Who can Apply for a Pag ibig Housing Loan
The program may be availed of by members who satisfy the following requirements:
1. On Pag ibig Membership:
- Must be a member under the Pag-IBIG I Membership Program for at least twenty-four (24) months, as evidenced by the remittance of a least 24 monthly contributions at the time of loan application.
- A member who has contributed for at least two (2) years shall be required to pay the upgraded contribution rates upon housing loan approval and onwards.
- A NEW member who wishes to apply for a housing loan and remit his membership contributions in lump sum shall be required to pay the membership contribution that correspond to the loan amount applied for to cover the 24 months membership contributions shall be considered a single contribution for applicable month as of the payment date.
- Similarly, a member who has existing monthly contributions that are still short of the 24 monthly membership requirement may pay his contributions for the succeeding months in lump sum based on the membership contribution that correspond to the loan amount applied for.
- After filing the housing loan application. The member shall still be required to continue remitting monthly contributions based on the upgraded rate. However, if the approved loan amount is less than the loan amount applied for, the member shall pay his membership contributions that correspond to the approved loan amount upon the approval of his housing loan and every month therafter.
- For purposes of satisfying the membership requirement for housing loans, the period corresponding to the Total Accumulated Value (TAV) applied earlier to a member’s outstanding loan (offsetting) shall be considered when counting the total number of monthly contributions.
- Pag-IBIG Overseas Program (POP) contributions of Overseas Filipino Workers (OFWs) who are Pag-IBIG I members shall be considered in counting the total numbers of contributions for availment of housing loans.
2. Has a gross monthly income not exceeding ₱17,500.00 for those working in the NCR and ₱14,000.00 for workers in other regions; – for Circular No. 312 – Affordable Housing
3. AGE: At least 18yrs old and a regular employee but not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further, that he is not more than seventy (70) years old at loan maturity;
4. Has the legal capacity to acquire and encumber real property;
5. Has passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund;
6. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower.
- However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan himself, he shall be allowed to do so provided the tacked loan, as a whole, is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation with the consent of the principal and the other co-borrowers, and shall be allowed to avail of his own Pag-IBIG housing loan subject to standard evaluation procedures.
7. Has no outstanding multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account.
8. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property.
- However, the Senior Management may allow such borrowers to avail of a new housing loan under certain meritorious conditions, such as but are not limited to the following:
- Illness of the borrower or any of his immediate family members as certified by a government doctor together with the abstract or findings of the attending physician, if different from the certifying government doctor. The illness under consideration must be that which required the borrower to incur substantial expenses or a prolonged treatment of such illness which caused him/her, to fail in his/her obligation with the Fund and eventually resulted in the foreclosure of his REM account, cancellation of the CTS, or surrender of his/her property via dacion en pago.
- Unemployment of the borrower at the time his previous housing loan was foreclosed, its CTS cancelled or the property surrendered through dacion en pago, but the said borrower has now become employed and is able to meet all other eligibility criteria.
- Other similar meritorious cases that the Senior Management may consider.
Read more: Pag ibig Circular No. 310 – Amended Guidelines on the pag ibig Fund end-User Home Financing Program http://www.pagibigfund.gov.ph/circulars/pdf_docs/Circular%20No.%20310%20-%20Amended%20Guidelines%20on%20the%20Pag-IBIG%20Fund%20End-User%20Home%20Financing%20Program.pdf Pag ibig Circular No. 312 – Guidelines on the Pag ibig Fund Affordable Housing Program http://www.pagibigfund.gov.ph/circulars/pdf_docs/Circular%20No.%20312%20-%20Guidelines%20on%20the%20Pag-IBIG%20Fund%20Affordable%20Housing%20Program.pdf
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