interest Rates and Fixing Periods

Discover the different interest rates and fixing periods for PAG-IBIG housing loans, and understand how they affect your loan payments.

7. Loan Repayment Options and Terms

Explore the different options for repaying your PAG-IBIG housing loan, including post-dated checks, auto debit arrangement, and collection servicing arrangement with your employer.

8. Requirements for Locally Employed Borrowers

Know the specific requirements for locally employed borrowers, such as a certificate of employment, latest income tax return, and proof of income.

9. Requirements for Self-Employed Borrowers

Understand the requirements for self-employed borrowers, including audited financial statements, commission vouchers, bank statements, and other documents that validate your source of income.

10. Requirements for Freelancers and Online Job Workers

Learn about the requirements for freelancers and online job workers, including a certificate of employment or engagement, proof of remittance, and a valid ID.

11. Steps in Availing a PAG-IBIG Housing Loan

Follow the step-by-step process of availing a PAG-IBIG housing loan, from completing the requirements to receiving the loan proceeds and starting loan repayment.

These comprehensive guidelines and information provided will help you navigate the process of applying for a PAG-IBIG housing loan. Take AdVantage of this opportunity to make your dream of owning your own house a reality.