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Sunday, December 27, 2015

Pag-Ibig Offers As Much As Php 6 Million Housing Loan Program

This article is filed under: Pag-Ibig Fund
This will help you with home loans as home mortgage loans with Pag-IBIG is now up to P6Million pesos. Compared to get a home loan with banks, or other home mortgage lenders, getting a home loan with Pag-IBIG is easier and cheaper. 

This is ideal if you want to buy or mortgage or make loans for your house and lot or build your own house but you don't have enough money to pay in cash. You can try the Pag-IBIG annuity payment where you can buy a structured settlement or pre-owned houses.

Pag-Ibig offers housing loan for as much as Php 6 million and up to 30 years term. The following details and requirements below with help with home loans application. 

You only need to be at least 2 years active member of Pag-ibig, or have at least 24 contributions for the past 2 years.  If you are not an active member, you needed to register and pay the contribution for 24 months on a lump sum payment. 

The amount you can get through home mortgage lenders like Pag-IBIG will depend on your capacity to borrow, like your salary. 

I. Visit Pag-Ibig office and attend loan counseling. 

Fill up:

1. Preliminary Loan Counseling Questionnaire (PLCQ) and 

2. Housing Loan Application (HLA).
3. Medical questionnaire ( If you are over 60 years old or are applying for a loan over P2,000,000)

You need to ask for a copy of Membership Status Verification Slip (MSVS). They will also give you required documents which you have to submit. 

This is the list of documents you might be asked to submit

The Pag-IBIG application forms
  • Housing Loan Application (HLA) Form
  • Certificate of Attendance of Seminar
  • Membership Status Verification Slip (MSVS)
  • Preliminary Loan Counseling Questionnaire (PLCQ)
  • Membership Data Form (MDF)

    Your borrower’s documents
    • Latest Community Tax Certification (cedula)
    • 1×1 picture of borrower and spouse (if married)
    • Marriage Contract, if you are married
    • Certificate of No Marriage (CENOMAR), if you are single
    • Legal Separation, if separated
    • Photocopy of valid IDs (e.g. TIN, SSS, Postal ID, Driver’s License, Passport, PRC, etc.)
    If someone will be acting as your Attorney-in-Fact while you are abroad, you need to bring:
    • Latest Community Tax Certification (cedula)
    • Proof of Relationship from the Borrower (e.g. Marriage Contract, Birth Certificate)
    • Photocopy of valid IDs (e.g. TIN, SSS, Postal ID, Driver’s License, Passport, PRC, etc.)
    • Notarized Special Power of Attorney (SPA)
    Proof of Income
    • Employment contracts
    • Bank statements

    Property documents

    • Certified true copy of Transfer Certificate Title (TCT) of the property by the Registry of Deeds (latest title)
    • Updated Tax Declaration
    • Updated Real Estate Tax Receipt or Tax Clearance
    • Location Plan and Vicinity Map of the property
     Additional requirements for OFWs
    • Notarized Special Power of Attorney (SPA) prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where you work, if abroad. If SPA does not have the red ribbon of Consulate Office, the SPA must have a duly stamped notarial seal.  If you acquired the SPA in the Philippines, it needs to be notarized.
    • Photocopy of passport showing stamp of arrival and departure dates from the Philippines
    Documents you will need to present after the loan has been approved
    • Loan Agreement/Loan and Mortgage Agreement
    • Duly notarized Promissory Note
    • Pag-IBIG Fund Receipt (PFR) representing payment of one-year insurance premium
    Once you have gathered the documents required by Pag-Ibig, you needed to submit it and pay PHP 1,000 non-refundable processing fee. Pag-IBIG will then do the necessary credit investigation and property valuation. You will  be notified once your loan is approved. 

    You will receive a Notice of Loan Approval (NOA) or Letter of Guaranty (LOG), which can only be released to you or to your attorney-in-fact if you have already left the country.

    Within 3 months or  90 calendar days you or the person named on your SPA have to give this NOA/LOG  to the property seller.

    1.  Pay the Capital Gains Tax at the Bureau of Internal Revenue (BIR). You will then be given a Certificate Authorizing Registration. Present the Deed of Absolute Sale (DOAS), Tax Declaration and Tax Receipt.

    2. Pay for  transfer tax at the Municipal Treasurer's Office (LGU). Then go to the Registry of Deeds for the transfer of title and present the tax clearance, most recent tax declaration, mortgage contract and the BIR documentary stamps. The Assessor’s Office will give you a tax declaration and the Engineering Office will give you an occupancy permit.

    3. Finally, return to PAG-IBIG to submit the following documents and officially have the loan funds released. (Bring a valid ID to get the check.)
    • Original Transfer Certificate of Title (TCT) in the name of the borrower with mortgage annotation on it;
    • Deed of Absolute Sale (DOAS) with original stamp from the Registry of Deeds;
    • New Tax Declaration in the name of the borrower;
    • Updated Real Estate Tax Receipt for Lot;
    • Updated Real Estate Tax Receipt for House (if applicable);
    • Occupancy Permit from the Engineering office;
    • Assignment of Loan Proceeds (this document will be from Pag-IBIG);
    For the interest rate: Pag-Ibig lowered the interest rates for housing loans earlier this year. The new rates are as follows: 6.5 percent for a three-year fixed-pricing period, 7.27 percent for five years, 8.035 percent for 10 years, 8.585 percent for 15 years, 8.8 percent for 20 years, 9.05 percent for 25 years, and 10 percent under a 30-year fixed-pricing period.
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    This article is filed under: Pag-Ibig Fund