List of Pag-IBIG Affordable Housing Loan Requirements for OFW Members for Application
PAG-IBIG AFFORDABLE HOUSING LOAN REQUIREMENTS – If you are an overseas Filipino worker (OFW) with a minimum wage, here are the documents required.
Nowadays, not only Filipinos who are financially-ready can acquire a house. Even minimum-wage earners have the option to achieve a residential property they can call their own and enjoy its benefits while paying for it in monthly installments. Are you a member of the Pag-IBIG Fund?
The Pag-IBIG Fund is one of the biggest state entities in the Philippines. Through the years, it has continuously grew its offers which include loans that Pag-IBIG members may apply for. One of the loan offers is the Pag-IBIG Affordable Housing Loan which is different from the regular Pag-IBIG Housing Loan.
Through the Pag-IBIG Affordable Housing Loan, minimum-wage earners now have the option to apply for a loan and start living in a house they can call their own. Under it, the loan repayment can be extended to up to 30 years thus you can have a monthly installment of as low as P2,445.30.
Who may apply for the loan offer? The Pag-IBIG Fund opened the loan application not only for local employees and self-employed individuals who are members of the state entity but as well as overseas Filipino workers (OFWs) who have minimum wage.
The first step to the application process is to prepare the Pag-IBIG Affordable Housing Loan requirements for application. The documents required by the Fund for application vary depending if you are locally-employed, self-employed, or an OFW.
Here is a guide on the Pag-IBIG Affordable Housing Loan requirements for application:
From Member-Borrower:
- Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable) (2 copies)
- one (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, (if applicable)
- proof of income (any of the following):
- Employment Contract
- Employment Contract between employee and employer; or
- POEA Standard Contract
- Certificate of Employment and Compensation (CEC)
- CEC written on the Employer/Company’s official letterhead; or
- CEC signed by employer (for household staff and similarly situated employees) supported by a photocopy of the employer’s ID or passport
- Employment Contract
From Seller and/or Borrower:
- Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy).
- Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy)
- Vicinity Map/Sketch Map leading to the Property subject of the loan
How to Apply for Pag-IBIG Affordable Housing Loan?
Step 1 — Ready the documentary requirements and submit them to a branch of the Pag-IBIG Fund nearest to you.
Step 2 — Wait for an update regarding the NOA or the Notice of Approval and the Letter of Guaranty (LOG).
Step 3 — The Pag-IBIG Fund will release your Pag-IBIG Housing Loan proceeds.
Step 4 — Start paying your Pag-IBIG Housing Loan.