Guide on the Pag-IBIG Housing Loan 2023 Application Process
PAG-IBIG HOUSING LOAN 2023 – You can check the steps below on how to apply for the Pag-IBIG Fund loan offer and the requirements.
Are you a member of the Pag-IBIG Fund? One of the loan offers that you may qualify for is the Housing Loan. The said offer has helped countless members of the Fund obtain residential properties and build their homes in affordable means.
Under the Housing Loan offer, the maximum repayment offered is 30 years. Thus, if you want light monthly amortizations, a Pag-IBIG Fund Housing Loan is one excellent choice to make. It can help you prevent cutting big from your monthly budget for the housing loan due.
The Pag-IBIG Housing Loan 2023 offer is open to finance several purposes. You may apply for it to fund any of the following:
- purchase (plus cost of transfer) of residential lot or adjoining residential lots (max 1,000 sq.m.)
- purchase (plus cost of transfer) of residential house & lot, townhouse or condominium unit (old or brand new, property mortgaged w/ the Fund, adjoining houses/units) inclusive of a parking slot
- construction of house
- house improvement
- refinancing of an existing housing loan
- combined Loan Purposes
The Pag-IBIG posted the maximum loanable amount under the Housing Loan offer. However, it is important to keep in mind that the state institution considers several factors like the actual need, the type of property to be purchased or built, and the capacity of the member-borrower to pay for the loan.
With regards to the interest under the Pag-IBIG Housing Loan 2023 offer, there are several options depending on the fixing period. The fund has also set rules on the acceptable collaterals under the Pag-IBIG Housing Loan 2023 offer.
There is an easy process on how to apply for the loan offer. Here are the steps that you may follow:
Step 1 — Check if you are qualified.
- active member with least 24 months savings
- not more than 65 years old at the date of loan application
- not more than 70 years old at the date of loan maturity
- Legal capacity to acquire and encumber real property
- No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
- If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated
Step 2 — Prepare the documentary requirements.
The documents required in applying for the Pag-IBIG Fund loan offer depends on the purpose of applying for the loan. Here is a guide for you:
- Pag-IBIG Housing Loan Requirements for Purchase of Lot
- Pag-IBIG Housing Loan Requirements for Purchase of Lot with House Construction
- Pag-IBIG Housing Loan Requirements for House Construction
- Pag-IBIG Housing Loan Requirements for Home Renovation
- Pag-IBIG Housing Loan Requirements for Refinancing
Step 3 — Submit your loan application to Pag-IBIG Fund.
Visit a branch of the Pag-IBIG Fund nearest to you and submit your documentary requirements. The loan processing will take three (3) weeks to one (1) month. Wait for an update or notification from the state entity.