That’s fantastic news! You’ve decided to purchase a home of your own.
The Pag-IBIG Housing Loan Program provides a discounted rate of 3% per year for socialized housing loans up to P580,000, ensuring that even a minimum-wage employee may buy a home.
Don’t have a Pag-IBIG number or wish to obtain one?
Here is the guide: https://workrelatedph.com/business/how-to-get-your-pag-ibig-number/
First and foremost, you must have your Pag-IBIG number and at least twenty-four (24) months membership savings before applying for a Pag-IBIG Housing loan.
You must also be a low-income earner earning up to P15,000 per month within the National Capital Region (NCR) and up to P12,000 per month outside the NCR.
Qualification (Based on PagIbig Website)
One must possess the following to qualify for the loan:
- Monthly income which falls under the income levels covered by the loan program;
- At least twenty-four (24) monthly membership savings (a lump sum payment of the required monthly membership savings is allowed)
- Age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan;
- Legal capacity to encumber real property;
- Ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund;
- No outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application;
- No Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.
- If with an existing Pag-IBIG Housing Loan as a principal buyer / borrower or co-buyer / co-borrower, the account must be updated.
What to do if already eligible to PagIbig Housing Loan?
If you believe you are eligible, you should seek a Housing Developer such as Lumina, APEC Home, Lancaster, Camella, and others.
You may find them on Facebook and begin enquiring about available housing and the area you want to live in. However, be certain that you are communicating with a legitimate Real Estate Broker.
How did I know he was or wasn’t a real estate broker? We recommend requesting a license number, visiting with them in person, and paying for your reservation at their office, although most of the time, payment is now done digitally. You can make a payment using Gcash or a bank transfer.
There’s no need to be concerned since this Real Estate Broker / Agent will fully assist you in the processing of the paperwork and other related matters.
- Making a reservation for a house and paying the reservation fee.
- Assist you in completing out the loan application and Pag-Ibig documents provided by the real estate developer, and they will handle the loan processing on your behalf.
- Follow their recommendations and they will lead you through every stage of the process until your home loan is authorized.
To know more: : http://www.pagibigfund.gov.ph/