WITHIN the first quarter of 2021, Pag-ibig Fund has already granted more than 5,000 home loans to low-wage earners. This is more than 25 percent versus the first quarter of 2020.
Many Filipinos who are starting their own family run to Pag-ibig Fund to apply for a housing loan -- helping ease the burden of monthly mortgage.
Here’s how you can apply for a housing loan from Pag-ibig Fund based on their official website:
1. Get checklist of requirements.
* Housing Loan Application form
* Vicinity Map of Property
* Additional Requirement by Loan Purpose
* Proof of Income
* Updated Tax Declaration and Tax Receipt
* Valid IDs
* Certified True Copy of Title
2. Submit the housing loan application.
Bring the requirements to the nearest Pag-ibig Fund near you. Make sure the requirements are complete.
3. Receive the Notice of Approval (NOA) and the Letter of Guaranty (LOG).
After 17 working days, claim at the same Pag-ibig Fund branch you’re applying in.
4. Accomplish the NOA requirements for the release of loan proceeds.
Borrower will be given 90 calendar days; Transfer of title; Annotation of mortgage.
5. Receive loan proceeds at the Pag-ibig Fund.
Return annotated documents to Serving Department after 10 working days release of loan proceeds.
6. Start paying the monthly housing loan amortization.
Monthly amortization shall start exactly one month from the DV/Check date.
The Pag-Ibig Fund Housing Loan Program is available to all active Pag-Ibig Fund members, who have satisfied the following requirements:
* At least 24 monthly savings. Lump sum payment of the required 24 months savings is allowed
* Not more than 65 years old, and not more than 70 years old maturity of the date of loan application
* Has the legal capacity to acquired and encumber real property
* Passed satisfactory background/credit and employment/business checks of Pag-Ibig Fund
* Has no outstanding Pag-Ibig Fund Short-Term Loan (STL) in arrears at the time of loan application
* Has no Pag-Ibig Fund Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago. If with an existing Pag-IBIG Fund Housing Loan account, either as principal borrower or co-borrower, it must be updated.