Pag-IBIG Housing L0an - Eligibility, Requirements and Application Procedure.
The Pag IBIG home l0an fund also known as home development mutual fund is an agency owned by the government. It is responsible for the administration of the national savings program and home financing. HDMF is under the Human settlements and Urban Development department.
LOAN PURPOSES
Not only is Pag-IBIG housing l0an a corporation for giving home l0ans but also a way of its members to enjoy a higher level of savings at one time. It was introduced by the Filipino Government in 1978 to accord the Filipinos with a savings and affordable housing platform.
The good thing about this scheme is that it can benefit minimum wage earners unlike schemes offered by other financial institutions such as banks. Once you compare its interest rates with those of the banks you will notice that the former's interest rate is lower.
There are two programs offered under the housing financing l0an program. The two programs are the affordable home l0an program and the regular home l0an program. The applicant of the program will be charged based on his or her income.
ELIGIBILITY
The following are regarded as eligible for its application;
Filipino locals
Self-employed citizens
Foreign employees
However, the above people need to satisfy some requirements to enjoy this affordable scheme.
REQUIREMENTS
Its requirements are divided into two major categories. The first category is when applying for the loan and the second one is usually before the credit has been released.
During application
One has to pay a non-refundable fee of Php.1000
One has to pay an appraisal fee of Php.2000
If one's request ever gets re-evaluated or refilled one needs to pay Php. 1000 for each re-evaluation.
One should carry the following four documents; a sketch map of the property, tax declaration receipts, a filled housing l0an form, and the latest copy of the Transfer Certificate of Title.
Also read:
Virtual Pag-IBIG
After application before accessing the housing l0an;
One has to pay Php.2000 when taking the l0an
One has to pay Php 1000 for each inspection conducted
If there are any spilled l0an proceeds, one has to pay Php.2000
One has to carry the following documents: a filled promissory note, real estate, and tax declaration receipts, disclosure statement and a TCT under the applicant name with a mortgage annotation
One of the requirements, for the Pag home l0an, is that the applicant shouldn't have any remaining housing l0ans from the past.
Additionally, one can't be availed of this l0an if they either have a calamity or multi-purpose l0an. They have to pay the outstanding balance before getting this particular one.
APPLICATION PROCESS
How to apply for Pag-IBIG Housing Loan? There are two housing options provided and they are the regular housing and the affordable housing option. Hence the first step in the application process is by choosing the housing l0an plan that goes well with your income. Secondly, the prospective applicant needs to ensure they meet the requirements. Thirdly, one can submit the application form and all other needed documents either virtually on their portal or through any of their branches.
Afterward, one needs to wait for them to be verified which usually takes up to 17 days. After being verified, one usually gets a note of approval and a letter of guaranty. Fourthly, one needs to sign the l0an documents after comprehending the terms stated in the agreements. To access the credit, one needs to submit the l0an documents with 90 days.
PAG-IBIG HOUSING L0AN APPLICATION LINK