Requirements for Pag-IBIG Housing Loan Restructuring if you’ve missed payments

List of Requirements for Pag-IBIG Housing Loan Restructuring for Members w/ Unpaid Dues

REQUIREMENTS FOR PAG-IBIG HOUSING LOAN RESTRUCTURING – Here is a guide should you wish to restructure your loan after missing payments.

A lot of Filipinos acquired their target residential property with the help of Pag-IBIG Fund, a government agency that is mainly known for the services they provide to help their members obtain affordable housing options. Every month, members make a contribution and its accumulation can make a member eligible for their offers.

Pag-IBIG Fund has several loan offers for its members. The Housing Loan is just one of the many that have served a lot of people – the list also includes their multi-purpose loan offer.

However, on the part of the members, during the loan term, there are instances when financial struggles take place. One circumstance is during a pandemic like what is happening now. A lot of people are struggling financially and missing a payment is inevitable in a lot of cases.

Meanwhile, considering the struggles of several households now as the country is still in the midst of a crisis, Pag-IBIG Fund has provided options for its members who missed their payment(s) for their housing loan.

One of the options is loan restructuring. Under it, the total of the unpaid monthly amortizations is spread on the unpaid part of the loan term. You can also opt for a lower monthly payment by adjusting your loan term to lengthen it. There are both eligibility and documentary requirements for the Pag-IBIG Housing Loan Restructuring application:

Eligibility Requirements:

• Open to ALL Housing Loan borrowers, including beneficiaries of GLAD Program, except the following:
  • Housing loans with cancelled Contract-to-Sell (CTS)
  • Foreclosed accounts that are already sold to another individual
  • Foreclosed accounts that are already owned by Pag-IBIG Fund
• Interest rate shall be based on Pag-IBIG Fund’s Full-Risk Based Pricing Framework for restructured loans
• Maximum loan term: 30 years, but should not exceed the difference between borrower’s age and age 70

For the documentary requirements for the Pag-IBIG Housing Loan Restructuring application, you must prepare the following:

• Duly Accomplished Application for Loan Restructuring (HQP-HLF-001)
• Updated Real Estate Property Tax (REPT) Receipt or Tax Clearance and Tax Declaration (Land and Building)
• Proof of income a) Latest one month Payslip and Certificate of Employment and Compensation (if employed) b) Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit (if self-employed) (Please refer to the Checklist of Requirements for Application for Loan Restructuring (HQP-HLF-703) for other acceptable documents as proof of income)
• Special Power of Attorney (HQP-HLF-317), if with Authorized Representative

You may also visit – Apply for Pag-IBIG Housing Loan Offer for Minimum Wage Earners (STEPS)