Guide on Pag-IBIG Home Loan Qualifications for Aspiring Loan Applicants
PAG-IBIG HOME LOAN QUALIFICATIONS – Here is a guide on who are qualified to apply for the housing loan offer of Pag-IBIG Fund.
While the other government agencies are known equally by their offers, the Pag-IBIG Fund is most popular for its housing loan offer. It has helped a lot of Filipinos get an affordable residential property for their families. Its offer actually serves a lot of purposes such as the financing of the following:
- purchase of vacant residential lot, residential house and lot, townhouse, and condominium unit (plus the cost of transfer)
- house construction
- home renovation
- refinancing of an existing housing loan
- combined loan purposes
According to Pag-IBIG Fund, a member may borrow up to P6 million depending on his or her capacity to pay based on the member’s income. There is a short list of the Pag-IBIG Home Loan qualifications in applying for this loan offer.
With regards to the Pag-IBIG Home Loan qualifications, the member-applicant must be:
- an active member with at least 24 months savings
- not more than 65 years old upon the loan application and not 70 years old at the date of the loan maturity
- of legal capacity to acquire and encumber a real property
- having no foreclosed, bought back, cancelled, or voluntarily surrendered Pag-IBIG housing loan
- having an updated loan account in case of existing Pag-IBIG Housing or Short Term Loan accounts.
The loanable amount may differ among several applicants depending on one’s Pag-IBIG savings, income, interest rate, and loan term. According to Pag-IBIG Fund, with regards to the mode of payment, the following are allowed:
- salary deduction through employer
- post-dated checks
- auto-debit arrangement with banks
- accredited collection partners
Pag-IBIG Fund has several other loan offers. You may visit – Pag-IBIG Loan Offers: Full List of Loans You May Apply For