Acquiring a housing loan through PAG-IBIG is much more practical and easier than you think — and much reasonable than the other loan offers and packages make it sound. The prevailing misconception involves long waiting time, along with endless back and forth of requirements and documents. And we’re here to say that neither is necessary as long as you’re equipped with the right information.
No. 1 Know your eligibility
Age and Background: You are eligible for a housing loan if you are not more than 65 years old at the date of loan application and is not more than 70 years old at the date of loan maturity which has a maximum of 30 years. You must also have a legal capacity to acquire and encumber real property in the Philippines.
Membership: It is required that you are an active member for 24 months or have an equivalent savings of 24 months. Take note that you must have a Pag-IBIG Membership ID.
Previous Loans: If you have an existing PAG-IBIG housing account or Short Term Loan (STL), make sure that your payments are updated prior to applying for a new housing loan. You’re not eligible if you have a PAG-IBIG loan foreclosed, canceled, bought back, or voluntarily surrendered.
No. 2 Complete your requirements for filing
Basic requirements for all applicants include:
2 Copies of Housing Loan Application with Recent ID Pictures attached
Proof of Income (A list is available for Locally Employed, Self-employed and OFW)
Vicinity Map of Property
Updated Tax Declaration and Tax Receipt
Certified True Copy of Title
You must also prepare other additional requirements stated on your Loan Purpose:
For purchases through PAG-IBIG accredited developers
Purchase of Lot/Residential Unit
House Construction/Home Improvement
Purchase of Lot with House Construction
No. 3 File your application and payment processing fees
Once you have completed the requirements, proceed to the PAG-IBIG Main office or branch servicing counter and submit your application. You will then be instructed to pay the necessary processing and appraisal fees or update payment for your membership if needed. Once payment is settled, you will be given a Pag-IBIG Fund Receipt which you will present to claim your Housing Loan Application Acknowledgment Receipt (HLAAR).
No. 4 Receiving your Notice of Approval (NOA) and Letter of Guarantee (LOG)
In 17 working days, PAG-IBIG shall notify you through phone regarding the approval or disapproval of your application. You can proceed to claim your Notice of Approval (NOA) and Letter of Guarantee (LOG) directly from the Servicing Department of PAG-IBIG Fund.
Before signing documents, a representative from PAG-IBIG Fund will guide you through your obligation as a borrower and explain to you the legal terms and conditions of the loan.
No. 5 Accomplish your NOA requirements for loan proceeds
You will be given 90 calendar days to accomplish necessary requirements and documents for your loan proceeds. The list of requirements will be depending on your loan purpose which may include transfer of title, transfer of tax declaration, and annotation of mortgage among others. Once completed, you can submit all the documents to the PAG-IBIG Servicing Department.
No. 6 Release of Loan Proceeds
After five to ten working days, expect to be notified on your loan release. Payee (Seller or assigned third- party) must present two (2) valid IDs to receive the check.
No. 7. Start Your Monthly Amortization
Your monthly amortization will commence one month from the DV/Check date. To facilitate your monthly amortization, you have to proceed to the Billing Department of PAG-IBIG and issue either Post-dated Checks (PDCs) or submit an Authority to Deduct Form for salary deduction.
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