List of Requirements for Pag-IBIG Housing Loan Application Process
REQUIREMENTS FOR PAG-IBIG HOUSING LOAN – For the financing of a house construction, here are the documents that a member must submit to apply.
Amid the fast-rising real estate developments in many parts of the country, a lot of individuals enjoy the process of constructing a house they have designed. These dream houses have lived on for years or even decades and are being made to completion block by block.
Meanwhile, if you are a Pag-IBIG Fund member, you don’t have to be scared about the construction costs. Truth be told that there is also an increasing costs of construction materials nowadays and not everyone is financially-prepared enough for a house construction.
The Pag-IBIG Fund offers a Housing Loan that has a wide coverage including the financing of a house construction. To apply for it, there are requirements for Pag-IBIG Housing Loan application for house construction that you must submit personally to the Fund or through your Attorney-In-Fact.
The requirements for the Pag-IBIG Housing Loan application for house construction includes both personal and collateral documents. Here are the personal documents required by the Fund:
General Requirements:
- duly-accomplished and signed Pag-IBIG Housing Loan Application Form with recent ID photo of borrower/co-borrower
- one valid ID (photocopy back-to-back) of the applicable parties such as the principal borrower, co-borrower, seller, developer’s authorized representative and attorney-in-Fact, spouses of the parties involved
- notarized Special Power of Attorney (SPA) for OFW applicants
- proof of income
Employed
(any of the following)
- one (1) original Certificate of Employment and Compensation (CEC), indicating the gross monthly income and monthly allowances or monthly monetary benefits received by the employee duly-signed by the authorized signatory of the employer
- one (1) photocopy of Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with attached BIR Form No. 2316, duly- acknowledged by the BIR or authorized representative of employer
- one(1) Certified True Copy of one (1) Month Payslip, within the last three (3) months prior to date of loan application with name and signature of the authorized signatory of employer
Self-Employed
(any of the following)
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
- Bank Statements or passbook for the last 12 months
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
- Certified True Copy of Transport Franchise issued by appropriate government agency
- Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
- Certificate of Engagement issued by owner of business
- other documents that validate income
OFWs
(any of the following)
- Employment Contract
- Employment Contract between employee and employer; or
- POEA Standard Contract
- Notarized 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
As mentioned earlier, there are also collateral requirements for the Pag-IBIG Housing Loan application for house construction financing. Here are the documents that must be submitted to the Fund for application:
Collateral Requirements:
- latest and Certified True Copy of Transfer Certificate of Title (TCT)
- present and Certified True Copy of TCT of the land and Condominium
- Updated Tax Declaration
- photocopy of Updated Real Estate Tax Receipt
- Building Plans, Specification with Bill of Materials duly-signed by the Licensed Civil Engineer or Architect
- Vicinity Map/Sketch of the Property
