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How to Apply for a Pag-IBIG Housing Loan

29 January 2021
Written by: Angel Gondra

 

One of the first considerations, and the biggest problem in achieving the dream of owning a home, is budget. No matter how prepared they are to live independently or how much they wanted to have their own house and lot, many Filipinos still struggle to find financial assistance or allocate their home investment funds.

 

It is like a perfect solution that Pag-IBIG Fund or the Housing Loan Development Mutual Fund (HDMF) offers a housing loan that allows members who already have at least 24 monthly savings and with age not more than 65 years old to borrow up to six million pesos. The qualified Pag-IBIG members can use this borrowed amount to purchase either a residential lot, a house and lot, or even a condominium unit.

 

Another great thing about Pag-IBIG housing loan is that their interest rates remain at the lowest levels, including their affordable housing loan for minimum wage-Earners, which still stays 3% per annum. This lowest interest rate offer started on May 01, 2017, and continues to ensure that our low-income earners can also afford to purchase their dream home.

 

In addition to their thirty (30) years loan maximum payment period, Pag-IBIG housing loan also carries insurances, whichever is applicable, by a Mortgage Redemption (MRI), Sales Redemption (SRI), and even a Fire and Allied Perils Insurance (FAPI).

 

It's very easy to apply for a Pag-IBIG Housing Loan. All you need to do is to follow these six steps:

 how-to-apply-for-a-pagibig-housing-loan

Step 1. Make sure to complete the requirements checklist.

 

A. Prepare the Housing Loan Application.

The standard documents needed are a photocopy of marriage certificate (if married), birth certificate (if single) plus CENOMAR (if you are a single parent, two (2) pcs. of 2x2 ID Picture, proof of billing address / Barangay Certificate, two (2) valid IDs, and TIN ID.

 

Aside from this, you should also need to provide a specific list of requirements depending on your working status:

 

For Overseas Filipino Worker

· Original Certificate of Employment and Compensation (Consularized/Notarized)

· Photocopy of Contract

· Photocopy of Passport with Entries

· Photocopy of Seaman's Book (If Sea-based)

· Proof of Remittances for the last six months

· Payslip for the previous three months

· Consularized / notarized SPA from the housing developer's admin

 

For Self-Employed

· Photocopy of Business Registration from DTI/SEC

· ITR for the last 2 Years

· Mayor's Permit

· Original audited financial statements for the last two years

· PTR (for Practicing Professionals)

· Franchise/OR/CR (for Taxi, Jeepneys/ Bus Operators)

· Picture of Business Establishment

 

For Locally Employed

· Photocopy of Income Tax Return and W-2 (latest)

· Original and notarized Certificate of Employment and Compensation

· Payslip for the last three months

 

B. Vicinity Map of Property

C. Additional Requirement by Loan Purpose

D. Updated Tax Declaration and Tax Receipt

E. Certified True Copy of Title

 

Step 2. Submit the Housing Loan Application.

Proceed to Pag-IBIG Office located at JELP Business Solutions Building, Shaw Blvd., Mandaluyong City, or any Pag-IBIG Branch near you.

 

Step 3. Notice of Approval.

After 17 days, you can claim your Notice of Approval (NOA) and the Letter of Guaranty (LOG) at JELP Business Solutions Building, Shaw Blvd., Mandaluyong City.

 

Step 4. Accomplish NOA Requirements.

Borrowers have 90 calendar days to accomplish the NOA requirements, including the Transfer of Title, Annotation of Mortgage for the Release of Loan Proceeds.

 

Step 5. Receive Loan Proceeds

Return the annotated documents to the Serving Department and receive the Loan Proceeds after ten working days.

 

Step 6. Monthly Amortization Payment

Start paying the Monthly Housing Loan Amortization at exactly one (1) month from the DV/Check Date.

 

What is Virtual Pag-IBIG?

The housing loan process is even more manageable as Pag-IBIG Fund introduces their new Virtual Pag-IBIG. Here, you can access almost all Pag-IBIG's services, including your Housing Loan Application and Payment. All you need to do is create a Virtual Pag-IBIG account that will allow you to safely and conveniently access their services anytime and anywhere in the world with just a few clicks away from your computer or smartphone. It will be much easier to use your Pag-IBIG Loyalty Card Plus in creating your Virtual Pag-IBIG. You need to choose this option and key-in the details indicated on your card.

 Lumina Homes and Virtual Pag-ibig

The best thing about this is you can also create a Virtual Pag-IBIG account even if you don't have the card by clicking the "Create and Activate your Account Online" button or the "Account Creation for OFWs" option if you are an Overseas Filipino Worker (OFW). Just follow and input the details required on each page until you receive an SMS that confirms your account's successful creation. You will then receive another SMS over the next few days to inform you that your Virtual Pag-IBIG account is already active. Make sure to immediately change your password to ensure the security of your account.

 

Some of the services that you enjoy at Virtual Pag-IBIG are the following:

· Pag-IBIG Fund member registration and acquiring a permanent Membership ID (MID) Number

· Pag-IBIG Regular Savings Top-Up

· Opening a Pag-IBIG MP2 Savings Account

· Save money on your MP2 Savings and view your Saving Records

· Pag-IBIG Multi-Purpose Loan (MPL) Application

· Pag-IBIG Calamity Loan Application

· Pag-IBIG Fund Loan Payments, checking your loan status and loan records for your Housing, Multi-Purpose, or Calamity Loans

· Housing Loan Interest-Rate Repricing Application

· Checking the Loyalty Card Plus Account Balance and Transaction History

· Liingkod Pag-IBIG 24/7 Live Chat

 

But for hassle-free transactions, you can easily have a Pag-IBIG housing loan by availing of an affordable house and lot from Lumina Homes.

 

Avail a Lumina Home and choose Pag-Ibig Housing Loan.

 

In Lumina Homes, you don't have to undergo all the hassles in owning your dream home. All you have to do is make your reservation at the nearest Lumina Homes office in your area, or much better and do it online! You can inquire about their current affordable house and lot offers by visiting the Lumina Homes website and chatting with their 24/7 Lumina Homes Expert.

 

You can also have the 3D Virtual Tour through their website and experience the 360-degree house tours before selecting your chosen Lumina house and lot. You can make your reservations and pay it online through Online Reservation Portal.

 

Now, you can easily shop your dream home at the comfort of your own space with Pag-IBIG Fund and Lumina Homes!

 

Frequently Asked Questions about Pag-ibig housing loan.

Q: What are the steps in availing of a Pag-ibig housing loan? 

A: Here are the six steps in availing of Pag-IBIG housing loan:

  1. Get a checklist of requirements.
  2. Submit the housing loan application.
  3. Receive the Notice of Approval (NOA) and the Letter of Guaranty (LOG).
  4. Accomplish the NOA requirements for the release of loan proceeds. 
  5. Receive loan proceeds at the Pag-IBIG Fund.
  6. Start paying the monthly housing loan amortization.

 

Q: Who is eligible to apply for a Pag-ibig housing loan? 

A: Here are the qualifications:

  • The borrower must be an active Pag-IBIG member with at least 24 months of savings.
  • Should not be more than 65 years old at the date of the loan application and is not more than 70 years old at the date of loan maturity
  • Have a legal capacity to acquire and encumber real property
  • With no existing Pag-IBIG housing loan foreclosed, canceled, bought back, or voluntarily surrendered 
  • If with an existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated.

 

Q: What are the qualified purpose for the Pag-ibig housing loan? 

A: Here are the qualifications:

  • Purchase (plus the cost of transfer) of a residential lot or adjoining residential lots (max 1,000 sq.m.)
  • Purchase (plus the cost of transfer) of residential house and lot, condominium unit, or townhouse (old or brand new, property mortgaged with the Fund, adjoining houses or units) inclusive of a parking slot
  • Improvement of house
  • Construction of house
  • Refinancing of an existing housing loan
  • Combined Loan Purposes

 

Q: What are the requirements needed from the borrower for the Pag-ibig housing loan? 

A: Here is the list of requirements for the borrower:

  • Completely filled-up Housing Loan Application with recent ID photo of borrower and co-borrower (if applicable) (2 copies, HQP-HLF- 068/HQP-HLF- 069)
  •  Proof of Income depending on work classification: Locally Employed, Self-employed, or Overseas Filipino Workers (OFW)
  • Photocopy of one (1) valid ID (back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer's Authorized Representative and Attorney-In-Fact, (if applicable)

 

Q: What are the requirements needed from the seller of the property for the Pag-ibig housing loan? 

A: Here is the list of requirements for the seller:

  • Latest title and Certified True Copy of Transfer Certificate of Title (TCT) for Condominium Unit, present Certified True Copy of the TCT of the land and Condominium Certificate of Title.
  • Updated Tax Declaration of House and Lot, and Updated Real Estate Tax Receipt
  • Photocopy of Vicinity Map and Sketch Map leading to the Property subject of the loan

 

Q: What are the Proof of Income requirements for Locally Employed?

A: Any of the following are considered Proof of Income For Locally Employed:

  • Notarized Certificate of Employment and Compensation (CEC) indicates the employee's gross monthly income and monthly allowances or monthly monetary benefits.
  • Latest Income Tax Return (ITR) for the year immediately preceding the loan application date with attached BIR Form No. 2316 stamped received by the BIR.
  • Submit One (1) Month Payslip Within the last three (3) months before the date of the loan application.
  • NOTE: For government employees must submit a certified one (1) month payslip within the last three (3) months before the date of the loan application and must be submitted together with CEC or ITR.

 

Q: What are the Proof of Income requirements for Self-employed?

A: Any of the following are considered Proof of Income For Self-employed:

  • Income Tax Return, Audited Financial Statements, and Official Receipt of tax payment from the bank that is supported with DTI Registration and Mayor's Permit/Business Permit
  • Commission Vouchers (for the last 12 months) reflecting the issuer's name and contact details 
  • In case that the source of income is from foreign remittances, pensions, etc., must submit passbook or bank statements for the past 12 months.
  • If income is derived from rental payments, a copy of the Lease Contract and Tax Declaration is needed.
  • Issued by an appropriate government agency such as LGU for tricycles and LTFRB for other PUVs, a Certified True Copy of Transport Franchise is needed.
  • Certificate of Engagement issued by the owner of a business
  • Other documents that would validate the source of income

 

Q: What are the Proof of Income requirements for Overseas Filipino Workers (OFW)?

A: Any of the following are considered Proof of Income For Overseas Filipino Workers (OFW), but if documents are in a foreign language, translation to English is required:

  • Employment Contract that is either between the employee and the Employer or the POEA Standard Contract
  • Certificate of Employment and Compensation (CEC) is either written on the Employer/Company's official letterhead; or for household staff and similarly situated employees, signed by the Employer that will be supported by a photocopy of the Employer's ID or passport.
  • Income Tax Return filed with host Country or Government.

 

Q: What are the modes of payment for the Pag-ibig Housing Loan?

A: There are five (5) ways to pay for the Pag-IBIG Housing Loan, such as:

  • Collection Servicing Agreement (CSA) or salary deduction through Employer
  • Payment through the issuance of post-dated checks (PDCs)
  • Payment to an accredited Developer with CSA with the Fund
  • Auto debit arrangement (ADB) with banks 
  • Accredited collection partners such as Local Remittance and Overseas Remittance

 

Q: What are the accredited collection partners of Pag-ibig housing loan for local remittances? 

A: The accredited collection partners of Pag-IBIG for local remittances are:

  • AUB
  • SM Bills Pay
  • Metrobank
  • Landbank
  • ECPay
  • Globe GCash
  • UCPB
  • MLhuillier
  • CashPinas
  • PayMaya

 

Q: What are the accredited collection partners of Pag-ibig housing loan for overseas remittances? 

A: The accredited collection partners of Pag-IBIG for overseas remittances are:

  • AUB
  • iRemit
  • PNB
  • CashPinas
  • Ventaja PayRemit

***

For more information on Lumina Homes, contact (0917) 629 6523. Visit our official website at www.lumina.com.ph and like/follow our official online channels: FacebookTwitterInstagramYouTube, Google MyBusiness & Google Maps, PinterestSpotifyViberTelegramLazada, and Shopee.
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